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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>As filed with the Securities
and Exchange Commission on July 18, 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
No. 333-</b></span>&#160;&#160;&#160;&#160;&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNITED
STATES</b></span></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Washington,
D.C. 20549</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORM
<ix:nonNumeric contextRef="c0" name="dei:DocumentType">S-1</ix:nonNumeric></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: hidden-fact-0">Logiq,
Inc.</span></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of registrant as specified in its charter)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 32%; border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></span></ix:nonNumeric></td> <td style="width: 2%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="width: 32%; border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7389</b></span></td> <td style="width: 2%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="width: 32%; border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>46-5057897</b></span></td></tr> <tr style="vertical-align: top"> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State of</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation)</span></p></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification Number)</span></p></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification Number)</span></p></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Brent
Y. Suen</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
Executive Officer</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Logiq,
Inc.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>85
Broad Street, 16-079</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
York, NY 10004</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(808)
829-1057</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address,
including zip code, and telephone number, including area code,</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
registrant&#8217;s principal executive offices)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
send copies of all communications to:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Christopher
L. Tinen, Esq.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Procopio,
Cory, Hargreaves &amp; Savitch LLP</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12544
High Bluff Drive, Suite 400</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>San
Diego, California 92130</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(858)
720-6320</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address,
including zip code, and telephone, including area code)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximate
date of proposed sale to the public: From time to time after the effective date of this registration statement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. &#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221;
and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 70%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer &#9744;</span></td> <td style="width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer &#9744;</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric> &#9746;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by checkmark if the registrant has not elected to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>PROSPECTUS
SUBJECT TO COMPLETION DATED JULY 18, 2022</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not
soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6,000,000
Shares of Common Stock as Primary Settlement Shares</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>20,000,000 Shares of Common Stock as Purchase Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="img_001.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Logiq,
Inc.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This registration statement relates to the offering and resale by the
Selling Stockholder identified herein of (i) up to 6,000,000 shares of common stock, par value $0.0001 per share (&#8220;Common Stock&#8221;),
of Logiq, Inc. (the &#8220;Company&#8221;) as &#8220;Primary Settlement Shares&#8221; and (ii) up to 20,000,000 shares of the Company&#8217;s
Common Stock as &#8220;Purchase Shares&#8221;. All such securities represent shares that are issuable to Ionic Ventures, LLC (&#8220;Ionic&#8221;)
under a Purchase Agreement dated as of March 30, 2022, between the Company and Ionic, which we refer to herein as the &#8220;Purchase
Agreement&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Stockholder has advised us that they
will sell the Common Stock from time to time in the open market, on the OTCQX Market, in privately negotiated transactions, at market
prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices or a combination of those
methods. See also &#8220;Plan of Distribution&#8221; on page 36 for more information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not selling any securities under this registration
statement and will not receive any of the proceeds from the sale of Common Stock by the Selling Stockholder. Additionally, we will not
receive any gross proceeds from the sale of Primary Settlement Shares to Ionic under the Purchase Agreement, as such shares serve as a
&#8220;true-up&#8221; of Primary Shares previously sold to Ionic on March 31, 2022. However, we may receive gross proceeds of up to $37,000,000
from the sale of Purchase Shares to Ionic under the Purchase Agreement, from time to time in our discretion after the date the registration
statement of which this prospectus is a part is declared effective and after the other conditions in the Purchase Agreement have been
satisfied. Depending on the market prices of our Common Stock at the time we elect to issue and sell Purchase Shares to Ionic under the
Purchase Agreement, we may need to register additional Common Stock in order to receive aggregate gross proceeds equal to the $37,000,000
in remaining total commitment available to us under the Purchase Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ionic is an &#8220;underwriter&#8221; within the
meaning of Section 2(a)(11) of the Securities Act of 1933, as amended, or the Securities Act. For more information, please see the section
of this prospectus titled &#8220;Plan of Distribution&#8221; beginning on page 36.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our shares of Common Stock are quoted on the OTCQX Market under the
symbol, &#8220;LGIQ&#8221;, and on the NEO Exchange in Canada under the same symbol, &#8220;LGIQ&#8221;. On July 12, 2022, the last reported
sales price for our common stock on the OTCQX Market was $0.34 per share, and C$0.44 per share on the NEO Exchange. This price will fluctuate
based on the demand for our Common Stock.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus provides a general description of the securities being offered. You should read this prospectus and the registration statement
of which it forms a part before you invest in any securities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
in our securities involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page 14 of this prospectus for a discussion
of information that should be considered in connection with an investment in our securities.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You
should rely only on the information contained in this prospectus or any prospectus supplement or amendment hereto. We have not authorized
anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely
upon it. This prospectus is not an offer to sell, nor is the selling stockholder seeking an offer to buy, securities in any state where
such offer or solicitation is not permitted. The information in this prospectus is complete and accurate only as of the date on the front
cover of this prospectus, regardless of the time of delivery of this prospectus or any sale of shares of our common stock. Our business,
financial condition, results of operations and prospects may have changed since that date.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date of this prospectus is &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 92%"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Summary</span></a></td>
    <td style="width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Note Regarding Forward-Looking Statements</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offering</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling Stockholder</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of Distribution</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market for Our Common Stock and Related Stockholder Matters</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors, Executive Officers and Corporate Governance</span></a></td>
    <td style="text-align: center">59</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Compensation</span></a></td>
    <td style="text-align: center">67</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions with Related Persons, Promoters and certain Control Persons and Director Independence</span></a></td>
    <td style="text-align: center">71</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Ownership of Certain Beneficial Owners and Management</span></a></td>
    <td style="text-align: center">71</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Capital Stock</span></a></td>
    <td style="text-align: center">73</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</span></a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_015a">Incorporation of Certain Information by Reference</a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find More Information</span></a></td>
    <td style="text-align: center">77</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index to Consolidated Financial Statements</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Logiq,
Inc., the Logiq logo, and other trademarks or service marks of Logiq appearing in this prospectus are the property of Logiq, Inc. This
prospectus also includes trademarks, tradenames and service marks that are the property of other organizations. Solely for convenience,
trademarks and tradenames referred to in this prospectus appear without the &#174; and &#8482; symbols, but those references are not intended
to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or that the applicable owner
will not assert its rights, to these trademarks and tradenames.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the information contained in this prospectus or in any related free writing prospectus filed by us with the Securities
and Exchange Commission (the &#8220;SEC&#8221;). We have not authorized anyone to provide you with any information or to make any representation
not contained in this prospectus or incorporated by reference. We do not take any responsibility for, and can provide no assurance as
to the reliability of, any information that others may provide to you. This prospectus is not an offer to sell or an offer to buy securities
in any jurisdiction where offers and sales are not permitted. The information in this prospectus is accurate only as of its date, regardless
of the time of delivery of this prospectus or any sale of securities. You should not assume that the information contained in this prospectus
or any prospectus supplement or free writing prospectus is accurate as of any date other than the date on the front cover of those documents,
or that the information contained in any document incorporated by reference is accurate as of any date other than the date of the document
incorporated by reference, regardless of the time of delivery of this prospectus or any sale of a security. Our business, financial condition,
results of operations and prospects may have changed since those dates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not done anything that would permit a public offering of the securities or possession or distribution of this prospectus in any
jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into
possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities
and the distribution of this prospectus outside of the United States.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div style="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<a id="a_001"></a><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PROSPECTUS
SUMMARY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following summary highlights information contained elsewhere or incorporated by reference in this prospectus and does not contain all
of the information you should consider in making your investment decision. You should read this summary together with the more detailed
information, including our consolidated financial statements and the related notes included in this prospectus, contained or incorporated
by reference in this prospectus. You should carefully consider, among other things, the matters discussed under the headings &#8220;Risk
Factors,&#8221; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and in our
consolidated financial statements, before making an investment decision. You should also read and consider the information in the documents
to which we have referred you in &#8220;Where You Can Find Additional Information.&#8221;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>As
used in this prospectus, unless the context otherwise requires, references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221;
&#8220;our Company,&#8221; the &#8220;Company&#8221; and &#8220;Logiq&#8221; refer to Logiq, Inc. and all its subsidiaries that may exist
from time to time.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Company offers solutions
that help small-to-medium-sized businesses (&#8220;SMBs&#8221;) to provide access to and reduce transaction friction of e-commerce for
their clients globally. The Company&#8217;s solutions are provided through (i) its &#8220;AppLogiq&#8221; business segment (operated as
CreateApp (https://www.createapp.com/), allows SMBs to establish their point-of-presence on the web, and (ii) its &#8220;DataLogiq&#8221;
business segment, a digital marketing analytics business unit that offers proprietary data management, audience targeting and other digital
marketing services that improve an SMB&#8217;s discovery and branding within the vast e-commerce landscape.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Company enables SMBs to
create a mobile app for their business without the need of technical knowledge, high investment, or background in IT by utilizing AppLogiq&#8217;s
CreateApp platform that is offered as a Platform as a Service (&#8220;PaaS&#8221;) to the Company&#8217;s customers. The Company&#8217;s
DataLogiq business segment offers online marketing solutions on a performance marketing and self-serve, Software as a Service (&#8220;SaaS&#8221;)
basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide our PaaS and digital marketing to SMBs in a wide variety of industry sectors. We believe that SMBs can increase their sales,
reach more customers, and promote their products and services using our affordable and cost-effective solutions. We recognize revenue
on a pay to use subscription basis when our customers use our PaaS platform to create mobile apps for their business and on our SaaS
platform when provisioning services for their marketing campaigns. We also recognize revenue on CPL and other metrics for engagements
undertaken on a performance marketing basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company continues to expand its portfolio of offerings and the industries they serve:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2018, the Company expanded its portfolio to fintech applications with the launch of its PayLogiq mobile payments platform in Indonesia.</span></td>
</tr></table>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the fall of 2019, the
    Company expanded its portfolio to short-distance food delivery service with the launch of GoLogiq, a PaaS platform that provides
    mobile payment capabilities for the local food delivery service industry in Indonesia.</span></td></tr>
  </table>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2020, the
    Company completed the acquisition of substantially all of the assets of Push Holdings, Inc. This acquired business, which the
    Company has rebranded as its DataLogiq division, operates a consumer data management platform powered by lead generation, online
    marketing, and multichannel reengagement strategies through its owned and operated brands. DataLogiq has developed a proprietary
    data management platform and integrated with several third-party service providers to optimize the return on its marketing efforts.
    DataLogiq focuses on consumer engagement and enrichment to maximize its return on acquisition through repeat monetization of each
    consumer. DataLogiq also licenses its software technology and provides managed technology services to various other e-commerce
    companies. DataLogiq is located in Minneapolis, Minnesota, USA.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><div style="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 2, 2020, the
Company completed the acquisition of Fixel AI Inc. (&#8220;Fixel&#8221;), thereby acquiring its self-serve MarTech Audience Targeting
platform as a further expansion of its DataLogiq product suite.</span></td></tr>
  </table>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 29, 2021, the
Company completed the acquisition of Rebel AI, Inc., a Delaware corporation (&#8220;Rebel&#8221;). By acquiring Rebel and its platform,
the Company enables brands and agencies to securely transact media and activate first-party data.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#9679;</td>
    <td style="text-align: justify">On June 21, 2021, the Company completed its Canadian IPO offering of
1,976,434 units of its securities, consisting of shares warrants to purchase shares of common stock, on the NEO exchange in Canada.</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#9679;</td>
    <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 31, 2022, the Company, Battle Bridge
Acquisition Co, LLC, a company beneficially owned entirely by the Company (the &#8220;Buyer&#8221;), Section 2383 LLC, a Wyoming limited
liability company (&#8220;Seller&#8221;), Travis Phipps, an individual (&#8220;Phipps&#8221;) and Robb Billy (&#8220;Billy&#8221; and,
together with Phipps, the &#8220;Founders&#8221;) and Travis Phipps, as Representative, entered into an asset purchase agreement (the
&#8220;Battle Bridge Purchase Agreement&#8221;) whereby the Buyer agreed to purchase from Seller and Seller agreed to sell to Buyer substantially
all of the assets of Seller which represents the &#8220;Battle Bridge Labs&#8221; business (the &#8220;Battle Bridge Assets&#8221;) (collectively,
the &#8220;Transaction&#8221;). The consummation of the Transaction (the &#8220;Closing&#8221;) occurred simultaneously with execution
of the Battle Bridge Purchase Agreement on March 31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As consideration for the Buyer&#8217;s acquisition
of the Battle Bridge Assets, the Company agreed to pay $3,250,000 (the &#8220;Purchase Price&#8221;), which consisted of $250,000 in cash
(the &#8220;Cash Consideration&#8221;) and the issuance of 2,912,621 shares of restricted common stock of the Company at $1.03 per share
(the &#8220;Stock Consideration&#8221;) (representing $3,000,000 in Stock Consideration), which was the volume weighted average price
(&#8220;VWAP&#8221;) of the Company&#8217;s Common Stock as reported by Bloomberg LP for the twenty (20) trading days immediately prior
to Closing. $500,000 in Stock Consideration was retained by the Company at the Closing and held as partial security to satisfy indemnification
claims for a period of 12 months following the Closing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, the recipients of the Stock Consideration agreed to sign
lock-up and leak-out agreements which provide that, following a 6-month lock-period and ending 18 months after Closing, any sales of the
Company&#8217;s Common Stock by such recipients do not exceed one percent (1%) of the then applicable thirty (30) day trading average
volume of the Company&#8217;s Common Stock as of such date.</p>
</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
History</b></span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Logiq,
Inc., formerly known as Weyland Tech, Inc., is a Delaware corporation that incorporated in 2004. Logiq is headquartered in New York,
with offices in New York City, Singapore, Minneapolis, MN and Jakarta, Indonesia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 25, 2020, the Company commenced trading under the Company&#8217;s new name, Logiq, Inc., under its new symbol: &#8220;LGIQ&#8221;.
The Company&#8217;s common stock is quoted on the OTCQX Market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On December 15, 2021, we entered
into various agreements with GoLogiq, Inc. (then known as Lovarra), a Nevada corporation (&#8220;GoLogiq&#8221;) and public reporting
subsidiary of the Company, pursuant to which the Company agreed to transfer its AppLogiq business to GoLogiq, subject to customary conditions
and approvals and completion of requisite financial statement audits (the &#8220;Separation&#8221;). GoLogiq is a fully reporting U.S.
public company, which, as of December 15, 2021, was approximately 78.5% owned by the Company&#8217;s wholly owned subsidiary GoLogiq LLC.
In connection with the Separation, the Company intends to distribute, on a pro rata basis, 100% of the Company&#8217;s ownership interests
in GoLogiq to the Company&#8217;s shareholders of record as of December 30, 2021 (the &#8220;Distribution&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On January 27, 2022, we completed
the transfer of our AppLogiq business to GoLogiq. In connection with the completion of the transfer of AppLogiq to GoLogiq, GoLogiq issued
26,350,756 shares of its common stock to the Company (the &#8220;GoLogiq Shares&#8221;). The Company will hold the GoLogiq Shares until
it distributes 100% of the GoLogiq Shares to the Company&#8217;s stockholders of record as of December 30, 2021 on a 1-for-1 basis (i.e.
for every 1 share of Logiq held on December 30, 2021, the holder thereof will receive 1 share of GoLogiq), which the Company intends
to complete in the near terms, subject to customary conditions and approvals.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
such time as the Distribution is complete, we will consolidate and report the financials of the AppLogiq business as a consolidated subsidiary
of Logiq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Products</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">General</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2017, we have been focused on enabling mobile commerce via our
enhanced platform offered on a PaaS basis, and the Company&#8217;s e-wallet initiative. Product launches with our strategic partners DPEX
Worldwide Express (S) PTE. Ltd. (Indonesia), BGT Corp Public Company Limited (Thailand), and Augicom Telecom SA (France) are representative
of the PaaS platform strategy and product offering. As of the date of this prospectus, we offer the following products (each of which
is described below): (i) APPLogiq; (ii) PAYLogiq; (iii) GOLogiq; and (iv) the DATALogiq branded consumer data management platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">AppLogiq</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPLogiq,
the Company&#8217;s core product and PaaS, allows SMBs to create mobile apps for their business without the need of technical knowledge,
high investment, or background in IT.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p>

</div><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPLogiq
has evolved over the course of 2017, 2018 and 2019 to capitalize on the immediate opportunity for developing a larger network of valuable
users and merchants by developing services that will enable the adoption of mobile commerce across Greater South East Asia and the United
States. The platform enhancements have taken the Company&#8217;s technology from a standalone &#8220;do-it-yourself&#8221; (&#8220;DIY&#8221;)
app builder to an enhanced platform built to enable mobile commerce by empowering users to create their own e-commerce and mobile-commerce
ecosystem.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2019, the Company focused on scaling this business model by continuing to develop and expand strategic partnerships that would increase
the number of users, and the merchants available to users, of the Company&#8217;s products on a PaaS basis. These efforts expanded on
the success of recent product launches representative of the PaaS platform strategy and product offerings with our strategic partners,
and after extensive discussions with our partners, management believes that supporting these initiatives through deeper engagement, interaction,
and co-marketing/sales substantially benefited the Company in 2018 and 2019. As a result, our year-over-year revenues increased by 45%
in 2018 and by 52% in 2019. For 2020 over 2019, in spite of COVID-19, the Company worked to improve gross profit margins while reducing
older, white-label partnership revenues and although year-over-year revenues decreased by 34%, the gross profits margins improved to
approximately 25.8% due to a loss of customers as a result of adverse effects of the on-set of Covid-19 in March 2020 and the provision
of complimentary services in an effort to retain customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2020 and 2021, we revamped Version 4 of our CreateApp platform with the following added functionalities: E-Store Multiple Product
Variations &amp; Options, Food-Ordering Self Pickup &amp; Delivery options, Google Maps Autocomplete Address Integration, Google Fonts
Integration, Dynamic Global Font Size, Line Integration, Lazy Load&amp; Shimmer Effect Implementation and a customer focused Support
Service Desk Widget dashboard.</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are planning to introduce a data warehousing project. This project will enhance browsing speed by reconstruct &amp; restructure our platform
to handle big data in chunks dynamically. We plan to implement SPA (Single Page Applications) to rewrite the pages dynamically to the
current web page with new data from the webserver instead of loading entire new pages. We also process the data and store it as an object
array in the server's memory for faster data fetching. The overall browsing experience will feel more like a native app.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">PayLogiq</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Launched
in late 2017 as the Company&#8217;s e-wallet initiative, PAYLogiq is a &#8216;consumer facing&#8217; product offering that supports the
PaaS strategy developed by the enhancements to the AppLogiq platform providing payment capabilities to users of our platform. Moreover,
PAYLogiq is designed to be a robust and universal payment platform, and its growth is therefore not limited to the Company&#8217;s PaaS
customers alone.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
its launch, PAYLogiq has surpassed the Company&#8217;s expectations as it has achieved stronger than anticipated customer traction with
limited marketing expense. In 2020, PAYLogiq&#8217;s total gross mobile transaction volume totaled $16.4 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">GOLogiq</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOLogiq
is our PaaS platform that provides mobile payment capabilities for the local food delivery service industry. We launched GOLogiq in the
fall of 2019 in Jakarta, Indonesia, and as of December 31, 2020, GOLogiq has reached a registered customer base of 166,000 mobile users.
The Company plans to continue to reinvest in GOLogiq in order to increase user growth and regional expansion with its unique pedestrian-powered
approach to urban food delivery.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">DATALogiq
Consumer Data Management Platform</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq
operates a consumer data management platform powered by lead generation, online marketing, and multichannel reengagement strategies through
its owned and operated brands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq
has developed a proprietary data management platform and integrates with several third-party service providers to optimize the return
on its marketing efforts. DATALogiq focuses on consumer engagement and data enrichment to maximize its return on acquisition through
repeat monetization of each consumer. DATALogiq also licenses its software technology and provides managed technology services to various
other e-commerce companies. DATALogiq is located in Minneapolis, Minnesota, USA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Product
Development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq
is developing an end-to-end marketing technology platform utilizing big data and artificial intelligence (&#8220;AI&#8221;) for enterprise
and SMB clients that will allow clients to develop desired target audiences, activate campaigns, insert creative content and broadcast
through a cost-effective advertising channel for the campaign.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
of our software is focused on expanding product lines, designing enhancements to our core technologies, and integrating existing and
new products into our principal software architecture and platform technologies. We intend to continue to offer regular updates to our
products and to continue to look for opportunities to expand our existing suite of products and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have primarily developed products internally, sometimes also licensing or acquiring products, or portions of products, from
third parties. These arrangements sometimes require that we pay royalties to third parties. We intend to continue to license or otherwise
acquire technology or products from third parties when it makes business sense to do so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the third quarter of 2020, we rebranded under the Logiq name. Our offerings now extend from mobile commerce and fintech solutions for
SMBs, to AI-powered, SaaS-based digital marketing solutions for enterprises and major brands. We believe the Logiq branding better reflects
the use of data analytics that underlies both of our business segments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
customer relationships now range from hundreds of thousands of SMBs around the world to publicly traded Fortune 1000 companies. Among
our notable customers are QuinStreet (a marketing technology company), Purple (the creator of the renowned Purple mattress) and Sunrun
(a solar company).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
new major clients reflect our transformation,&#160;which began with the completion of our acquisition of the assets of Push.&#160;This
has led to the streamlining during the third quarter of 2020 of our various brands and business units into two business segments: <i>DataLogiq
</i>and <i>AppLogiq</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>DATALogiq</i>&#8217;s
data engine uses proprietary methodologies and AI systems to deliver valuable consumer insights that can dramatically enhance the effectiveness,
reach, and return on investment of online marketing spend for enterprises and major brands. Alongside <i>DataLogiq </i>is our new Fixel
subsidiary that offers simplified online marketing with critical privacy features.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
<i>APPLogiq</i> mobile commerce PaaS enables SMBs worldwide to easily create and deploy a native mobile app for their business without
technical knowledge or background. <i>APPLogiq</i> empowers businesses to reach more customers, increase sales, manage logistics, and
promote their products and services in an easy and affordable way. Our <i>APPLogiq</i> mobile platform now also includes our <i>PAYLogiq
</i>fintech and <i>GOLogiq</i> delivery services that have garnered great interest from potential partners due to the deep consumer data
both have been acquiring since their inception.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
combination of <i>APPLogiq</i>&#8217;s mobile platform and <i>DATALogiq</i>&#8217;s data engines offers a uniquely powerful e-commerce
and m-commerce platform for many types of businesses and brands. We have and will continue to integrate, existing and new, cutting-edge
services with the aim of providing a comprehensive and differentiated e-commerce and m-commerce offering for our existing and interested,
new customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soon
after the close of the Push asset acquisition, the impact of the COVID-19 pandemic quickly emerged, with global lockdowns and the corresponding
impact on SMBs. Fortunately, due to the diversification of our revenue sources we have thus far been able to weather the storm. While
our <i>APPLogiq</i> m-commerce business, targeted at distributors and SMB end users, has been adversely affected by the lockdown of traditional
commercial businesses, our <i>DATALogiq</i> e-commerce data-driven digital marketing business has benefited by shifting to the many solely
online businesses that have experienced an uptick in demand due to the pandemic.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Importantly,
for <i>DATALogiq</i>, the recent acquisition of Fixel and its audience targeting solution has meant the introduction of a new SaaS revenue
stream. Audience targeting is the ability to take the full audience of prospective customers and segment it into groups based on different
criteria, including online behavioral characteristics, demographics, interests, and intent. The acquisition reflects our ability to adapt
to the substantial industry shift that the end of the third party cookies represents. Fixel provides a timely solution to the loss of
third party data that addresses the consumer privacy concerns that gave rise to the coming decline in third party cookies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Our
Competitive Strengths</span></i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Logiq
has an AI-driven, first party data, privacy compliant targeting solution that does not rely on third party cookie solutions. Our proprietary
technology does not use any personally identifiable information or third party cookie information. Rather, it relies only on first party
data collected on an advertiser&#8217;s or publisher&#8217;s website. The AI engine has the unique ability to determine the &#8220;most
engaged visitors&#8221; to a website and then use that information to target them on Google, Facebook, Yahoo, Bing, LinkedIn, TradeDesk
and other major platforms. At the heart of our data solution lies the value &#8211; the AI engine that analyzes and makes judgements
about all visitors to a site.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
segmenting site visitors into Baseline, Medium and High categories, these designations can be leveraged when creating campaigns on any
of these destinations. These segments are touted to give our customers the best insight into who are the most engaged audiences in the
90 to 95% of site visitors who don&#8217;t convert.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Across
advertisers, publishers, agencies and tech platforms (such as demand side platforms that allow buyers of digital advertising inventory
to manage multiple advertising exchange and data exchange accounts through one interface), the Logiq solution is viewed by existing customers
(through their feedback to Logiq) to be a solution that can gain rapid adoption, as the industry trend is one where ecosystem constituents
look to move away from their current third party cookie targeting initiatives. Our solution is not only for advertising purposes but
could also be applied to a marketer&#8217;s analytics stack to gain deeper insights and understanding of their visitors&#8217; behavior.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Today,
Logiq uses its proprietary advertising and marketing technology platform to provide direct-to-consumer marketing services to advertisers.
Our technology platform has proven to find in-market audiences and convert them to paying customers. Today, our technology is being used
by enterprise brands such as Purple Mattress, Sunrun, and QuinStreet. A key next phase of the Company is to go downstream to small to
medium size e-commerce agencies and brands by providing a new kind of marketing solution that delivers enterprise level capabilities
via a simplified, do-it-yourself, automated platform.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Strategy</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
growth strategy is a multi-pronged approach, consisting of the following:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Development of an end-to-end
    unified SaaS offering</b>. We expect to unify all of our technology platforms into one framework to provide a streamlined user experience
    for customers to leverage all of our applications through a SaaS model.</span></td></tr>
  </table>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expand our customer
    base and business relationships. </b>Today, we are already installed in major media companies and technology platforms. We intend
    to increase the usage of our technology and deepen technology relationships to drive increased revenue.</span></td></tr>
  </table>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expand salesforce to
    acquire new brands and online advertisers</b>. We intend to increase our salesforce to expand our existing business relationships
    with leading media networks and advertising agencies and to aggressively activate new brand advertiser relationships and business
    joint ventures.</span></td></tr>
  </table>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Focus on SMBs</b>. We
    believe that there is a significant opportunity for an end-to-end advertising and marketing technology solution for SMBs seeking
    to grow their online sales without dealing with the many challenges of integrating multiple point solutions. We intend to heavily
    market our platforms to SMBs.</span></td></tr>
  </table>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maintain innovation</b>.
    We continue to develop and introduce new features and improved functionality to our platforms. Key initiatives include development
    of easy to use self serve platforms for SMBs, and continued development of AI-driven marketing technologies.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
and Marketing</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sales and marketing efforts are focused on promoting sales, producing expert content and brand awareness. The Company believes that our
resellers agreements signed in 2015, 2016, and 2017 created a large enough addressable market opportunity to generate sales and profits
in a scalable manner, grow the Company&#8217;s business and enhance shareholder value. Given the nature of DIY mobile apps and the primary
target market of SMBs, a typical go-to-market strategy would have a direct sales force or resellers approach SMBs directly to drive our
revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has further evolved our PaaS platform with two distinct market paths to drive recurring revenue business model:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A)
Cooperation agreements in countries/regions where our partners are responsible for targeting SMBs either through an installed base of
customers or groups of direct sellers with a sales and marketing team focusing on end customers. The 2020 partnership with KMSB is representative
of this revised path.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B)
Digital wallet or e-wallet solutions. A distinguishing characteristic of Greater South East Asia (&#8220;GSEA&#8221;) compared to the
United States is the substantially lower percentage of the population in GSEA with bank accounts, credit cards, or debit cards. This
creates the need for alternative payment methods, specifically e-wallets according to the International Data Corporation (&#8220;IDC&#8221;). GSEA
is poised for its own payments transformation in much the same way that China has shifted to online payments. Online payments in GSEA
is divided into four broad payment modes: e-wallets (such as our PayLogiq platform), credit cards, debit cards and online banking. Of
these IDC experts, the e-wallet mode is expected to grow the fastest over the next five years. Drivers for GSEA&#8217;s e-wallet industry
include the mismatch between internet penetration and banking penetration (which creates a structural opportunity for e-wallet), the
increasing integration of e-wallets with use cases such as online games and e-commerce, and the opportunity to offer broader digital
financial services using e-wallets as a foundation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the above strategy, we believe that the Company will be able to maintain a lower capital expenditure base due to the &#8216;level-two&#8217;
customer support vs. &#8216;level-one&#8217; customer support, smaller sales and marketing teams, and the need to provide hosting services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s APPLogiq platform operates as a PaaS allowing users to develop their own applications supplying the infrastructure and
IT services, which users can access&#160;anywhere via a web or desktop browser. The Company recognizes revenue on a pay to use subscription
basis when our customers use our platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not compensate resellers and distributors. Instead, the end user pays the reseller/distributor directly as well as paying for our
services, for which we or our reseller/distributor in licensed territories bill the end user separately.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets,
Geography, and Seasonality</b>&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products and services are predominantly sold in North America and the Southeast Asian markets. Based on our current and historical balance
sheets and statement of operations, it does not appear that our business or operations experience any seasonality with respect to our
sales as any such seasonality appears to be unpredictable. Although we believe our customers&#8217; historical buying patterns and budgetary
cycles may be a factor that impacts our quarterly sales results, we are not able to reliably predict our sales based on seasonality because
outside factors (timing, introduction of new products and services, and other economic factors impacting our industry) can also substantially
impact our revenues during the year.</span></p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major
Customers</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
single customer represented significant concentration risk during 2021 APPLogiq&#8217;s continued shift in focus away from bulk white
label distributors to direct marketing end users. &#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the DATALogiq business segment in the year ended December 31, 2021, there is no significant customer concentration risk based on our
total consolidated revenues.&#160;&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and Development</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
R&amp;D strategy is to offer cutting edge financial, marketing, and advertising technology to the Company&#8217;s present and future
customers. The Company continues to invest in website, e-commerce platform and mobile app development. In addition, the Company continues
to develop its system support knowledge base and other internal systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s commercial and corporate-strategy functions collaborate closely with the R&amp;D team on the Company&#8217;s priorities.
The R&amp;D strategy determines what capabilities and technologies the Company must have in place to bring the desired solutions to market.
R&amp;D capabilities are the technical abilities to discover, develop, or scale marketable solutions. Capabilities are unlocked by a
combination of technologies and assets, and focus on the outcomes.&#160; The choices of operating model and organizational design will
ultimately determine how well the R&amp;D strategy is executed.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is rapidly evolving and highly competitive. Our current and potential competitors include: (i) advertising companies, web design
firms and, more recently, mobile app makers; (ii) other DIY mobile app companies; (iii) a number of indirect competitors, including media
companies, web portals, comparison shopping websites, and web search engines, either directly or in collaboration with SMBs; (iv) companies
that provide e-commerce and e-wallet services, including website/app development; and (v) companies that provide infrastructure web and
mobile services. We believe that the principal competitive factors in our mobile apps business include ease of use, affordability and
broad range of functionality. Many of our current and potential competitors have greater resources, longer histories, more customers,
and greater brand recognition. They may adopt more aggressive pricing and devote more resources to technology, functionality and ease
of use and marketing. Other companies also may enter into business combinations or alliances that strengthen their competitive positions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">E-commerce</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face competition principally from regional players that operate across several markets in the U.S., Europe, and Asia. We also face competition
from single-market players in those regions. We compete to attract, engage and retain buyers based on the variety and value of products
and services listed on our marketplaces, overall user experience and convenience, online communication tools, integration with mobile
and networking applications and tools, quality of mobile applications, and availability of payment settlement and logistics services.
We also compete to attract and retain sellers based on the number and engagement of buyers, the effectiveness and value of the marketing
services we offer, commission rates and the usefulness of the services we provide including data and analytics for potential buyer targeting,
cloud computing services and the availability of support services, including payment settlement and logistics services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">E-wallet&#160;Platforms</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAYLogiq
competes primarily with credit card and debit card service providers, banks with payment processing offerings, other offline payment
options and other electronic payment system operators. PAYLogiq competes with these companies primarily on the basis of transaction processing
speed, convenience, network size, accessibility, reliability and price. We believe the combination of PAYLogiq&#8217;s numerous physical
merchant locations and the PAYLogiq App is a significant competitive advantage because of the strong demand in GSEA for convenient forms
of payment processing.</span></p>

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</div><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has, under a software purchase agreement, the eWallet platform currently operating under the brand names AtozPay and AtozGo in
Indonesia (PAYLogiq and GOLogiq respectively), and the global rights to market and operate in other countries worldwide.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company has acquired the rights to the following United States trademarks through its acquisition of the Push assets:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United
States Trademark &#8220;Astrology Nova&#8221; (Registration Number 5631852), registered under Push Holdings, Inc.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United
States Trademark &#8220;BlueDrone&#8221; (Registration Number 5528307), registered under Comiseo, Inc.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is in the process of registering transfers of these trademarks with the United States Patent and Trademark Office into the name
of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has three trademarks pending for registration in the United States for the word mark &#8220;Logiqx&#8221; under serial numbers
8885602, 88856050 and 88856033.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our future success will depend, in part, on our ability to continue to attract, hire, and retain qualified personnel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently has thirty-seven full-time contracted personnel in Singapore, Myanmar, Hong Kong and the United States. None of our
employees are represented by a union or covered by a collective bargaining agreement.</span></p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Government
Approval</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
our core business is to provide a PaaS platform that allows SMBs to build their presence on mobile devices, we do not believe that any
government agency approval is required for the products and services that we provide to our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Government
Regulations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and our clients currently use pseudonymous data about Internet and mobile app users on our platform to manage and execute digital advertising
campaigns in a variety of ways, including delivering advertisements to end users based on their geographic locations, the type of device
they are using, their interests as inferred from their web browsing or app usage activity, or their relationships with our clients. Such
data is passed to us from third parties, including original equipment manufacturers, application providers, and publishers. We do not
use this data to discover the identity of individuals, and we currently prohibit clients, data providers and inventory suppliers from
importing data that directly identifies individuals onto our platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability, like those of other advertising technology companies, to collect, augment, analyze, use and share data relies upon the ability
to uniquely identify devices across websites and applications, and to collect data about user interactions with those devices for purposes
such as serving relevant ads and measuring the effectiveness of ads. The processes used to identify devices and similar and associated
technologies are governed by U.S. and foreign laws and regulations and dependent upon their implementation within the industry ecosystem.
Such laws, regulations, and industry standards may change from time to time, including those relating to the level of consumer notice,
consent and/or choice required when a company employs cookies or other electronic tools to collect data about interactions with users
online.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the U.S.,&#160;both federal and state legislation govern activities such as the collection and use of data, and privacy in the advertising
technology industry has frequently been subject to review by the Federal Trade Commission (the &#8220;FTC&#8221;), U.S. Congress, and
individual states. Much of the federal oversight on digital advertising in the U.S. currently comes from the FTC, which has primarily
relied upon Section&#160;5 of the Federal Trade Commission Act, which prohibits companies from engaging in &#8220;unfair&#8221; or &#8220;deceptive&#8221;
trade practices, including alleged violations of representations concerning privacy protections and acts that allegedly violate individuals&#8217;
privacy interests. However, there is increasing consumer concern over data privacy in recent years, which has led to a myriad of proposed
legislation and new legislation both at the federal and state levels, some of which has affected and will continue to affect our operations
and those of our industry partners. For example, the California Consumer Privacy Act of 2018 (the &#8220;CCPA&#8221;), which went into
effect January 1, 2020, defines &#8220;personal information&#8221; broadly enough to include online identifiers provided by individuals&#8217;
devices, applications, and protocols (such as IP addresses, mobile application identifiers and unique cookie identifiers) and individuals&#8217;
location data, if there is potential that individuals can be identified by such data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CCPA creates individual data privacy rights for consumers in the State of California (including rights to deletion of and access to personal
information), imposes special rules on the collection of consumer data from minors, creates new notice obligations and new limits on
and rules regarding the &#8220;sale&#8221; of personal information (interpreted by many observers to include common advertising practices),
and creates a new and potentially severe statutory damages framework for violations of the CCPA and for businesses that fail to implement
reasonable security procedures and practices to prevent data breaches. The CCPA also offers the possibility to a consumer to recover
statutory damages for certain violations and could open the door more broadly to additional risks of individual and class-action lawsuits
even though the statute&#8217;s private right of action is limited in scope. There have been many class action lawsuits filed invoking
the CCPA outside of the private right of action provided for by the law. It is unclear at this point whether any of these claims will
be accepted by the courts. In addition, the California Privacy Rights Act, or CPRA, recently passed, which will impose additional notice
and opt out obligations on the digital advertising space, including an obligation to provide an opt out for behavioral advertising. When
the CPRA goes into full effect in January 2023, it will impose additional restrictions on us and on our industry partners; it is difficult
to predict with certainty the full effect of the CPRA and its implementing regulations on the industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our business is global, our activities are also subject to foreign legislation and regulation. In the European Union (including the European
Economic Area (the &#8220;EEA&#8221;) and the countries of Iceland, Liechtenstein and Norway), or EU, separate laws and regulations (and
member states&#8217; implementations thereof) govern the processing of personal data, and these laws and regulations continue to impact
us. The General Data Protection Regulation (&#8220;GDPR&#8221;), which applies to us, came into effect on May 25, 2018. Like the CCPA,
the GDPR defines &#8220;personal data&#8221; broadly, and it enhances data protection obligations for controllers of such data and for
service providers processing the data. It also provides certain rights, such as access and deletion, to the individuals about whom the
personal data relates. The digital advertising industry has collaborated to create a user-facing framework for establishing and managing
legal bases under the GDPR and other EU privacy laws including ePrivacy (discussed below). Although the framework is actively in use,
it is under attack by the Belgian Data Protection Authority and others and we cannot predict its effectiveness over the long term.&#160;&#160;European
regulators have questioned the framework&#8217;s viability and activists have filed complaints with regulators of alleged non-compliance
by specific companies that employ the framework. Continuing to maintain compliance with the GDPR&#8217;s requirements, including monitoring
and adjusting to rulings and interpretations that affect our approach to compliance, requires significant time, resources and expense,
and may lead to significant changes in our business operations, as will the effort to monitor whether additional changes to our business
practices and our backend configuration are needed, all of which may increase operating costs, or limit our ability to operate or expand
our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
in the EU, EU Directive 2002/58/EC (as amended by Directive 2009/136/EC), commonly referred to as the ePrivacy or Cookie Directive, directs
EU member states to ensure that accessing information on an Internet user&#8217;s computer, such as through a cookie and other similar
technologies, is allowed only if the Internet user has been informed about such access, and provided consent. A recent ruling by the
Court of Justice of the European Union clarified that such consent must be reflected by an affirmative act of the user, and European
regulators are increasingly agitating for more robust forms of consent. These developments may result in decreased reliance on implied
consent mechanisms that have been used to meet requirements of the Cookie Directive in some markets. A replacement for the Cookie Directive
is currently under discussion by EU member states to complement and bring electronic communication services in line with the GDPR and
force a harmonized approach across EU member states. Although it remains under debate, the proposed ePrivacy Regulation may further raise
the bar for the use of cookies, and the fines and penalties for breach may be significant. We cannot yet determine the impact such future
laws, regulations, and standards may have on our business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the collection and use of data for digital advertising has received media attention over the past several years, some government regulators,
such as the FTC, and privacy advocates have suggested creating a &#8220;Do Not Track&#8221; standard that would allow Internet users
to express a preference, independent of cookie settings in their browser, not to have their online browsing activities tracked. The CPRA
similarly contemplates the use of technical opt outs for the sale and sharing of personal information for advertising purposes as well
as to opt out of the use of sensitive information for advertising purposes, and allows for AG rulemaking to develop these technical signals.
If a &#8220;Do Not Track,&#8221; &#8220;Do Not Sell,&#8221; or similar control is adopted by many Internet users or if a &#8220;Do Not
Track&#8221; standard is imposed by state, federal, or foreign legislation (as it arguably is to some degree under the CCPA regulations),
or is agreed upon by standard setting groups, we may have to change our business practices, our clients may reduce their use of our platform,
and our business, financial condition, and results of operations could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
additional governmental regulations, including foreign governmental regulations, may affect our business. For more information, see the
section &#8220;Risk Factors&#8221;.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Environmental
Matters</b>&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
significant pollution or other types of hazardous emission result from the Company&#8217;s operations, and it is not anticipated that
our operations will be materially affected by federal, state or local provisions concerning environmental controls. Our costs of complying
with environmental health and safety requirements have not been material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
compliance with federal, state and local requirements regulating the discharge of materials into the environment, or otherwise relating
to the protection of the environment, have not had, nor are they expected to have, any material effect on the capital expenditures, earnings
or competitive position of the Company. However, we will continue to monitor emerging developments in this area.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three
Year History</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2019</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 19, 2019, the Company entered into subscription agreements with a total of 157 subscribers for an aggregate of 42,745,675 Common
Shares of the Company&#8217;s for an aggregate purchase price of $6,411,851. The Company used the net proceeds from the offering (after
deducting consulting fees and expenses related to the offering in the aggregate amount of approximately $775,000) for working capital
and general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 16, 2019, the Company and its wholly-owned subsidiary, Origin8, entered into the asset purchase agreement for the Push Transaction
(as defined below).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 15, 2019, the Company&#8217;s shareholders approved the proposal to grant the Board discretionary authority to amend the Company&#8217;s
Certificate of Incorporation to effectuate a reverse stock split of the Company&#8217;s common stock, $0.0001 par value, by a ratio of
no less than 1-for-5 and no more than 1-for-20, with such ratio to be determined by the Board in its sole discretion (the &#8220;Reverse
Split&#8221;), and with such Reverse Split to be effective at such time and date, if at all, as determined by the Board in its sole discretion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 8, 2020, the Company&#8217; completed the acquisition of substantially all of the assets of Push (the &#8220;Push Transaction&#8221;).
At closing, the Company issued 28,571,428 Common Shares to ConversionPoint (Push&#8217;s parent company) and a further 7,142,857&#160;Common
Shares were issued and placed in an independent third-party escrow where such Common Shares will be released to ConversionPoint if the
acquired Push business achieves certain performance milestone requirements, subject to offset for indemnification purposes. The Company
obtained an independent valuation opinion with respect to the acquired business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 25, 2020, the Board filed a Certificate of Amendment to the Certificate of Incorporation with the Secretary of State of the
State of Delaware to effectuate the Reverse Split. The Reverse Split became effective on February 27, 2020. Immediately following the
Reverse Split, the total number of the Common Shares held by each stockholder was converted automatically into the number of whole Common
Shares equal to the number of issued and outstanding Common Shares held by such stockholder immediately prior to the Reverse Split, divided
by 13. The Reverse Split did not change the authorized capital stock of the Company. The Company continues to be authorized to issue
up to 250,000,000 Common Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 11, 2020, the Company, entered into a binding letter of intent to acquire Fixel AI Inc. (&#8220;Fixel&#8221;). Founded in July
of 2017, Fixel has a fully automated audience segmentation software suite that ranks audiences according to their level of engagement.
Fixel&#8217;s software helps e-commerce and digital agency marketers to create and retarget high return on ad spend audiences using cutting
edge A.I. and big data technology. Fixel technology solutions enables automated audience segmentation for the purpose of creating lookalike
audiences and remarketing to highly engaged visitors that otherwise failed to convert in the sales funnel. Fixel allows clients to run
Data Driven marketing campaigns efficiently improving Return on add spend and sales conversions while still exceeding other corporate
KPIs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 30, 2020, the Company and Fixel entered into an Agreement and Plan of Merger (the &#8220;Fixel Merger Agreement&#8221;) pursuant
to which Logiq Merger Sub, Inc., a wholly-owned subsidiary of the Company formed solely for the purpose of this transaction, merged with
Fixel (the &#8220;Merger&#8221;). Following the Merger, the surviving entity continued its existence as a wholly-owned subsidiary of
the Company, and the shareholders of Fixel received 564,467 Common Shares (the &#8220;Consideration Shares&#8221;) at a deemed issue
price of US$8.86 per share, for an aggregate purchase price of approximately US$5,000,000. Pursuant to the Agreement and Plan of Merger,
112,868 Consideration Shares were placed in escrow with a third party escrow agent in order to establish a holdback mechanism with respect
to $1,000,000 worth of the Consideration Shares to secure the Fixel shareholders&#8217; obligations under the Agreement and Plan of Merger
for a period of 18 months following the closing of the Merger. On November 2, 2020, the Merger occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 3, 2021, the Company, RAI Acquisition Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (&#8220;Merger
Sub&#8221;), Rebel AI, Inc., a Delaware corporation (&#8220;Rebel AI&#8221;), and Emmanuel Puentes, on behalf of the stockholders of
Rebel AI (in such capacity, the &#8220;Stockholders&#8217; Agent&#8221;), entered into an Agreement and Plan of Merger (the &#8220;Merger
Agreement&#8221;), pursuant to which, upon consummation of the transactions contemplated by the Merger Agreement (the &#8220;Closing&#8221;),
the parties intend to effect a merger of Merger Sub with and into Rebel AI, whereby the separate existence of Merger Sub will cease and
Rebel AI will become a wholly-owned subsidiary of the Company (the &#8220;Merger&#8221;). The Merger closed on March 29, 2021 and Rebel
AI became a wholly-owned subsidiary of the Company. As consideration for the Merger, at the Closing, the Company delivered to those persons
set forth in the Merger Agreement an aggregate cash payment of $1,126,000 (the &#8220;Cash Consideration&#8221;), and an aggregate number
of restricted shares of the Company&#8217;s common stock, par value $0.0001 per share (&#8220;Common Stock&#8221;), equal to (i) (x)
$7,000,000, divided by (ii) the volume weighted average closing price of the Company&#8217;s Common Stock for the twenty consecutive
trading days prior to Closing (the &#8220;Stock Consideration,&#8221; and together with the Cash Consideration, the &#8220;Merger Consideration&#8221;),
subject in each case to adjustment as provided in the Merger Agreement. Notwithstanding the foregoing, pursuant to the terms of the Merger
Agreement, (i) a portion of the Cash Consideration, in an amount equal to the outstanding balance of that PPP Loan made to Rebel AI in
January 2021, shall be withheld at Closing and placed into an escrow account, pending forgiveness or repayment of the PPP Loan, as applicable,
and (ii) $2,000,000 of Common Stock shall be withheld from the Stock Consideration and deposited into an escrow account, pending release
in accordance with the terms of the Merger Agreement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 9, 2021, the Company entered into an Agency Agreement (the &#8220;Agency Agreement&#8221;) with Research Capital Corporation (the
&#8220;Agent&#8221;) relating to a Canadian initial public offering (the &#8220;Offering&#8221;) by the Company of a minimum of 1,666,667
units of securities (each, a &#8220;Unit&#8221;), and a maximum of 3,333,333 Units, at a price of C$3.00 per Unit (the &#8220;Offering
Price&#8221;), for minimum gross proceeds of C$5,000,000, and maximum gross proceeds of C$10,000,000. Each Unit consists of (i) one share
of common stock of the Company, par value $0.0001 per share (&#8220;Common Stock&#8221;, and the Common Stock included in a Unit being
a &#8220;Unit Share&#8221;), and (ii) one Common Stock purchase warrant (each, a &#8220;Warrant&#8221;), where each Warrant entitles
the holder thereof to acquire one share of Common Stock (each, a &#8220;Warrant Share&#8221;) at an exercise price of C$3.50 per Warrant
Share, subject to adjustment, at any time before the third anniversary (the &#8220;Warrant Expiry Date&#8221;) of June 17, 2021 (the
&#8220;Closing Date&#8221;). The Warrants will be governed by a warrant indenture (the &#8220;Warrant Indenture&#8221;) between the Company
and Odyssey Trust Company (the &#8220;Warrant Agent&#8221;). No Units will be issued, however, as the Units will be immediately separated
and purchasers will receive only shares of Common Stock and Warrants. Furthermore, the Company agreed to issue 83,333 units of securities
(the &#8220;Advisory Fee Units&#8221;) to the Agent as compensation for certain strategic advisory and support services rendered. This
number was determined by dividing C$250,000 by the Offering Price. Each Advisory Fee Unit is comprised of (i) one share of Common Stock,
and (ii) one warrant exercisable to purchase one share of Common Stock at an exercise price of C$3.50 for a period of 36 months from
the Closing Date. On June 21, 2021, the Offering closed whereby the Company sold 1,976,434 Units for aggregate gross proceeds of C$5,929,302
before deducting offering expenses. The Company also issued 83,333 units of securities (the &#8220;Advisory Fee Units&#8221;), and 158,115
non-transferrable compensation options (the &#8220;Agent Options&#8221;) to the Agent as compensation for certain strategic advisory
and support services rendered to the Company in connection with the Offering. Each Advisory Fee Unit is comprised of (i) one share of
Common Stock, and (ii) one Warrant. Each Agent Option is exercisable for one Unit at an exercise price of C$3.00 per Unit. On June 21,
2021, the Company&#8217;s common stock began trading on the NEO Exchange under the symbol &#8220;LGIQ&#8221;. The Company&#8217;s common
stock continues to trade in the United States on the OTCQX under the same symbol.</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On December 15, 2021, we entered
into various agreements with GoLogiq (then known as Lovarra), public reporting subsidiary of the Company, pursuant to which the Company
agreed to transfer its AppLogiq business to GoLogiq, subject to customary conditions and approvals and completion of requisite financial
statement audits. GoLogiq is a fully reporting U.S. public company, which, as of December 15, 2021, was approximately 78.5% owned by the
Company&#8217;s wholly owned subsidiary GoLogiq LLC. In connection with the Separation, the Company intends to distribute, on a pro rata
basis, 100% of the Company&#8217;s ownership interests in GoLogiq to the Company&#8217;s shareholders of record as of December 30, 2021.
On January 27, 2022, we completed the transfer of our AppLogiq business to GoLogiq. In connection with the completion of the transfer
of AppLogiq to GoLogiq, GoLogiq issued the 26,350,756 GoLogiq Shares to the Company. The Company will hold the GoLogiq Shares until it
distributes 100% of the GoLogiq Shares to the Company&#8217;s stockholders of record as of December 30, 2021 on a 1-for-1 basis (i.e.
for every 1 share of Logiq held on December 30, 2021, the holder thereof will receive 1 share of GoLogiq), which the Company intends to
complete in the near term, subject to customary conditions and approvals. Until such time as the Distribution is complete, we will consolidate
and report the financials of the AppLogiq business as a consolidated subsidiary of Logiq.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at 85 Broad Street, 16-079, New York, NY 10004 and our telephone number is (808) 829-1057.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Available
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Copies of our Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q, Current Reports on Form 8-K and other documents that we will file with or furnish to the SEC will be available free of charge by
sending a written request to our Corporate Secretary at our corporate headquarters. The SEC maintains a website that contains reports,
proxy and information statements and other information regarding registrants that file electronically with the SEC. The SEC&#8217;s website
is&#160;<span style="text-decoration:underline;text-decoration: none">www.sec.gov</span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain a corporate website at&#160;<span style="text-decoration:underline">www.logiq.com</span>. You will be able to access our Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q, Current Reports on Form 8-K and amendments to those reports, proxy statements and other information to be filed or furnished
pursuant to Section 13(a) or 15(d) of the Exchange Act with the SEC free of charge at our website as soon as reasonably practicable after
such material will be electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through,
our website is not part of this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
expressly noted, none of the information on our website is part of this prospectus or any prospectus supplement. Our common stock is
quoted on the OTCQX market operated by the OTC Markets Group, Inc., or &#8220;OTCQX,&#8221; under the ticker symbol &#8220;LGIQ.&#8221;</span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering
Summary</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 20%"><span style="font-size: 10pt"><b>Common Stock registered in this offering</b></span></td>
    <td style="width: 80%; text-align: justify"><span style="font-size: 10pt">The Selling Stockholder is offering up to (i) 6,000,000 Primary Settlement Shares and (ii) up to 20,000,000 Purchase Shares.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt"><b>Common Stock outstanding</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">33,401,334(1)</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt; "><b>Selling Stockholder</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Ionic Ventures, LLC</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt"><b>Use of proceeds</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">We are not selling any securities under this prospectus and will not receive any of the proceeds from the sale of Common Stock by the Selling Stockholder. Additionally, we will not receive any gross proceeds from the sale of Primary Settlement Shares to Ionic under the Purchase Agreement, as such shares serve as a &#8220;true-up&#8221; of Primary Shares previously sold to Ionic on March 31, 2022. However, we may receive proceeds of up to $37,000,000 from the sale of Purchase Shares to Ionic under the Purchase Agreement, from time to time in our discretion after the date this registration statement is declared effective and the other conditions in the Purchase Agreement have been satisfied. The proceeds received from Ionic under the Purchase Agreement for the sale of Purchase Shares will be used to for general corporate and working capital purposes. We may also use a portion of the net proceeds to acquire or invest in complementary businesses, products and technologies. Although we have no specific agreements, commitments or understandings with respect to any acquisition, we evaluate acquisition opportunities and engage in related discussions with other companies from time to time. See &#8220;Use of Proceeds.&#8221;</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt"><b>Risk factors</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Investing in our securities is highly speculative and involves a high degree of risk. You should carefully consider the information set forth in the &#8220;Risk Factors&#8221; section beginning on page 14 before deciding to invest in our securities.</span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt"><b>Trading symbol</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Our common stock is currently quoted on the OTCQX under the trading symbol &#8220;LGIQ&#8221; and in Canada on the NEO Exchange under the trading symbol &#8220;LGIQ.&#8221;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects shares issued and outstanding as of July 12, 2022.</span></td>
</tr></table>

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</div><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RISK
FACTORS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing
in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information
in this prospectus, including our consolidated financial statements and the related notes and &#8220;Management&#8217;s Discussion and
Analysis of Financial Condition and Results of Operations,&#8221; before deciding whether to invest in our common stock. The occurrence
of any of the events or developments described below could harm our business, financial condition, operating results, and growth prospects.
In such an event, the market price of our common stock could decline, and you may lose all or part of your investment. Additional risks
and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RISKS
RELATED TO THIS OFFERING</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The sale or issuance of Common Stock <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>under
the Purchase Agreement and Warrant to Ionic may cause dilution, and the sale of Common Stock acquired by Ionic, or the perception that
such sales may occur, could cause the price of our Common Stock to fall.</i></b></span></i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2022, we entered into the Purchase Agreement with Ionic pursuant to which Ionic has committed to purchase up to $40,000,000
of our Common Stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">On March 31, 2022, the Company
effected an initial purchase of $3,000,000 in shares of Common Stock (the &#8220;Primary Shares&#8221;) under the Purchase Agreement
at the Regular Purchase Price, and was issued 2,926,000 pre-settlement shares, which reflects an estimated value equal to the product
of (A) the quotient of (y) the purchase amount (i.e., $3,000,000) divided by (z) the Pre-Settlement Regular Purchase Price (defined below),
multiplied by (B) 125% (which Ionic may increase at its discretion). The &#8220;Pre-Settlement Regular Purchase Price&#8221; is equal
to 80% of the closing price of the Common Stock on the OTCQX Market on the date immediately preceding the Company&#8217;s receipt of
a purchase notice under the Purchase Agreement. The Regular Purchase Price for the Purchase Shares shall equal 97% (the &#8220;RPP Percentage&#8221;)
of the arithmetic average of the five (5) lowest VWAPs during the period starting on the date that Ionic received the Primary Shares
(March 31, 2022) and ending on such date that the aggregate dollar volume of our common stock traded on our Principal Market equals five
(5) times the Purchase Amount, in the aggregate, subject to a five (5) Trading Day minimum (provided, however, that each day on which
Investor has requested Purchase Shares which cannot be delivered to Investor shall be excluded from such calculation); provided, however,
that in the event an Event of Default (as defined in the Purchase Agreement) occurs between the date that the investor receives notice
from the Company of a Regular Purchase under the Purchase Agreement and the Regular Purchase Settlement Date (as defined in the Purchase
Agreement), then the RPP Percentage shall be automatically adjusted to 80% for so long as such Event of Default remains uncured. This
is a forward pricing mechanism based on an estimate and true up and as of the date of this prospectus, the Regular Purchase Price has
yet to be calculated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company failed to timely file this registration statement in accordance
with the terms of the Purchase Agreement and Registration Rights Agreement entered into with Ionic. As a result, an Event of Default occurred,
and the applicable RPP Percentage for the initial purchase only is now 80%, rather than 97%.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company also <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issued a Warrant to
purchase 631,579 shares of Common Stock (1.5% of the total $40,000,000 commitment amount) to Ionic for no consideration as a commitment
fee. The Warrant may be exercised for cash, but will more likely be exercised on a cashless exercise basis, which means the Company may
not receive any proceeds from such cashless exercise. Under the Warrant, the Company does not have the right to control the timing and
amount of any Warrant exercises by Ionic, except that there is a 9.99% ownership limitation blocker in the Warrant. Ionic may ultimately
decide to exercise all, some or none of the Warrant.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Primary Shares and the shares issuable upon exercise of the Warrant
were registered pursuant to the Company&#8217;s shelf registration statement on Form S-3 (File No. 333-259851) (the &#8220;S-3 Registration
Statement&#8221;), and the related base prospectus included in the S-3 Registration Statement dated October 8, 2021, as supplemented by
a prospectus supplement to be filed on or about March 31, 2022 (the &#8220;Prospectus Supplement&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, we are registering hereunder up to 6,000,000 Primary Settlement Shares which may cover the true-up
pricing mechanism under the Primary Shares described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Of the remaining $37,000,000 in Purchase Shares which remain issuable under
the Purchase Agreement, we are registering 20,000,000 Purchase Shares hereunder, which may be sold for cash and issued to Ionic under
the Purchase Agreement at our discretion from time to time commencing after the satisfaction of certain conditions set forth in the Purchase
Agreement. The purchase price for the Purchase Shares that we may sell to Ionic under the Purchase Agreement will fluctuate based on the
price of Common Stock. Depending on market liquidity at the time, sales of such Primary Shares may cause the trading price of our Common
Stock to fall.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generally have the right to control the timing and amount of any future sales of <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
Shares to Ionic under the Purchase Agreement. Sales of Purchase Shares, if any, to Ionic will depend upon market conditions and other
factors to be determined by us. We may ultimately decide to sell to Ionic all, some or none of the additional Purchase Shares that may
be available for us to sell pursuant to the Purchase Agreement. Therefore, sales to Ionic by us could result in substantial dilution to
the interests of other holders of our Common Stock. Additionally, the sale of a substantial number of Purchase Shares to Ionic, or the
anticipation of such sales, could make it more difficult for us to sell equity or equity-related securities in the future at a time and
at a price that we might otherwise wish to effect sales. If and when we do sell Purchase Shares to Ionic, after Ionic has acquired the
Purchase Shares, Ionic may resell all, some or none of those Purchase Shares at any time or from time to time in its discretion.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not have access to the full amount available under the Purchase Agreement with Ionic.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Purchase Agreement, from and after the Commencement Date,
the Company has the right, from time to time in its sole discretion and subject to certain conditions and limitations set forth in the
Purchase Agreement, to direct the Investor to purchase not less than $200,000 and not greater than $300,000 in Purchase Shares per regular
purchase notice. The Company may effect a regular purchase at the Regular Purchase Price equal to the applicable RPP Percentage (97%,
or 80% in the event of the occurrence of an uncured Event of Default) of the arithmetic average of the five (5) lowest volume weighted
average prices (&#8220;VWAP&#8221;) calculated for the period starting on the date that the Investor receives the shares under regular
purchase notice and ending on such date that the aggregate dollar volume of the Common Stock traded on the OTCQX Market equals five (5)
times said purchase amount, in the aggregate, subject to a five (5) Trading Day minimum, based on an estimate and true-up.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although the Purchase Agreement provides that we may sell up to $40,000,000 of our Common Stock to Ionic, depending
on the market prices of our Common Stock, we may not be able to nor desire to sell the <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">remaining
$37,000,000 commitment amount contemplated by the Purchase Agreement and such sales may require us to file additional registration statements
as only 20,000,000 Purchase Shares are registered hereunder. In addition, the issuance and sale of such additional Purchase Shares could
cause substantial dilution to our stockholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The extent to which we rely on Ionic as a source of funding through March 2024 will depend on a number of factors,
including the prevailing market price of our Common Stock and the extent to which we are able to secure working capital from other sources.
Even if we sell a significant amount of <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase Shares under
the Purchase Agreement to Ionic, we may still need additional capital to fully implement our business, operating and development plans.
Should the financing we require to sustain our working capital needs be unavailable or prohibitively expensive when we require it, the
consequences could be a material adverse effect on our business, operating results, financial condition and prospects.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ionic
will pay less than the then-prevailing market price for our Common Stock, which could cause the price of our Common Stock to decline.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purchase price of Common Stock sold to Ionic under the Purchase
Agreement is derived from the market price of our Common Stock on the OTCQX Market. The Purchase Shares to be sold to Ionic pursuant to
the Purchase Agreement will be purchased at a discounted price. The Company may effect a regular purchase at the Regular Purchase Price
equal to the applicable RPP Percentage (97%, or 80% in the event of the occurrence of an uncured Event of Default) of the arithmetic average
of the five (5) lowest VWAPs calculated for the starting on the date that the Investor receives the shares under regular purchase notice
and ending on such date that the aggregate dollar volume of the Common Stock traded on the OTCQX Market equals five (5) times said purchase
amount, in the aggregate, subject to a five (5) Trading Day minimum, based on an estimate and true-up. As a result of this pricing structure,
Ionic may sell the Purchase Shares it receives immediately after receipt of the Purchase Shares, which could cause the price of our Common
Stock to decrease. These sales may have a further impact on the price of our Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">RISKS
RELATED TO OUR COMMON STOCK</span></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
quarterly and annual operating results fluctuate and may continue to fluctuate in the future, and if we fail to meet the expectations
of analysts or investors, our stock price and the value of your investment could decline substantially</i></b><i>.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that operating results for any particular quarter are not necessarily a meaningful indication of future results. Nonetheless,
fluctuations in our quarterly operating results could negatively affect the market price of our common stock. Our results of operations
in any quarter or annual period have varied in the past, and may vary from quarter to quarter or year to year and are influenced by such
factors as:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the general
    global economy;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in customer budget
    cycles;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number and scope of
    ongoing customer engagements;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the mix of our
    products and services;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competitive pricing pressures;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the extent of cost overruns;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">buying patterns of our
    customers;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing of new product
    releases by us or our competitors;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic factors,
    including factors relating to disruptions in the world credit and equity markets and the related impact on our customers&#8217; access
    to capital;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our earnings releases,
    actual or anticipated changes in our earnings, fluctuations in our operating results or our failure to meet the expectations of financial
    market analysts and investors;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in financial estimates
    by us or by any securities analysts who might cover our stock;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">speculation about our business
    in the press or the investment community;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant developments
    relating to our relationships with our customers or suppliers;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">stock market price and
    volume fluctuations of other publicly traded companies and, in particular, those that are in our industry;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">customer demand for our
    business solutions;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investor perceptions of
    our industry in general and our Company in particular;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the operating and stock
    performance of comparable companies;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements by us or
    our competitors of new products, significant acquisitions, strategic partnerships or divestitures;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing and charges
    associated with completed acquisitions, divestitures, and other events;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in accounting standards,
    policies, guidance, interpretation or principles;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in tax laws, rules,
    regulations, and tax rates in the locations in which we operate;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exchange rate fluctuations;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss of external funding
    sources;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales of our common stock,
    including sales by our directors, officers or significant stockholders; and</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">addition or departure of
    key personnel.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
class action litigation is often instituted against companies following periods of volatility in their stock price. Should this type
of litigation be instituted against us, it could result in substantial costs to us and divert our management&#8217;s attention and resources.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 19; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
securities markets may from time to time experience significant price and volume fluctuations for reasons unrelated to the operating
performance of particular companies. These market fluctuations may adversely affect the price of our common stock and other interests
in our Company at a time when you may want to sell your interest in our common stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts issue an adverse opinion regarding our stock or do not publish research or reports about our company,
our stock price and trading volume could decline.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our common stock will depend in part on the research and reports that equity research analysts publish about us and
our business. We anticipate having limited analyst coverage and we may continue to have inadequate analyst coverage in the future. Even
if we obtain adequate analyst coverage, we would have no control over such analysts or the content and opinions in their reports. Securities
analysts may elect not to provide research coverage of our company and such lack of research coverage may adversely affect the market
price of our common stock. The price of our common stock could also decline if one or more equity research analysts downgrade our common
stock or if those analysts issue other unfavorable commentary or cease publishing reports about us or our business. If one or more equity
research analysts cease coverage of our company, we could lose visibility in the market, which in turn could cause our stock price to
decline.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Substantial
future sales of shares of our common stock could cause the market price of our common stock to decline.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price of shares of our common stock could decline as a result
of substantial sales of our common stock, particularly sales by our directors, executive officers and significant stockholders, a large
number of shares of our common stock becoming available for sale or the perception in the market that holders of a large number of shares
intend to sell their shares. As of July 12, 2022, we had&#160;33,401,334 shares&#160;of our common stock outstanding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
we may enter into agreements with certain holders of our common stock which could give such holders certain rights, subject to some conditions,
to require us to file registration statements covering their shares or to include their shares in registration statements that we may
file for ourselves or our stockholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-takeover
provisions in our charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders,
more difficult and may prevent attempts by our stockholders to replace or remove our current management and limit the market price of
our common stock.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
in our certificate of incorporation and bylaws, as may be amended from time to time, may have the effect of delaying or preventing a
change of control or changes in our management. Some of these provisions:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorize our board of
    directors to issue up to 250,000,000 shares of authorized common stock;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">specify that special meetings
    of our stockholders can be called only by the Chairman of our board of directors, President, or Vice President; and</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide that stockholders
    will not be allowed to vote cumulatively in the election of directors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we are subject to the provisions of Section&#160;203 of the Delaware General Corporation Law, which limits the ability of stockholders
owning in excess of 15% of our outstanding voting stock to merge or combine with us, unless such transaction satisfies certain conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
anti-takeover provisions and other provisions in our certificate of incorporation and bylaws, as may be amended from time to time, make
it more difficult for stockholders or potential acquirers to obtain control of our board of directors or initiate actions that are opposed
by the then-current board of directors and could also delay or impede a merger, tender offer or proxy contest involving our company.
These provisions could also discourage proxy contests and make it more difficult for you and other stockholders to elect directors of
your choosing or cause us to take other corporate actions you desire. Any delay or prevention of a change of control transaction or changes
in our board of directors could cause the market price of our common stock to decline.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 20; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
inability to raise additional capital on acceptable terms in the future may limit our ability to develop and commercialize new solutions
and technologies and expand our operations.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our available cash balances and anticipated cash flow from operations are insufficient to satisfy our liquidity requirements, due to
lower demand for our products as a result of other risks described in this &#8220;Risk Factors&#8221; section, we may seek to raise additional
capital through equity offerings, debt financings, collaborations or licensing arrangements. We may also consider raising additional
capital in the future to expand our business, pursue strategic investments, take advantage of financing opportunities, develop and exploit
existing and new products, expand into new markets, or other reasons.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
funding may not be available to us on acceptable terms, or at all. If we raise funds by issuing equity securities, dilution to our stockholders
could result. Any equity securities issued also may provide for rights, preferences or privileges senior to those of holders of our common
stock. The terms of debt securities issued or borrowings could impose significant restrictions on our operations. The incurrence of indebtedness
or the issuance of certain equity securities could result in increased fixed payment obligations and could also result in restrictive
covenants, such as limitations on our ability to incur additional debt or issue additional equity, limitations on our ability to acquire
or license intellectual property rights, and other operating restrictions that could adversely affect our ability to conduct our business.
In addition, the issuance of additional equity securities by us, or the possibility of such issuance, may cause the market price of our
common stock to decline. If we do not have, or are not able to obtain, sufficient funds, we may have to delay development or commercialization
of our products or license to third parties the rights to commercialize products or technologies that we would otherwise seek to commercialize.
If we raise additional funds through collaboration and licensing arrangements with third parties, it may be necessary to relinquish some
rights to our technologies or our products, or to grant licenses on terms that are not favorable to us. If we are unable to raise adequate
funds, we may have to liquidate some or all of our assets, or delay, reduce the scope of or eliminate some or all of our development
programs. We also may have to reduce marketing, customer support or other resources devoted to our products or cease operations. Any
of these actions could harm our business, operating results, and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not intend to pay cash dividends for the foreseeable future.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the foreseeable future, we intend to retain any earnings to finance the development and expansion of our business, and we do not anticipate
paying any cash dividends on our common stock. Accordingly, investors must be prepared to rely on sales of their common stock after price
appreciation to earn an investment return, which may never occur. Investors seeking cash dividends should not purchase our common stock.
Any determination to pay dividends in the future will be made at the discretion of our board of directors and will depend on our results
of operations, financial condition, contractual restrictions, restrictions imposed by applicable law and other factors our board deems
relevant.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">RISKS
RELATED TO OUR BUSINESS</span></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Negative Operating Cash Flow </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has negative cash
flow from operating activities. There is no assurance that sufficient revenues will be generated in the near future. To the extent that
the Company has negative operating cash flows in future periods, it may need to deploy a portion of its existing working capital to fund
such negative cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to risks associated with changing technologies in the mobile apps industry, which could place us at a competitive disadvantage.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
successful implementation of our business strategy requires us to continuously evolve our existing solutions and introduce new solutions
to meet customers&#8217; needs. We believe that our customers rigorously evaluate our solution and service offerings on the basis of
a number of factors, including, but not limited to:&#160;quality; price competitiveness; technical expertise and development capability;
innovation; reliability and timeliness of delivery; operational flexibility; customer service; and overall management.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends on our ability to continue to meet our customers&#8217; changing requirements and specifications with respect to these
and other criteria. There can be no assurance that we will be able to address technological advances or introduce new offerings that
may be necessary to remain competitive within the mobile apps industry.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Systems
failures could cause interruptions in our services or decreases in the responsiveness of our services which could harm our business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our systems fail to perform for any reason, we could experience disruptions in operations, slower response times, or decreased customer
satisfaction. Our ability to host mobile apps successfully and provide high quality customer service depends on the efficient and uninterrupted
operation of our hosting company&#8217;s computer and communications hardware and software systems. Although unlikely, our hosting company&#8217;s
systems are vulnerable to damage or interruption from human error, natural disasters, power loss, telecommunication failures, break-ins,
sabotage, computer viruses, intentional acts of vandalism, and similar events. Any systems failure that causes an interruption in our
services or decreases the responsiveness of our services could impair our reputation, damage our brand name, and materially adversely
affect our business, financial condition and results of operations and cash flows.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
our security is breached, our business could be disrupted, our operating results could be harmed, and customers could be deterred from
using our products and services.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business relies on the secure electronic transmission, storage, and hosting of sensitive information, including financial information,
and other sensitive information relating to our customers, company, and workforce. As a result, we face some risk of a deliberate or
unintentional incident involving unauthorized access to our computer systems (including, among other methods, cyber- attacks or social
engineering) that could result in misappropriation or loss of assets or sensitive information, data corruption, or other disruption of
business operations. In light of this risk, we have devoted significant resources to protecting and maintaining the confidentiality of
our information, including implementing security and privacy programs and controls, training our workforce, and implementing new technology.
We have no guarantee that these programs and controls will be adequate to prevent all possible security threats. We believe that any
compromise of our electronic systems, including the unauthorized access, use, or disclosure of sensitive information or a significant
disruption of our computing assets and networks, would adversely affect our reputation and our ability to fulfill contractual obligations,
and would require us to devote significant financial and other resources to mitigate such problems, and could increase our future cyber
security costs. Moreover, unauthorized access, use, or disclosure of such sensitive information could result in contractual or other
liability. In addition, any real or perceived compromise of our security or disclosure of sensitive information may result in lost revenues
by deterring customers from using or purchasing our products and services in the future or prompting them to use competing service providers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Delays
in the release of new or enhanced products or services or undetected errors in our products or services may result in increased cost
to us, delayed market acceptance of our products, and delayed or lost revenue.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
achieve market acceptance, new or enhanced products or services can require long development and testing periods, which may result in
delays in scheduled introduction. Any delays in the release schedule for new or enhanced products or services may delay market acceptance
of these products or services and may result in delays in new or existing customers from using these new or enhanced products or services
or the loss of new or existing customers. In addition, new or enhanced products or services may contain a number of undetected errors
or &#8220;bugs&#8221; when they are first released. Although we extensively test each new or enhanced product or service before it is
released to the market, there can be no assurance that significant errors will not be found in existing or future releases. As a result,
in the months following the introduction of certain releases, we may need to devote significant resources to correct these errors. There
can be no assurance, however, that all of these errors can be corrected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Defects
or errors in our applications could harm our reputation, result in significant cost to us and impair our ability to market our products
and services.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
applications may contain defects or errors, some of which may be material. Errors may result from our own technology or from the interface
of our cloud-based solutions with legacy systems and data, which we did not develop. The risk of errors is particularly significant when
a new product is first introduced or when new versions or enhancements of existing products are released. The likelihood of errors is
increased when we do more frequent releases of new products and enhancements of existing products. We have, from time to time, found
defects in our applications. Although these past defects have not resulted in any litigation against us to date, we have invested significant
capital, technical, managerial, and other resources to investigate and correct these past defects and we have needed to divert these
resources from other development efforts. In addition, material performance problems or defects in our applications may arise in the
future. Material defects in our cloud-based solutions could result in a reduction in sales, delay in market acceptance of our applications,
or credits or refunds to our customers. In addition, such defects may lead to the loss of existing customers and difficulty in attracting
new customers, diversion of development resources, or harm to our reputation. Correction of defects or errors could prove to be impossible
or impractical. The costs incurred in correcting any defects or errors or in responding to resulting claims or liability may be substantial
and could adversely affect our operating results.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are not able to reliably meet our data storage and management requirements, or if we experience any failure or interruption in the
delivery of our services over the Internet, customer satisfaction and our reputation could be harmed and customer contracts may be terminated.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our current business model, we deliver our applications over the Internet and store and manage hundreds of terabytes of data
for our customers, resulting in substantial information technology infrastructure and ongoing technological challenges, which we expect
to continue to increase over time. If we do not reliably meet these data storage and management requirements, or if we experience any
failure or interruption in the delivery of our services over the Internet, customer satisfaction and our reputation could be harmed,
leading to reduced revenues and increased expenses. Our hosting services are subject to service-level agreements and, in the event that
we fail to meet guaranteed service or performance levels, we could be subject to customer credits or termination of these customer contracts.
If the cost of meeting these data storage and management requirements increases, our results of operations could be harmed.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Upgrading
our products and services could result in implementation issues and business disruptions.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
update our products and services on a periodic basis. In doing so, we face the possibility that existing customers will find the updated
product and/or service unacceptable, or new customers may not be as interested as they have been in the past versions. Furthermore, translation
errors might introduce new software and/or technical bugs that will not be caught.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>New
entrants and the introduction of other platforms in our markets may harm our competitive position.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
markets for development, distribution, and sale of offering SMBs a platform to create mobile apps for their business are rapidly evolving.
New entrants seeking to gain market share by introducing new technology, new products, and new platforms may make it more difficult for
us to sell our products which could create increased pricing pressure, reduced profit margins, increased sales and marketing expenses,
or the loss of market share or expected market share, any of which may significantly harm our business, operating results and financial
condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
future success depends on our ability to develop and successfully introduce new and enhanced products that meet the needs of our customers.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sales depend on our ability to anticipate our existing and prospective customers&#8217; needs and develop products that address those
needs. Our future success will depend on our ability to design new products, anticipate technological improvements and enhancements,
and to develop products that are competitive in the rapidly changing mobile apps industry. Introduction of new products and product enhancements
will require coordination of our efforts with our customers to develop products that offer performance features desired by our customers
and performance and functionality superior or more cost effective than solutions offered by our competitors. If we fail to coordinate
these efforts, develop product enhancements or introduce new products that meet the needs of our customers as scheduled, our operating
results will be materially and adversely affected, and our business and prospects will be harmed. We cannot assure that product introductions
will meet our anticipated release schedules or that our products will be competitive in the market. Furthermore, given the rapidly changing
nature of the mobile apps market, there can be no assurance our products and technology will not be rendered obsolete by alternative
or competing technologies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
cost structure is partially fixed. If our revenues decline and we are unable to reduce our costs, our profitability will be adversely
affected.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost structure is partially fixed, and if our revenues decrease, these fixed costs will not be reduced. We base our cost structure on
historical and expected levels of demand for our services, as well as our fixed operating infrastructure, such as computer hardware,
software, and staffing levels. If demand for our services declines, and as a result, our revenues decline, we may not be able to adjust
our cost structure on a timely basis and our profitability may be materially adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>There can be no assurance that we will be successful
in maintaining our existing contractual relationships with our customers.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our customers have in the past,
and may in the future, negotiate agreements that are short-term and subject to renewal, non-exclusive and/or terminable at the option
of the customer on relatively short notice or no notice and without penalty. In the event that such contracts are terminated, the customer
is generally required to pay the Company costs associated with any work completed as of the date of the termination. While contract termination
is rare, there can be no assurance that long-term contractual relationships will not be terminated, which could adversely affect the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Attrition
of customers and failure to attract new customers could have a material adverse effect on our business, financial condition and results
of operations, and cash flows.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we offer mobile apps designed to support and retain our customers, our efforts to attract new customers or prevent attrition of our existing
customers may not be successful. If we are unable to retain our existing customers or acquire new customers in a cost-effective manner,
our business, financial condition and results of operations, and cash flows would likely be adversely affected. Although we have spent
significant resources on business development and related expenses and plan to continue to do so, these efforts may not be cost-effective
at attracting new customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to sustain or increase revenues will depend upon our success in entering new markets, continuing to increase our customer base,
and in deriving additional revenues from our existing customers.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
component of our overall business strategy is to derive more revenues from our existing customers by expanding their use of our products
and services. Such strategy would have our customers utilize our PaaS platforms and our tools and components to leverage vast amounts
of information stored in both corporate databases and public data sources in order to make informed business decisions during the research
and development process. In addition, we seek to expand into new markets, and new areas within our existing markets, by potentially acquiring
businesses in these markets, attracting and retaining personnel knowledgeable in these markets, identifying the needs of these markets,
and developing marketing programs to address these needs. If successfully implemented, these strategies could increase the usage of our
PaaS platforms from SMBs operating within our existing customer base, as well as by new customers in other industries. However, if our
strategies are not successfully implemented, our products and services may not achieve market acceptance or penetration in targeted new
departments within our existing customers or in new industries. As a result, we may incur additional costs and expend additional resources
without being able to sustain or increase revenue.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Some of our products and services utilize open
source software, and any failure to comply with the terms of one or more of these open source licenses could adversely affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Some of our products utilize software
covered by open source licenses. Open source software is typically freely accessible, usable and modifiable, and is used by our development
team in an effort to reduce development costs and speed up the development process. Certain open source software licenses require a user
who intends to distribute the open source software as a component of the user&#8217;s software to disclose publicly part or all of the
source code to the user&#8217;s software. In addition, certain open source software licenses require the user of such software to make
any derivative works of the open source code available to others on unfavorable terms or at no cost. This can subject previously proprietary
software to open source license terms. While we monitor the use of all open source software in our products, processes and technology,
in some areas of our business we do not have written policies and procedures for managing against the risks of potential copyright or
other intellectual property infringement claims made by third parties. Enforcement of such intellectual property rights may have an adverse
effect on our business, such as, for example, following inadvertent use of open source software that requires us to disclose or make available
the source code to related products.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
pandemic, epidemic or outbreak of an infectious disease in the United States or elsewhere may adversely affect our business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a pandemic, epidemic or outbreak of an infectious disease occurs in the United States or elsewhere, our business may be adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID-19
has spread worldwide and has resulted in government authorities implementing numerous measures to try to contain it, such as travel bans
and restrictions, quarantines, shelter-in-place orders and shutdowns. These measures have impacted, and may further impact, our workforce
and operations, the operations of our customers and our partners, and those of our respective vendors and suppliers. Our critical business
operations, including our headquarters, are located in regions which have been impacted by&#160;COVID-19. Our customers worldwide have
also been affected and may continue to be affected by&#160;COVID-19 related restrictions and closures.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
spread of&#160;COVID-19 has caused us to modify our business practices as the Company complies with state mandated requirements for safety
in the workplace to ensure the health, safety and well-being of our employees. These measures include personal protective equipment,
social distancing, cleanliness of the facilities and daily monitoring of the health of employees in our facilities, as well as modifying
our policies on employee travel and the cancellation of physical participation in meetings, events and conferences. We may take further
actions as required by government authorities or that we determine are in the best interests of our employees, customers, partners and
suppliers. However, we have not developed a specific and comprehensive contingency plan designed to address the challenges and risks
presented by the COVID-19 pandemic and, even if and when we do develop such a plan, there can be no assurance that such plan will be
effective in mitigating the potential adverse effects on our business, financial condition and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, while the extent and duration of the&#160;COVID-19 pandemic on the global economy and our business in particular is difficult
to assess or predict, the pandemic has resulted in, and may continue to result in, significant disruption of global financial markets,
which may reduce our ability to access capital or our customers&#8217; ability to pay us for past or future purchases, which could negatively
affect our liquidity. A recession or financial market correction resulting from the lack of containment and spread of&#160;COVID-19 could
impact overall technology spending, adversely affecting demand for our products, our business and the value of our common stock.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ultimate impact of the&#160;COVID-19 pandemic or a similar health epidemic is highly uncertain and subject to change. The extent of the
impact of the&#160;COVID-19 pandemic on our operational and financial performance, including our ability to execute our business strategies
and initiatives in the expected time frame, will depend on future developments, including, but not limited to, the duration and continued
spread of the pandemic, its severity, the actions to contain the disease or treat its impact, further related restrictions on travel,
and the duration, timing and severity of the impact on customer spending, including any recession resulting from the pandemic, all of
which are uncertain and cannot be predicted. An extended period of economic disruption as a result of the&#160;COVID-19 pandemic could
have a material negative impact on our business, results of operations, access to sources of liquidity and financial condition, though
the full extent and duration is uncertain.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are not successful in selecting and integrating the businesses and technologies we acquire, or in managing our current and future
divestitures, our business may suffer.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the years, we have expanded our business through acquisitions. We continue to search to acquire businesses and technologies and form
strategic alliances. However, businesses and technologies may not be available on terms and conditions we find acceptable. We risk spending
time and money investigating and negotiating with potential acquisition or alliance partners, but not completing transactions. Even if
completed, acquisitions and alliances involve numerous risks which may include: difficulties in achieving business and continuing financial
success; difficulties and expenses incurred in assimilating and integrating operations, services, products, technologies, or pre-existing
relationships with our customers, distributors, and suppliers; challenges with developing and operating new businesses, including those
which are materially different from our existing businesses and which may require the development or acquisition of new internal capabilities
and expertise; challenges of maintaining staffing at the acquired entities, including loss of key employees; potential losses resulting
from undiscovered liabilities of acquired companies that are not covered by the indemnification we may obtain from the seller(s); the
presence or absence of adequate internal controls and/or significant fraud in the financial systems of acquired companies; diversion
of management&#8217;s attention from other business concerns; acquisitions could be dilutive to earnings, or in the event of acquisitions
made through the issuance of our common stock to the shareholders of the acquired company, dilutive to the percentage of ownership of
our existing shareholders; new technologies and products may be developed which cause businesses or assets we acquire to become less
valuable; and risks that disagreements or disputes with prior owners of an acquired business, technology, service, or product may result
in litigation expenses and distribution of our management&#8217;s attention. In the event that an acquired business or technology or
an alliance does not meet our expectations, our results of operations may be adversely affected.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of the same risks exist when we decide to sell a business, site, product line, or division. In addition, divestitures could involve additional
risks, including the following: difficulties in the separation of operations, services, products, and personnel; and the need to agree
to retain or assume certain current or future liabilities in order to complete the divestiture. We evaluate the performance and strategic
fit of our businesses. These and any divestitures may result in significant write-offs, including those related to goodwill and other
intangible assets, which could have an adverse effect on our results of operations and financial condition. In addition, we may encounter
difficulty in finding buyers or alternative exit strategies at acceptable prices and terms and in a timely manner. We may not be successful
in managing these or any other significant risks that we encounter in divesting a business, site, product line, or division, and as a
result, we may not achieve some or all of the expected benefits of the divestitures.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to manage our growth and expand our operations successfully, our business and operating results will be harmed and our
reputation may be damaged.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have expanded our operations significantly since inception and anticipate that further significant expansion will be required to achieve
our business objectives. The growth and expansion of our business and product offerings places a continuous and significant strain on
our management, operational, and financial resources. Any such future growth would also add complexity to and require effective coordination
throughout our organization. To manage any future growth effectively, we must continue to improve and expand our information technology
and financial infrastructure, our operating and administrative systems and controls, and our ability to manage headcount, capital and
processes in an efficient manner. We may not be able to successfully implement improvements to these systems and processes in a timely
or efficient manner, which could result in additional operating inefficiencies and could cause our costs to increase more than planned.
If we do increase our operating expenses in anticipation of the growth of our business and this growth does not meet our expectations,
our operating results may be negatively impacted. If we are unable to manage future expansion, our ability to provide high quality products
and services could be harmed, which could damage our reputation and brand and may have a material adverse effect on our business, operating
results, and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to respond to customers&#8217; demands for new mobile app solutions and service offerings, and our business, financial
condition and results of operations, and cash flows may be materially adversely affected.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
customers may demand new mobile app solutions and service offerings. If we fail to identify these demands from customers or update our
offerings accordingly, new offerings provided by our competitors may render our existing solutions and services less competitive. Our
future success will depend, in part, on our ability to respond to customers&#8217; demands for new offerings on a timely and cost-effective
basis and to adapt to address the increasingly sophisticated requirements and varied needs of our customers and prospective customers.
We may not be successful in developing, introducing or marketing new offerings. In addition, our new offerings may not achieve market
acceptance. Any failure on our part to anticipate or respond adequately to customer requirements, or any significant delays in the development,
introduction or availability of new offerings or enhancements of our current offerings could have a material adverse effect on our business,
financial condition and results of operations and cash flows.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increasing
competition and increasing costs within our customers&#8217; industries may affect the demand for our products and services, which may
affect our results of operations and financial condition</i>.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
customers&#8217; demand for our products is impacted by continued demand for their products and by our customers&#8217; research and
development costs, budget costs, and capital expenditures. Demand for our customers&#8217; products could decline, and prices charged
by our customers for their products may decline, as a result of increasing competition that our customers face in their respective industries.
In addition, our customers&#8217; expenses could continue to increase as a result of increasing costs of complying with government regulations
and other factors. A decrease in demand for our customers&#8217; products, pricing pressures associated with the sales of these products,
and additional costs associated with product development could cause our customers to reduce their research and development costs, budget
costs, and capital expenditures. Although we believe our products can help our customers increase productivity, generate additional sales,
and reduce costs in many areas, because our products and services depend on such research and development, budget, and capital expenditures,
our revenues may be significantly reduced.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to pricing pressures in some of the markets we serve.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market for PaaS for the SMB industry is intensely competitive. In response to increased competition and general adverse economic conditions
in this market, we may be required to modify our pricing practices. Changes in our pricing model could adversely affect our revenue and
earnings.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to respond to the evolving industry practices and technology solutions, and our business, financial condition and results
of operations and cash flows may be materially adversely affected.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
remain competitive as a mobile app provider, we must continue to invest in research and development of new technology solutions in order
to keep up with the ever-evolving industry practices and enhancements to our existing solutions. The process of developing new technologies,
products and services is complex and expensive. The introduction of new solutions by our competitors, the market acceptance of competitive
solutions based on new or alternative technologies or the emergence of new industry practices could render our solutions less competitive.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
derive a significant percentage of our revenues from a concentrated group of customers and the loss of more than one of our major
customers could materially and adversely affect our business, results of operations or financial condition. With the
new business segment of DATALogiq, on a consolidated revenue basis, there is no significant customer concentration in FY2021. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No single customer represented significant concentration risk during fiscal
year 2021 and 2020. Three (3) customers accounted for 13.05%, 9.23% and 7.99% of net sales for fiscal year 2019. Three (3) customers accounted
for 16.43%, 6.15% and 5.38% of net sales for fiscal year 2018. Three (3) customers accounted for 14.78%, 7.18% and 5.34% of net sales
for fiscal year 2017. The loss of any of our major customers could have a material adverse effect on our results of operations and financial
condition. We may not be able to maintain our customer relationships, and our customers may delay payment under, or fail to renew, their
agreements with us, which could adversely affect our business, results of operations, or financial condition. Any reduction in the amount
of revenues that we derive from these customers, without an offsetting increase in new sales to other customers, could have a material
adverse effect on our operating results. A significant change in the liquidity or financial position of our customers could also have
a material adverse effect on the collectability of our accounts receivable, our liquidity, and our future operating results.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
insurance coverage may not be sufficient to avoid material impact on our financial position or results of operations resulting from claims
or liabilities against us, and we may not be able to obtain insurance coverage in the future.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain insurance coverage for protection against many risks of liability. The extent of our insurance coverage is under continuous
review and is modified as we deem it necessary. Despite this insurance, it is possible that claims or liabilities against us may have
a material adverse impact on our financial position or results of operations. In addition, we may not be able to obtain any insurance
coverage, or adequate insurance coverage, when our existing insurance coverage expires.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend on key personnel and may not be able to retain these employees or recruit additional qualified personnel, which could harm our
business.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends to a significant extent on the continued services of our senior management and other members of management. We have contractual
agreements with our CEO, CFO, and COO.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our CEO, CFO, COO, or other members of senior management do not continue in their present positions, our business may suffer. Because
of the nature of our business, we are highly dependent upon attracting and retaining qualified personnel. While we have a strong record
of employee retention, there is still significant competition for qualified personnel in our industry. Therefore, we may not be able
to attract and retain the qualified personnel necessary for the development of our business. The loss of the services of existing personnel,
as well as the failure to recruit additional key technical, UX, and managerial personnel in a timely manner, could harm our business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to risks associated with the operation of a global business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
derive a significant portion of our total revenue from our operations in international markets. During the years ended December 31, 2019,
2018, and 2017, 100%, of our total revenue was derived from our international operations. In 2021, 38% was derived from our international
operations. In 2020, 57% was derived from our international operations. Our global business may be affected by local economic conditions,
including inflation, recession, and currency exchange rate fluctuations. In addition, political and economic changes, including international
conflicts, including terrorist acts, throughout the world may interfere with our or our customers&#8217; activities in particular locations
and result in a material adverse effect on our business, financial condition, and operating results. Potential trade restrictions, exchange
controls, adverse tax consequences, and legal restrictions may affect the repatriation of funds into the U.S. Also, we could be subject
to unexpected changes in regulatory requirements, the difficulties of compliance with a wide variety of foreign laws and regulations,
potentially negative consequences from changes in or interpretations of U.S. and foreign tax laws, import and export licensing requirements,
and longer accounts receivable cycles in certain foreign countries. These risks, individually or in the aggregate, could have an adverse
effect on our results of operations and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Potential
changes in U.S. and international tax law.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
proposals to reform corporate tax law are constantly being considered. Proposals include both increasing and reducing the corporate statutory
tax rate, broadening the corporate tax base through the elimination or reduction of deductions, exclusions, and credits, implementing
a territorial regime of taxation, limiting the ability of U.S. corporations to deduct interest expense associated with offshore earnings,
modifying the foreign tax credit rules, and reducing the ability to defer U.S. tax on offshore earnings. These or other changes in the
U.S. tax laws could increase our effective tax rate, which would affect our profitability.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in government regulation or in practices relating to mobile apps and e-wallet industries could decrease the need for the products and
services we provide.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governmental
agencies throughout the world, including but not limited to the U.S., regulate mobile apps, e-wallets, and the products and services
we offer to our customers. Changes in regulations, such as a relaxation in regulatory requirements, or an increase in regulatory requirements
that we have difficulty satisfying or that make our products and services less competitive, could eliminate or substantially reduce the
demand for our products and services.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
negative commentaries made by any regulatory agencies or any failure by us to comply with applicable regulations and related guidance
could harm our reputation and operating results, and compliance with new regulations and guidance may result in additional costs.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
negative commentaries made by any regulatory agencies or any failure on our part to comply with applicable regulations could result in
the termination of customers using our products and services. This could harm our reputation, our prospects for generating future revenue,
and our operating results. If our operations are found to violate any applicable law or other governmental regulations, we might be subject
to civil and criminal penalties, damages, and fines. Any action against us for violation of these laws, even if we successfully defend
against it, could cause us to incur significant legal expenses, divert our management&#8217;s attention from the operation of our business,
and damage our reputation.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Current
and future litigation against us, which may arise in the ordinary course of our business, could be costly and time consuming to defend.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to claims that arise in the ordinary course of business, such as claims brought by our customers in connection with commercial
disputes and employment claims made by our current or former employees. Third parties may in the future assert intellectual property
rights to technologies that are important to our business and demand back royalties or demand that we license their technology. Litigation
may result in substantial costs and may divert management&#8217;s attention and resources, which may seriously harm our business, overall
financial condition, and operating results. Insurance may not cover such claims, may not be sufficient for one or more such claims, and
may not continue to be available on terms acceptable to us. A claim brought against us that is uninsured or underinsured could result
in unanticipated costs, negatively affecting our business, results of operations, and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
could incur substantial costs resulting from product liability claims relating to our products or services or our customers&#8217; use
of our products or services.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure or errors caused by our products or services could result in a claim for substantial damages against us by our customers, regardless
of our responsibility for the failure. Although we are generally entitled to indemnification under our customer contracts against claims
brought against us by third parties arising out of our customers&#8217; use of our products, we might find ourselves entangled in lawsuits
against us that, even if unsuccessful, may divert our resources and energy and adversely affect our business. Further, in the event we
seek indemnification from a customer, a court may not enforce our indemnification right if the customer challenges it or the customer
may not be able to fund any amounts for indemnification owed to us. In addition, our existing insurance coverage may not continue to
be available on reasonable terms or may not be available in amounts sufficient to cover one or more large claims, or the insurer may
disclaim coverage as to any future claim.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a public company, we may incur significant administrative workload and expenses in connection with new and changing compliance requirements</i></b>.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public company with common stock quoted on OTCQX Market, we must comply with various laws, regulations and requirements. New laws and
regulations, as well as changes to existing laws and regulations affecting public companies, including the provisions of the Sarbanes-Oxley
Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and rules adopted by the SEC, may result in increased
general and administrative expenses and a diversion of management&#8217;s time and attention as we respond to new requirements.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">RISKS
RELATED TO INTELLECTUAL PROPERTY</span></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to adequately enforce or defend our ownership and use of our intellectual property and other proprietary rights</i></b>.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part
of our success is dependent upon our intellectual property and other proprietary rights. We rely upon a combination of trademark, trade
secret, copyright, unpatented know-how, and unfair competition laws, as well as license and access agreements and other contractual provisions,
to protect our intellectual property and other proprietary rights. In addition, we attempt to protect our intellectual property and proprietary
information by requiring certain of our employees and consultants to enter into confidentiality, non-competition, and assignment-of-inventions
agreements. The steps we take to protect these rights may not be adequate to prevent misappropriation of our technology by third parties,
or may not be adequate under the laws of some foreign countries, which may not protect our intellectual property rights to the same extent
as do the laws of the United States. Our attempts to protect our intellectual property may be challenged by others or invalidated through
administrative process or litigation, and agreement terms that address non-competition are difficult to enforce in many jurisdictions
and may not be enforceable in any particular case. In addition, there remains the possibility that others will &#8220;reverse engineer&#8221;
our products in order to introduce competing products, or that others will develop competing technology independently. If we resort to
legal proceedings to enforce our intellectual property rights or to determine the validity and scope of the intellectual property or
other proprietary rights of others, the proceedings could be burdensome and expensive, even if we were to prevail. The failure to adequately
protect our intellectual property and other proprietary rights may have a material adverse effect on our business, results of operations
or financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Claims
by others that we infringe their intellectual property or trade secret rights could harm our business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
industry is characterized by vigorous protection and pursuit of intellectual property rights, which has resulted in protracted and expensive
litigation for many companies. Third parties may in the future assert claims of infringement of intellectual property rights against
us or against our customers or channel partners for which we may be liable. As the number of products and competitors in our market increases
and overlaps occur, infringement claims may increase.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual
property or trade secret claims against us, and any resulting lawsuits, may result in our incurring significant expenses and could subject
us to significant liability for damages and invalidate what we currently believe are our proprietary rights. Our involvement in any patent
dispute or other intellectual property dispute or action to protect trade secrets and know-how could have a material adverse effect on
our business. Adverse determinations in any litigation could subject us to significant liabilities to third parties, require us to seek
licenses from third parties and prevent us from developing and selling our products. Any of these situations could have a material adverse
effect on our business. These claims, regardless of their merits or outcome, would likely be time consuming and expensive to resolve
and could divert management&#8217;s time and attention.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Some
of our products and services utilize open source software, and any failure to comply with the terms of one or more of these open source
licenses could adversely affect our business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of our products utilize software covered by open source licenses.
Open source software is typically freely accessible, usable and modifiable, and is used by our development team in an effort to reduce
development costs and speed up the development process. Certain open source software licenses require a user who intends to distribute
the open source software as a component of the user&#8217;s software to disclose publicly part or all of the source code to the user&#8217;s
software. In addition, certain open source software licenses require the user of such software to make any derivative works of the open
source code available to others on unfavorable terms or at no cost. This can subject previously proprietary software to open source license
terms. While we monitor the use of all open source software in our products, processes and technology, in some areas of our business we
do not have written policies and procedures for managing against the risks of potential copyright or other intellectual property infringement
claims made by third parties. Enforcement of such intellectual property rights may have an adverse effect on our business, such as, for
example, following inadvertent use of open source software that requires us to disclose or make available the source code to related products.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">RISKS
RELATED TO OUR INTERNATIONAL OPERATIONS</span></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
international sales and operations subject us to additional risks that can adversely affect our operating results and financial condition.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
international operations subject us to a variety of risks and challenges, including: exposure to fluctuations in foreign currency exchange
rates, increased management, travel, infrastructure and legal compliance costs associated with having international operations; reliance
on channel partners; increased financial accounting and reporting burdens and complexities; compliance with foreign laws and regulations;
compliance with U.S. laws and regulations for foreign operations; and reduced protection for intellectual property rights in some countries
and practical difficulties of enforcing rights abroad. Any of these risks could adversely affect our international operations, reduce
our international sales or increase our operating costs, adversely affecting our business, operating results and financial condition
and growth prospects.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be exposed to liabilities under the Foreign Corrupt Practices Act, and any determination that we violated the Foreign Corrupt Practices
Act could have a material adverse effect on our business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the Foreign Corrupt Practice Act, or FCPA, and other laws that prohibit improper payments or offers of payments to foreign
governments and their officials and political parties by U.S. persons and issuers as defined by the statute for the purpose of obtaining
or retaining business. We have operations, agreements with third parties and make sales in Asia, which may experience corruption. Our
activities in Asia create the risk of unauthorized payments or offers of payments by one of the employees, consultants or agents of our
company, because these parties are not always subject to our control. It is our policy to implement safeguards to discourage these practices
by our employees. Also, our existing safeguards and any future improvements may prove to be less than effective, and the employees, consultants,
sales agents or distributors of our Company may engage in conduct for which we might be held responsible. Violations of the FCPA may
result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could negatively affect our business,
operating results and financial condition. In addition, the government may seek to hold our Company liable for successor liability FCPA
violations committed by companies in which we invest or that we acquire.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>The audit report
included in this prospectus is prepared by an auditor who has been identified by the PCAOB as not being able to be inspected by the PCAOB
and, as such, our investors may be deprived of the benefits of such inspection. In addition, the adoption of any rules, legislations or
other efforts to increase U.S. regulatory access to audit information could cause uncertainty, and if we are unable to meet the PCAOB
inspection requirement in time frame provided by the HFCAA, our securities may be restricted from trading on a U.S. securities exchange
or over-the-counter market.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">As
a public company with securities quoted on the OTCQX marketplace, we are required to have our financial statements audited by an independent
registered public accounting firm registered with the PCAOB. A requirement of being registered with the PCAOB is that if requested by
the SEC or PCAOB, such accounting firm is required to make its audits and related audit work papers available for regular inspections
to assess its compliance with the applicable professional standards. Because our auditor is located in Hong Kong, a jurisdiction where
the PCAOB has been unable to conduct inspections because of positions taken by the authorities in that jurisdiction, including an approval
requirement by such authorities, the PCAOB has indicated that it currently does not have free access to inspect the work of our auditor.
The lack of access to the PCAOB inspection in Hong Kong prevents the PCAOB from fully evaluating audits and quality control procedures
of our auditors based in Hong Kong. As a result, our investors may be deprived of the benefits of such PCAOB inspections. The inability
of the PCAOB to conduct inspections of our auditor in Hong Kong makes it more difficult to evaluate the effectiveness of its audit procedures
or quality control procedures as compared to auditors outside of Hong Kong and certain other foreign jurisdictions that are subject to
the PCAOB inspections.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">On
December 18, 2020, the HFCAA, was enacted. In essence, the HFCAA requires the SEC to restrict trading of securities on U.S. securities
exchanges or OTC markets if the company retains a foreign accounting firm that cannot be inspected by the PCAOB, of which the restrictions
shall occur for three consecutive years, unless otherwise terminated before the conclusion of such three year period, beginning in 2021.
Our independent registered public accounting firm is located in and organized under the laws of Hong Kong, a jurisdiction where the PCAOB
has indicated that it is currently unable to conduct inspections in without the approval of the necessary authorities.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">On
June 22, 2021, the U.S. Senate passed the AHFCAA, which as of December 14, 2021, the AHFCAA remains before the House of Representatives
for review.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">On
November 5, 2021, the SEC approved PCAOB Rule 6100, Board determination under the HFCAA, effective immediately. The rule establishes &#8220;a
framework for the PCAOB&#8217;s determinations under the HFCAA that the PCAOB is unable to inspect or investigate completely registered
public accounting firms located in a foreign jurisdiction because of a position taken by an authority in that jurisdiction.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">On
December 2, 2021, SEC announced the adoption of interim final rules implementing the submission and disclosure requirements in the HFCAA.
The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate (&#8220;Commission-Identified
Issuers&#8221;). The final amendments require Commission-Identified Issuers to submit documentation to the SEC establishing that, if true,
it is not owned or controlled by a governmental entity in the public accounting firm&#8217;s foreign jurisdiction. The amendments also
require that a Commission-Identified Issuer that is a &#8220;foreign issuer,&#8221; as defined in Exchange Act Rule 3b-4, provide certain
additional disclosures in its annual report for itself and any of its consolidated foreign operating entities. Further, the adopting release
provides notice regarding the procedures the SEC has established to identify issuers and to impose trading prohibitions on the securities
of certain Commission-Identified Issuers, as required by the HFCAA. A Commission-Identified Issuer will be required to comply with the
submission and disclosure requirements in the annual report for each year in which it was identified. If a registrant is identified as
a Commission-Identified Issuer based on its annual report for the fiscal year ended December 31, 2021, the registrant will be required
to comply with the submission or disclosure requirements in its annual report filing covering the fiscal year ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; "><span>On
December 16, 2021, the PCAOB issued a report on its determinations that the PCAOB is unable to inspect or investigate completely PCAOB-registered
public accounting firms headquartered in certain foreign jurisdictions, including those firms headquartered in Hong Kong, </span>because
of positions taken by the authorities in those foreign jurisdictions. The PCAOB made these determinations pursuant to PCAOB Rule 6100,
which provides a framework for how the PCAOB fulfills its responsibilities under the HFCAA. The report further listed in its Appendix
B, Registered Public Accounting Firms Subject to the Hong Kong Determination. The audit report included in this registration statement
for the year ended December 31, 2021, was issued by Centurion, an audit firm headquartered in Hong Kong, a jurisdiction that the PCAOB
has determined that the PCAOB is unable to conduct inspections or investigate auditors in. Our auditor, Centurion, is among those registered
public accounting firms listed by the PCAOB Hong Kong Determination, a determination announced by the PCAOB on December 16, 2021, which
the PCAOB is unable to inspect or investigate completely due to the fact it is headquartered in Hong Kong, a Special Administrative Region
of the PRC, and because of a position taken by one or more authorities in Hong Kong. As a result, our investors may be deprived of the
benefits of such PCAOB inspections. The inability of the PCAOB to conduct inspections of auditors in Hong Kong makes it more difficult
to evaluate the effectiveness of these accounting firms&#8217; audit procedures or quality control procedures as compared to auditors
outside of Hong Kong and certain other foreign jurisdictions that are subject to the PCAOB inspections.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The HFCAA requires, among other things, for the SEC to identify public
companies that that have retained a registered public accounting firm to issue an audit report where the firm has a branch or office that:
(i) is located in a foreign jurisdiction, and (ii) PCAOB has determined that it is unable to inspect or investigate completely because
of a position taken by an authority in the foreign jurisdiction. On April 12, 2022, the Company was provisionally identified by the SEC
as a Commission-Identified Issuer under the HFCAA, and given 15 business days (until May 3, 2022) to contact the SEC with evidentiary
proof claiming that we have been incorrectly identified under the HFCAA. Because the Company&#8217;s auditors are located in Hong Kong,
the Company did not have a claim that it was incorrectly identified under the HFCAA, and as a result, it has been placed on the conclusive
list. Due to the fact that we have been placed on the conclusive list, <span>our securities may be subject
to prohibitions on trading on a U.S. securities exchange or OTC </span>trading market in the U.S. if we do not engage a new auditor or
our auditor is not inspected by the PCAOB for three consecutive years (or two years if the AHFCAA is enacted), which would make it difficult
for you to sell your securities. Additionally, the Company will be required to provide certain information to the SEC establishing that
it is not owned or controlled by a governmental entity in Hong Kong on or before the filing deadline for the Company&#8217;s Annual Report
on Form 10-K for the year ended December 31, 2022. The Company has not yet submitted such information to the SEC, but intends to do so
prior to the deadline. There can be no assurances that the SEC will remove the Company from the list of issuers identified under the HFCAA,
either now or in the future.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
addition, the SEC may propose additional rules or guidance that could impact us if our auditor is not subject to PCAOB inspection. For
example, on August 6, 2020, the President&#8217;s Working Group on Financial Markets, or the PWG, issued the Report on Protecting United
States Investors from Significant Risks from Chinese Companies to the then President of the United States. This report recommended that
the SEC implement five recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to
fulfil its statutory mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCAA. However,
some of the recommendations were more stringent than the HFCAA.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The enactment of the HFCAA
and the implications of any additional rulemaking efforts to increase U.S. regulatory access to audit information in Hong Kong could cause
investor uncertainty for affected SEC registrants, including us, and the market price of our common stock could be materially adversely
affected. Additionally, whether the PCAOB will be able to conduct inspections of our auditor in the next three years (or two years if
the AHFCAA is enacted), or at all, is subject to substantial uncertainty and depends on a number of factors out of our control. If our
auditor is unable to meet the PCAOB inspection requirement in time or we do not engage a different auditor that complies with the relevant
PCAOB inspection requirements, our securities may be restricted from trading on the OTC markets. Such restriction would substantially
impair your ability to sell your securities when you wish to do so, and the risk and uncertainty associated with such restrictions on
trading would have a negative impact on the price of our securities.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The risks above do not
necessarily comprise of all those associated with an investment in our Company. This registration statement contains forward looking statements
that involve unknown risks, uncertainties and other factors that may cause our actual results, financial condition, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.
Factors that might cause such a difference include, but are not limited to, those set out above.</i></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus may contain certain &#8220;forward-looking&#8221; statements as such term is defined by the SEC in its rules, regulations
and releases, which represent the registrant&#8217;s expectations or beliefs, including but not limited to, statements concerning our
operations, economic performance, financial condition, growth and acquisition strategies, investments, and future operational plans.
For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements.
Without limiting the generality of the foregoing, words such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221;
&#8220;anticipate,&#8221; &#8220;intent,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;estimate,&#8221;
&#8220;might,&#8221; &#8220;plan,&#8221; &#8220;predict&#8221; or &#8220;continue&#8221; or the negative or other variations thereof
or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks
and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important
factors, including protection of our intellectual property, governmental regulation, the operations of our Company and our subsidiaries,
managing and maintaining growth, volatility of our stock price, and any other factors discussed in this and our other filings with the
SEC.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
risks and uncertainties and other factors include, but are not limited to those set forth under the section captioned&#160;<i>&#8220;Risk
Factors&#8221;</i>&#160;of this prospectus. Given these risks and uncertainties, readers are cautioned not to place undue reliance on
our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or to persons acting on
our behalf are expressly qualified in their entirety by these cautionary statements. Except as otherwise required by applicable law,
we undertake no obligation to publicly update or revise any forward-looking statements or the risk factors described in this prospectus
or in the documents we incorporate by reference, whether as a result of new information, future events, changed circumstances or any
other reason after the date of this prospectus.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus contains forward-looking statements, including statements regarding, among other things:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to raise capital,
    which in turn is related to the performance of our stock price and liquidity;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dependence on key personnel;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">industry competition;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continued
    growth of mobile app markets;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the operation
    of our business; and</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    economic conditions in the ASEAN, Asia-Pacific Region, and in the United States.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actual
events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including,
without limitation, the risks, uncertainties and other factors outlined in the section captioned &#8220;<i>Risk Factors</i>&#8221; of
this prospectus and matters described in this prospectus generally. In light of these risks and uncertainties, there can be no assurance
that the forward-looking statements contained in this prospectus will in fact occur. We caution you not to place undue reliance on these
forward-looking statements. In addition to the information expressly required to be included in this prospectus, we will provide such
further material information, if any, as may be necessary to make the required statements, in light of the circumstances under which
they are made, not misleading. All subsequent written and oral forward-looking statements attributable to our Company or to persons acting
on our behalf are expressly qualified in their entirety by these cautionary statements. Except as required by law, we do not intend to
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USE
OF PROCEEDS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not selling any securities under this prospectus and will not receive any of the proceeds from the sale of Common Stock by the Selling
Stockholder. Additionally, we will not receive any gross proceeds from the sale of Primary Settlement Shares to Ionic under the Purchase
Agreement as such shares serve as a &#8220;true-up&#8221; of Primary Shares previously sold to Ionic on March 31, 2022. However, we may
receive proceeds of up to $37,000,000 from the sale of Purchase Shares to Ionic under the Purchase Agreement, from time to time in our
discretion after the date hereof and the other conditions in the Purchase Agreement have been satisfied.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We currently intend to use the net proceeds received
from Ionic under the Purchase Agreement for working capital and general corporate purposes. We may also use a portion of the net proceeds
to invest in or acquire businesses or technologies that we believe are complementary to our own, although we have no current plans, commitments
or agreements with respect to any acquisitions as of the date of this prospectus, except as previously disclosed.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management will retain broad discretion over the use of proceeds, and we may ultimately use the proceeds for different purposes than
what we currently intend.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
OFFERING</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 30, 2022, the Company
entered into the Purchase Agreement with Ionic (also herein referred to as the &#8220;Investor&#8221;) whereby we have the right, but
not the obligation, to sell to Ionic, and Ionic is obligated to purchase up to in the aggregate $40,000,000 worth of Common Stock. Sales
of Common Stock by the Company, if any, will be subject to certain limitations, and may occur from time to time, at the Company&#8217;s
sole discretion, over the 24-month period commencing on March 31, 2022 (&#8220;Primary Commencement Date&#8221;). We have agreed to register
the shares of Common Stock which may be issued and sold to Ionic under the Purchase Agreement pursuant to a Registration Rights Agreement
(&#8220;RRA&#8221;) executed in connection with the Purchase Agreement.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also issued to Ionic a
Warrant to purchase 631,579 shares of Common Stock (1.5% of the total commitment amount) for no consideration as a commitment fee. The
Warrant may be exercised for cash but may also be exercised on a cashless exercise basis, which means we may not receive any proceeds
from such cashless exercise. We do not have the right to control the timing and amount of any Warrant exercises by Ionic under the Warrant,
except there is a 9.99% ownership limitation blocker in the Warrant. We may ultimately decide to exercise all, some or none of the Warrant.
Therefore, exercises by Ionic could result in substantial dilution to the interests of other holders of our common stock. Ionic will likely
not exercise for cash, but will rather exercise on a cashless exercise basis.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also agreed to register the shares which may
be issued upon exercise by Ionic of the Warrant, from time to time, pursuant to the RRA.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 31, 2022, we effected the initial purchase of $3,000,000 in
shares of Common Stock to Ionic under the Purchase Agreement at the Regular Purchase Price and issued Ionic 2,926,000 pre-settlement shares
(the &#8220;Primary Shares&#8221;), which reflects an estimate equal to the product of (A) the quotient of (y) the Purchase Amount (i.e.,
$3,000,000) divided by (z) the Pre-Settlement Regular Purchase Price, multiplied by (B) 125 (Ionic may increase at its discretion). The
&#8220;Pre-Settlement Regular Purchase Price&#8221; means 80% of the Closing Price on the date immediately preceding the Regular Purchase
Notice Date. The Regular Purchase Price for the Purchase Shares shall equal the applicable RPP Percentage (97%, or 80% in the event of
the occurrence of an uncured Event of Default) of the arithmetic average of the five (5) lowest VWAPs during the period starting on the
date that Ionic receives Pre-Settlement Regular Purchase Shares and ending on such date that the aggregate dollar volume of our common
stock traded on our Principal Market equals five (5) times the Purchase Amount, in the aggregate, subject to a five (5) Trading Day minimum
(provided, however, that each day on which Investor has requested Purchase Shares which cannot be delivered to Investor shall be excluded
from such calculation). This is a forward pricing mechanism based on an estimate and true up of additional shares and as of the date of
this prospectus, the Regular Purchase Price has yet to be calculated.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Purchase Agreement, if an Event of Default occurs between
the Regular Purchase Notice Date and any time through the Regular Purchase Settlement Date (in each case, as defined in the Purchase Agreement),
then (i) the RPP Percentage shall be automatically adjusted to 80% for so long as such Event of Default remains uncured and (ii) Ionic
shall be entitled to all the rights under the Purchase Agreement as if such Event of Default occurred immediately prior to such Regular
Purchase Notice Date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We failed to timely file this registration statement in accordance
with the terms of the Purchase Agreement and RRA. As a result, an Event of Default (as defined in the Purchase Agreement) occurred, and
the applicable RPP Percentage for the initial purchase only is now 80%, rather than 97%.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We previously registered the
issuance of the Primary Shares, and the resale of the shares issuable upon exercise of the Warrant were registered pursuant to the Company&#8217;s
shelf registration statement on Form S-3 (File No. 333-259851) (the &#8220;S-3 Registration Statement&#8221;), and the related base prospectus
included in the S-3 Registration Statement dated October 8, 2021, as supplemented by a prospectus supplement filed on March 31, 2022 (the
&#8220;Prospectus Supplement&#8221;).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering an aggregate
of 26,000,000 shares of our common stock for resale by Ionic, of which up to 20,000,000 may be issued and sold as Purchase Shares upon
purchase by Ionic of up to $37,000,000 remaining under the Purchase Agreement and 6,000,000 which may be issued as additional true up
shares under the Primary Commencement (referred to herein as the &#8220;Primary Settlement Shares&#8221;).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Actual sales of Primary Shares
to Ionic under the Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including,
among others, satisfaction of certain conditions including, without limitation, the effectiveness of this resale registration statement,
market conditions, the trading price of the Common Stock and determinations by the Company as to the appropriate sources of funding for
the Company and its operations. We expect that any net proceeds received by the Company from such sales to Ionic will be used for working
capital and general corporate purposes.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price of the Primary Shares purchased by the Investor under the Purchase Agreement will be derived from prevailing market prices
of the Company&#8217;s Common Stock immediately preceding the time of sale. The Company will control the timing and amount of future
sales, if any, of Purchase Shares to the Investor. The Investor has no right to require the Company to sell any Purchase Shares to the
Investor, but the Investor is obligated to make purchases as the Company directs, subject to certain conditions.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Purchase Agreement and the RRA each contain representations, warranties, covenants, closing conditions and indemnification and termination
provisions by, between and for the benefit of the parties which are customary of transactions of this nature. Additionally, sales to
the Investor under the Purchase Agreement may be limited, to the extent applicable, by OTCQX and SEC rules.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ionic
may not assign or transfer its rights and obligations under the Purchase Agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b>Purchase of Purchase Shares
under the Purchase Agreement</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Purchase Agreement, from and after the date upon which certain
conditions have been satisfied including, without limitation, the effectiveness of this registration statement (the &#8220;Secondary Commencement
Date&#8221;), the Company has the right, from time to time in its sole discretion and subject to certain conditions and limitations set
forth in the Purchase Agreement, to direct Ionic to purchase not less than $200,000 and not greater than $300,000 in Common Stock per
regular purchase notice as Purchase Shares. The Company may effect a regular purchase at the Regular Purchase Price equal to the applicable
RPP Percentage (97%%, or 80% in the event of the occurrence of an uncured Event of Default) of the arithmetic average of the five (5)
lowest VWAPs calculated for the period starting on the date that the Investor receives the shares under regular purchase notice and ending
on such date that the aggregate dollar volume of the Common Stock traded on the OTCQX Market equals five (5) times said purchase amount,
in the aggregate, subject to a five (5) Trading Day minimum, based on an estimate and true-up as described above.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may deliver a notice to the Investor for a regular purchase as often as every business day, so long as (i) on any such notice
date, the closing sale price of the Common Stock is not below the Floor Price (initially set at $0.25 per share, subject to customary
adjustments), (ii) shares for all prior regular purchases have theretofore been received by the Investor in accordance with the Purchase
Agreement, and (iii) no current Regular Purchase Measurement Period is running (unless the Company and the Investor mutually agree otherwise
in writing). Notwithstanding the foregoing, the Company shall not deliver a regular purchase to the Investor if an Event of Default has
occurred and is continuing, or if any event which, after notice and/or lapse of time, would become an Event of Default, has occurred
and is continuing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
all instances, the Company may not sell Common Stock to the Investor under the Purchase Agreement if it would result in the Investor
beneficially owning more than 9.99% of the outstanding Common Stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as summarized above, there are no trading volume requirements or restrictions under the Purchase Agreement, and we will control
the timing and amount of any sales of Common Stock to Ionic.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Primary
Shares</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the execution of the Purchase Agreement, the Company delivered an initial regular purchase notice for an amount equal
to $3,000,000 in shares of Common Stock which were purchased and sold in a primary offering registered under the previously filed Prospectus
Supplement as described above. Such amount has reduced the $40,000,000 in available amounts under the Purchase Agreement down to $37,000,000.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Primary Settlement Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is registering
up to 6,000,000 shares of Common Stock as Primary Settlement Shares as additional true up shares under the Primary Commencement. As described
above, the Primary Shares were sold with a forward pricing mechanism based on an estimate and true up of additional shares and as of the
date of this Registration Statement, the Regular Purchase Price has yet to be calculated. In the event that a true-up is required, the
Company will issue the Primary Settlement Shares to Ionic for no additional cash consideration.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitment
Warrant</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the execution of the Purchase Agreement, the Company issued to Ionic a Warrant to purchase a fixed number of shares of
Common Stock (the &#8220;Warrant Shares&#8221;) equal to the product of (x) the $40,000,000 in shares of Common Stock being committed
to purchase by Ionic and (y) 1.5% (i.e., 631,579 shares), as a commitment fee for no additional consideration. The Warrant Shares were
registered under the previously filed Prospectus Supplement as described above.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Termination Rights</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have the right in our sole
discretion, at any time, for any reason, to give notice to Ionic to terminate the Purchase Agreement. The Purchase Agreement shall also
terminate automatically (i) on the date the full $40,000,000 available hereunder is sold 24 months from March 31, 2022 has passed or (ii)
the Secondary Commencement shall not have occurred on or before December 31, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Events
of Default</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events
of default under the Purchase Agreement include the following:&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the effectiveness of the registration statement lapses for any reason (including, without limitation, the issuance of a stop order or similar order) or this prospectus is unavailable to the Investor for resale of any or all of the Common Stock issuable under the Purchase Agreement registered hereunder, and such lapse or unavailability continues for a period of ten (10) consecutive business days or for more than an aggregate of thirty (30) business days in any 365-day period;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the suspension of our Common Stock from trading on the OTCQX Market for a period of one (1) business day, provided that the Company may not direct the Investor to purchase any Common Stock during any such suspension;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the delisting of the Common Stock from the OTCQX Market, provided, however, that the Common Stock are not immediately thereafter trading on the OTC Markets, New York Stock Exchange, The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market, the NYSE American, or the NYSE Arca (or nationally recognized successor to any of the foregoing);</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the failure for any reason by Company or its transfer agent to deliver, as DWAC shares, (i) the pre-settlement purchase shares to the Investor within two (2) trading days after the regular purchase notice date, or (ii) the settlement regular purchase shares to the Investor within two (2) trading days after the Regular Purchase Measurement Period,</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company
    breaches any representation or warranty in any material respect, or breaches any covenant or other term or condition under any Transaction
    Document (as defined in the Purchase Agreement), and except in the case of a breach of a covenant which is reasonably curable, only
    if such breach continues for a period of at least three (3) consecutive business days;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if any person commences
    a proceeding against the Company pursuant to or within the meaning of any bankruptcy law for so long as such proceeding is not dismissed;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the Company is at any
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    entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a custodian of it or for all
    or substantially all of its property, (iv) makes a general assignment for the benefit of its creditors or (v) the Company is generally
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    a custodian of the Company for all or substantially all of its property, or (iii) orders the liquidation of the Company or any subsidiary
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 35; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As noted above, if an Event
of Default occurs between the Regular Purchase Notice Date and any time through the Regular Purchase Settlement Date (in each case, as
defined in the Purchase Agreement), then (i) the RPP Percentage shall be automatically adjusted to 80% for so long as such Event of Default
remains uncured and (ii) Ionic shall be entitled to all the rights under the Purchase Agreement as if such Event of Default occurred immediately
prior to such Regular Purchase Notice Date.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to any other rights and remedies under applicable law and the Purchase Agreement, so long as an Event of Default has occurred
and is continuing, or if any event which, after notice and/or lapse of time, would become an Event of Default, has occurred and is continuing,
the Company shall not deliver to the Investor any regular purchase notice.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No
Short-Selling or Hedging by Ionic</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Investor agrees that beginning on the date of the Purchase Agreement and ending on the date of termination of this Agreement, the Investor
and its agents, representatives and affiliates shall not in any manner whatsoever enter into or effect, directly or indirectly, any (i)
&#8220;short sale&#8221; (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock (excluding transactions
properly marked &#8220;short exempt&#8221;) or (ii) hedging transaction, which establishes a net short position with respect to the Common
Stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Prohibitions
on Variable Rate Transactions</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no restrictions
on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement or RRA
other than a prohibition on entering into a &#8220;Variable Rate Transaction&#8221; as defined in the Purchase Agreement, which restriction
will terminate on the earlier of (i) 24 months from March 31, 2022 or (ii) such time as the Company has purchased $10,000,000 in Common
Stock under the Purchase Agreement.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilutive
Effect of Performance of the Purchase Agreement on Our Stockholders</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All 26,000,000 shares of Common
Stock registered in this offering which may be issued or sold by us to Ionic under the Purchase Agreement and RRA are expected to be freely
tradable. It is anticipated that the Common Stock registered in this offering will be sold by us to Ionic over a period of up to 24 months
from March 31, 2022. The sale by Ionic of a significant amount of Common Stock registered in this offering at any given time could cause
the market price of our Common Stock to decline and to be highly volatile. Sales of Common Stock to Ionic, if any, will depend upon market
conditions and other factors to be determined by us. We may ultimately decide to sell to Ionic all, some or none of the up to 20,000,000
Purchase Shares that may be available for us to sell pursuant to the Purchase Agreement (i.e., up to $37,000,000 in shares of Common Stock).
Ionic may require us to sell the 6,000,000 Primary Settlement Shares as additional true up shares under the Primary Commencement. As described
above, the Primary Shares were sold with a forward pricing mechanism based on an estimate and true up of additional shares and as of the
date of this registration statement, the Regular Purchase Price has yet to be calculated. In the event that a true-up is required, the
Company will issue all or a portion of the Primary Settlement Shares to Ionic for no additional cash consideration.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Issuances of our Common Stock
in this offering will not affect the rights or privileges of our existing stockholders, except that the economic and voting interests
of each of our existing stockholders will be diluted as a result of any such issuance. Although the number of Common Stock that our existing
stockholders own will not decrease, the shares owned by our existing stockholders will represent a smaller percentage of our total outstanding
shares after any such issuance to Ionic. If and when we do sell Common Stock to Ionic, after Ionic has acquired those shares, Ionic may
resell all, some or none of such shares at any time or from time to time in its discretion. Therefore, issuances to Ionic by us under
the Purchase Agreement may result in substantial dilution to the interests of other holders of Common Stock. In addition, if we sell a
substantial number of Common Stock to Ionic under the Purchase Agreement, or if investors expect that we will do so, the actual sales
of Common Stock or the mere existence of our arrangement with Ionic may make it more difficult for us to sell equity or equity-related
securities in the future at a time and at a price that we might otherwise wish to effect such sales. However, we have the right to control
the timing and amount of any additional sales of Purchase Shares to Ionic and the Purchase Agreement may be terminated by us at any time
at our discretion (see subsection entitled Our Termination Rights above).&#160;As described above, we do not have discretion on the issuance
of the Primary Settlement Shares; depending on the applicable Regular Purchase Price, as determined in accordance with the Purchase Agreement,
we may be contractually required to issue all or a portion of the Primary Settlement Shares to Ionic for no additional cash consideration
as part of the terms of the Primary Commencement previously issued.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the amount of gross proceeds we would receive from Ionic from our sale of the 20,000,000 Purchase Shares to Ionic under the Purchase Agreement
registered hereunder at varying purchase prices:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Assumed Purchase<br/>
Price<br/>
Per Purchase&#160;Share (3)</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Number of Common<br/>
Stock to be Issued if<br/>
Full Purchase&#160;(1)</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Percentage of<br/>
Outstanding Common<br/>
Stock After Giving<br/>
Effect to the Issuance to<br/>
Ionic&#160;(2)</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Proceeds from the Sale<br/>
of Common Stock to<br/>
Ionic Under the<br/>
Purchase Agreement</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 23%; text-align: right"><span style="font-size: 10pt">0.10</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 22%; text-align: right"><span style="font-size: 10pt">20,000,000</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 22%; text-align: right"><span style="font-size: 10pt">59.8%</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 22%; text-align: right"><span style="font-size: 10pt">2,000,000</span></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">0.25</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">20,000,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">59.8%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">5,000,000</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">0.34</span></td>
    <td><span style="font-size: 10pt"><sup>(4)</sup></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">20,000,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">59.8%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">6,800,000</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">0.50</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">20,000,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">59.8%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">10,000,000</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">1.00</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">20,000,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">59.8%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">20,000,000</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">1.50</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">20,000,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">59.8%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">30,000,000</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">1.85</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">20,000,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">59.8%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">37,000,000</span></td>
    <td>&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">We are registering up to 26,000,000,000 in shares of Common Stock which may be issued and sold to Ionic in the future under the Purchase Agreement, of which (i) 6,000,000 are Primary Settlement Shares which may be issuable as required as a true up on the Primary Commencement for which we will receive no additional cash consideration and (ii) 20,000,000 are Purchase Shares which we have the discretion to issue and sell to Ionic as described in this section. As a result, we have included in this column only those shares of Common Stock that we are registering under this prospectus, without regard for the beneficial ownership cap of 9.99%.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The denominator is based on 33,401,334 shares outstanding as of July 12, 2022, adjusted to include the issuance of the number of Common Stock set forth in the adjacent column which we would have issued to Ionic based on the applicable assumed average purchase price per Purchase Share.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">For the avoidance of any doubt, this price would reflect the Regular Purchase Price after calculation (i.e., after discounts to the market price of our shares) in accordance with the terms of the Purchase Agreement.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The closing sale price of our Common Stock on the OTCQX Market on July 12, 2022.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SELLING
STOCKHOLDER</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This registration statement
relates to the possible resale by the Selling Stockholder of up to 26,000,000 Common Stock that may be issued to Ionic pursuant to the
Purchase Agreement, of which 6,000,000 are Primary Settlement Shares and 20,000,000 are Purchase Shares which may be issued and sold from
time to time pursuant to the Purchase Agreement. For additional information regarding this transaction, see &#8220;The Offering&#8221;
above. We are registering Common Stock in order to permit the Selling Stockholder to offer such shares for resale from time to time.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except for the ownership of
the shares offered hereby pursuant to the transactions summarized herein, the Selling Stockholder has not held a position or office or
had any material relationship with us or any of our predecessors or affiliates.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder may sell some, all, or none of their Common Stock being registered hereunder. We do not know how long the Selling
Stockholder will hold their Common Stock before selling them, and we currently have no agreements, arrangements or understandings with
the Selling Stockholder regarding the resale of any of the Common Stock being registered hereunder. The following table assumes that
all shares will be sold by the Selling Stockholder and no other shares will be held after the offering.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
information regarding the Selling Stockholder and the number of Common Stock that they may offer and sell from time to time under this
prospectus. The table is prepared based on information supplied to us by the Selling Stockholder and reflects their holdings as of July
12, 2022. Beneficial ownership is determined in accordance with Rule&#160;13d-3(d)&#160;promulgated by the SEC under the Exchange Act.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Selling Stockholder</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b>Common Stock<br/> Beneficially<br/> Owned<br/> Before this<br/> Offering&#160;<sup>(2)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b>Percentage&#160;of<br/> Outstanding<br/> Common Stock<br/> <br/> Beneficially<br/> Owned Before<br/> this&#160;Offering&#160;<sup>(3)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b>Common Stock&#160;to<br/> be&#160;Sold&#160;in&#160;this&#160;Offering<br/> Assuming&#160;the&#160;Company<br/> issues the Maximum<br/> Number of Common Stock<br/> Registered Hereunder&#160;<sup>(4)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage<br/> of<br/> Outstanding<br/> Common Stock<br/> Beneficially<br/> Owned<br/> After this<br/> Offering</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-size: 10pt">Ionic Ventures, LLC&#160;<sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">2,977,129</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">26,000,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">5.0</td><td style="white-space: nowrap; width: 1%; text-align: left">%<sup>(5)</sup></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;  border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Ionic Ventures, LLC (&#8220;Ionic&#8221;) is the record and beneficial owner of the securities set forth in the table. Brendan O&#8217;Neil and Keith Coulston are the managers of Ionic and in such capacity have joint voting and dispositive power over shares held by Ionic. Mr. O&#8217;Neil and Mr. Coulston each disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein. Ionic Ventures, LLC is not a licensed broker dealer or an affiliate of a licensed broker dealer. The address of Ionic Ventures, LLC is 3053 Fillmore Street, Ste. 256, San Francisco, CA 94123.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt"><sup>(2)</sup></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">We have excluded from the number of Common Stock beneficially owned prior to the offering: (i) all of the Common Stock that Ionic may be required to purchase under the Purchase Agreement, because the issuance and sale of such Common Stock to Ionic is solely at our discretion and is subject to satisfaction of the conditions set forth in the Purchase Agreement that are outside of Ionic&#8217;s control, including the registration statement of which this prospectus is a part being declared effective by the SEC, and (ii) an additional 631,579 shares of Common Stock issuable upon full exercise of the Warrants held by Ionic due to a 9.99% beneficial ownership limitation (the &#8220;Blocker&#8221;). Due to the Blocker, Ionic is prohibited from exercising the Warrants into shares of Common Stock if, as a result of such exercise, the holder, together with its affiliates and any persons acting as a group together with such holder or any of such affiliates, would beneficially own more than 9.99% of the total number of shares of Common Stock then issued and outstanding immediately after giving effect to the exercise. As a result of the Blocker, beneficial ownership of Ionic is capped at 9.99% of the outstanding Common Stock of the Registrant.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt"><sup>(3)</sup></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Based on 33,401,334 outstanding shares of Common Stock as of July 12,
    2022.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt"><sup>(4)</sup></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Includes 26,000,000 shares of Common Stock registered hereunder that may be issued to Ionic Ventures pursuant to the Purchase Agreement, of which 6,000,000 are Primary Settlement Shares and 20,000,000 are Purchase Shares.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt"><sup>(5)</sup></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Assumes all shares registered hereunder will be sold by the Selling Stockholder in this offering.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLAN
OF DISTRIBUTION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Common Stock listed in the table appearing under &#8220;Selling Stockholder&#8221; are being registered to permit the resale of Common
Stock by the Selling Stockholder from time to time after the date of this prospectus. There can be no assurance that the Selling Stockholder
will sell any or all of the Common Stock offered hereby. We will not receive any of the proceeds from the sale of the Common Stock by
the Selling Stockholder.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder may sell all or a portion of the Common Stock offered hereby from time to time directly to purchasers or through
one or more underwriters, broker-dealers or agents, at market prices prevailing at the time of sale, at prices related to such market
prices, at a fixed price or prices subject to change or at negotiated prices, by a variety of methods including the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on any national
    securities exchange or&#160;over-the-counter&#160;market on which the Common Stock may be listed or quoted at the time of sale;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary brokerage transactions
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    broker-dealer may attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate
    the transaction;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases by a broker-dealer,
    as principal, and a subsequent resale by the broker-dealer for its account;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in &#8220;at the market&#8221;
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an exchange distribution
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately negotiated transactions;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in transactions otherwise
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">through a combination of
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will pay the expenses incident to the registration and offering of the Common Stock offered hereby. We have agreed to indemnify the Selling
Stockholder and certain other persons against certain liabilities in connection with the offering of shares offered hereby, including
liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts required to be paid in respect
of such liabilities. Ionic has agreed to indemnify us against liabilities under the Securities Act that may arise from certain written
information furnished to us by Ionic specifically for use in this prospectus or, if such indemnity is unavailable, to contribute amounts
required to be paid in respect of such liabilities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ionic
has represented to us that at no time prior to the Purchase Agreement has Ionic or its agents, representatives or affiliates engaged
in or effected, in any manner whatsoever, directly or indirectly, any short sale (as such term is defined in Rule 200 of Regulation SHO
of the Exchange Act) of our Ionic or any hedging transaction, which establishes a net short position with respect to our Common Stock.
Ionic agreed that during the term of the Purchase Agreement, it, its agents, representatives or affiliates will not enter into or effect,
directly or indirectly, any of the foregoing transactions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have advised the Selling Stockholder that they are required to comply with Regulation M promulgated under the Exchange Act. With certain
exceptions, Regulation M precludes a selling shareholder, any affiliated purchasers, and any broker-dealer or other person who participates
in the distribution from bidding for or purchasing, or attempting to induce any person to bid for or purchase any security which is the
subject of the distribution until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order
to stabilize the price of a security in connection with the distribution of that security. All of the foregoing may affect the marketability
of the securities offered by this prospectus.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ionic
has informed us that it intends to use an unaffiliated broker-dealer to effectuate all sales, if any, of the common stock that it may
purchase from us pursuant to the Purchase Agreement. Such sales will be made at prices and at terms then prevailing or at prices related
to the then current market price. Each such unaffiliated broker-dealer will be an underwriter within the meaning of Section 2(a)(11)
of the Securities Act. Ionic has informed us that each such broker-dealer will receive commissions from Ionic that will not exceed customary
brokerage commissions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Stockholder may also sell Common Stock under Rule&#160;144 promulgated under the Securities Act of 1933, as amended, if available,
rather than under this prospectus.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
effecting sales, brokers-dealers engaged by the Selling Stockholder may arrange for other brokers-dealers to participate. If the Selling
Stockholder effect such transactions by selling Common Stock to or through underwriters, broker-dealers or agents, such underwriters,
broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the Selling Stockholder or
commissions from purchasers of Common Stock for whom they may act as agent or to whom they may sell as principal. Underwriters may sell
securities to or through dealers, and dealers may receive compensation in the form of discounts, concessions or commissions from the
underwriters and/or commissions from the purchasers for whom they may act as agent. The compensation paid to a particular broker-dealer
may be less than or in excess of customary commissions. Neither we nor Ionic can presently estimate the amount of compensation that any
agent will receive.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ionic
is an &#8220;underwriter&#8221; within the meaning of Section 2(a)(11) of the Securities Act. Any underwriters, brokers, dealers or agents
that participate in such distribution may be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act, and any
discounts, commissions or concessions received by any underwriters, brokers, dealers or agents might be deemed to be underwriting discounts
and commissions under the Securities Act. Any Selling Stockholder who is an &#8220;underwriter&#8221; within the meaning of the Securities
Act will be subject to the prospectus delivery requirements of the Securities Act and the provisions of the Exchange Act and the rules
thereunder relating to stock manipulation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to comply with the securities laws of some states, Common Stock sold in those jurisdictions may only be sold through registered
or licensed brokers or dealers. In addition, in some states, Common Stock may not be sold unless the Common Stock have been registered
or qualified for sale in that state or an exemption from registration or qualification is available and is complied with.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MARKET
PRICE OF AND DIVIDENDS ON OUR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
Information</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock, par value $0.0001 per share, is traded on the OTCQX under the symbol &#8220;LGIQ&#8221;. Our common stock is also traded
and quoted on the NEO Exchange in Canada under the symbol &#8220;LGIQ&#8221;.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
of securities on the OTCQX is often sporadic and investors may have difficulty buying and selling or obtaining market quotations. Any
OTCQX market quotations reflect inter-dealer quotations, without adjustment for retail mark-up, mark-down or commission and may not necessarily
represent actual transactions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Holders</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of July 12, 2022, there
were&#160;33,401,334 shares&#160;of our common stock outstanding held by approximately&#160;548 holders of record of our common stock.
This number was derived from our stockholder records and does not include beneficial holders of our common stock whose shares are held
in &#8220;street name&#8221; with various dealers, clearing agencies, banks, brokers and other fiduciaries.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
Authorized for Issuance Under Equity Compensation Plans</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8221;Executive Compensation
&#8211; Equity Compensation Plan Information&#8221; for information regarding securities authorized for issuance under equity compensation
plans.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer
Repurchases of Equity Securities</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, there were no repurchases of the Company&#8217;s common stock by the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIVIDEND
POLICY</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not paid any cash dividends to our stockholders. The declaration of any future cash dividends is at the discretion of our Board
and depends upon our earnings, if any, our capital requirements and financial position, and general economic conditions. It is our present
intention not to pay any cash dividends in the foreseeable future, but rather to reinvest earnings, if any, in our business operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>DILUTION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable. The shares registered under this registration statement are not being offered for purchase by the Company. The shares are
being registered on behalf of the Selling Stockholder (the Selling Stockholder identified in this prospectus).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>You
should read the following discussion and analysis of our financial condition and operating results together with our consolidated financial
statements and related notes included elsewhere in this prospectus. This discussion and analysis and other parts of this prospectus contain
forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions. Our
actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including
those set forth under &#8220;Risk Factors&#8221; or in other parts of this prospectus. The last day of our fiscal year is December 31.
Our fiscal quarters end on March 31, June 30, September 30 and December 31, and our current fiscal year ends on December 31, 2022. U.S.
Dollars are denoted herein by &#8220;USD,&#8221; &#8220;$&#8221; and &#8220;dollars&#8221;.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Terms</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise indicated
by the context and for the purposes of this report only, references in this report to the following:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Logiq, Inc. (Delaware)
    (formerly known as Weyland) the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our,&#8221; are to the business
    of Logiq, Inc. (Delaware), a Delaware corporation and AppLogiq;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DataLogiq and Logiq, Inc.
    (Nevada), a Nevada corporation, business segment;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">AppLogiq, a business segment of the Company, which is owned by GoLogiq, a majority owned subsidiary of the Company;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAY/GOLogiq or Weyland
    International Perkasa, an Indonesian associate of the Company;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;SEC&#8221; are to
    the Securities and Exchange Commission;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Securities Act&#8221;
    are to the Securities Act of 1933, as amended;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Exchange Act&#8221;
    are to the Securities Exchange Act of 1934, as amended;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;U.S. dollars,&#8221;
    &#8220;dollars&#8221; and &#8220;$&#8221; are to the legal currency of the United States.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company offers solutions that help small-to-medium-sized businesses (&#8220;SMBs&#8221;) to provide access to and reduce transaction
friction of e-commerce for their clients globally. The Company&#8217;s solutions are provided through (i) its &#8220;AppLogiq&#8221;
business segment (operated as CreateApp (https://www.createapp.com/), which allows SMBs to establish their point-of-presence on the web,
and (ii) its &#8220;DataLogiq&#8221; business segment, a digital marketing analytics business unit that offers proprietary data management,
audience targeting and other digital marketing services that improve an SMB&#8217;s discovery and branding within the vast e-commerce
landscape.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company enables SMBs to
create a mobile app for their business without the need of technical knowledge, high investment, or background in IT by utilizing AppLogiq&#8217;s
CreateApp platform that is offered as a Platform as a Service (&#8220;PaaS&#8221;) to the Company&#8217;s customers. The Company&#8217;s
DataLogiq business segment offers online marketing solutions on a performance marketing and self-serve, Software as a Service (&#8220;SaaS&#8221;)
basis.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide our PaaS and digital
marketing to SMBs in a wide variety of industry sectors. We believe that SMBs can increase their sales, reach more customers, and promote
their products and services using our affordable and cost-effective solutions. We recognize revenue on a pay to use subscription basis
when our customers use our PaaS platform to create mobile apps for their business and on our SaaS platform when provisioning services
for their marketing campaigns. We also recognize revenue on a cost per lead (&#8220;CPL&#8221;) basis and other metrics for engagements
undertaken on a performance marketing basis.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company continues to expand its portfolio of offerings and the industries they serve:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2018, the Company
    expanded its portfolio to fintech applications with the launch of its PayLogiq mobile payments platform in Indonesia.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the fall of 2019, the
    Company expanded its portfolio to short-distance food delivery service with the launch of GoLogiq, a PaaS platform that provides
    mobile payment capabilities for the local food delivery service industry in Indonesia.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2020, the Company
    completed the acquisition of substantially all of the assets of Push Holdings, Inc. This
    acquired business, which the Company has rebranded as its DataLogiq division, operates a consumer data management platform powered
    by lead generation, online marketing, and multichannel reengagement strategies through its owned and operated brands. DataLogiq has
    developed a proprietary data management platform and integrated with several third-party service providers to optimize the return
    on its marketing efforts. DataLogiq focuses on consumer engagement and enrichment to maximize its return on acquisition through repeat
    monetization of each consumer. DataLogiq also licenses its software technology and provides managed technology services to various
    other e-commerce companies. DataLogiq is located in Minneapolis, Minnesota, USA.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">On November 2, 2020, the Company completed the acquisition of Fixel AI Inc. (&#8220;Fixel&#8221;), thereby acquiring its self-serve MarTech Audience Targeting platform as a further expansion of its DataLogiq product suite.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 29, 2021, the
    Company completed the acquisition of Rebel AI, Inc., thereby acquiring its &#8220;The Rebel AI&#8221; advertising platform as a further
    expansion of its DataLogiq product suite.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 21, 2021, the Company
    completed the Canadian IPO offering of 1,976,434 units of its securities, consisting of shares common stock and warrants to purchase
    shares of common stock, on the NEO exchange in Canada.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 48px">&#160;</td>
    <td style="font-size: 10pt; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 31, 2022, the Company, Battle Bridge
    Acquisition Co, LLC, a company beneficially owned entirely by the Company (the &#8220;Buyer&#8221;), Section 2383 LLC, a Wyoming limited
    liability company (&#8220;Seller&#8221;), Travis Phipps, an individual (&#8220;Phipps&#8221;) and Robb Billy (&#8220;Billy&#8221; and,
    together with Phipps, the &#8220;Founders&#8221;) and Travis Phipps, as Representative, entered into an asset purchase agreement (the
    &#8220;Battle Bridge Purchase Agreement&#8221;) whereby the Buyer agreed to purchase from Seller and Seller agreed to sell to Buyer substantially
    all of the assets of Seller which represents the &#8220;Battle Bridge Labs&#8221; business (the &#8220;Battle Bridge Assets&#8221;) (collectively,
    the &#8220;Transaction&#8221;). The consummation of the Transaction (the &#8220;Closing&#8221;) occurred simultaneously with execution
    of the Battle Bridge Purchase Agreement on March 31, 2022.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As consideration for the Buyer&#8217;s acquisition
    of the Battle Bridge Assets, the Company agreed to pay $3,250,000 (the &#8220;Purchase Price&#8221;), which consisted of $250,000 in cash
    (the &#8220;Cash Consideration&#8221;) and the issuance of 2,912,621 shares of restricted common stock of the Company at $1.03 per share
    (the &#8220;Stock Consideration&#8221;) (representing $3,000,000 in Stock Consideration), which was the volume weighted average price
    (&#8220;VWAP&#8221;) of the Company&#8217;s Common Stock as reported by Bloomberg LP for the twenty (20) trading days immediately prior
    to Closing. $500,000 in Stock Consideration was retained by the Company at the Closing and held as partial security to satisfy indemnification
    claims for a period of 12 months following the Closing.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the recipients of the Stock Consideration
    agreed to sign lock-up and leak-out agreements which provide that, following a 6-month lock-period and ending 18 months after Closing,
    any sales of the Company&#8217;s Common Stock by such recipients do not exceed one percent (1%) of the then applicable thirty (30) day
    trading average volume of the Company&#8217;s Common Stock as of such date.</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Corporate Developments</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Amendment
to Equity Incentive Plan</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 21, 2021, in connection
with the Company being listed on the NEO Exchange in Canada and in order to comply with the corporate governance requirements of the NEO
Exchange, the Company amended and restated its 2020 Equity Incentive Plan (as amended and restated, the &#8220;First A&amp;R Plan&#8221;)
to provide that stock options issued under the plan (i) may not be transferred and (ii) may not have an exercise price less than the fair
market value (&#8220;FMV&#8221;) of such stock options as of the grant date. Pursuant to the A&amp;R Plan (as defined below), FMV shall
be determined as follows: (i) if the Company&#8217;s common stock is then listed or admitted to trading on a national stock exchange,
the FMV shall be either (x) the five-day volume weighted average trading price, calculated by dividing the total value by the total volume
of securities traded on a national stock exchange for the relevant period, or (y) the closing price of the Company&#8217;s common stock
on a national stock exchange on the previous trading day prior to the date of grant of the award; or (y) if the Company&#8217;s common
stock is not then listed or admitted to trading on a national stock exchange, the FMV shall be a price determined by the administrator
of the A&amp;R Plan in good faith using any reasonable method of valuation.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 22, 2021, the Company&#8217;s
board of directors unanimously approved the Company&#8217;s Second Amended and Restated 2020 Equity Incentive Plan (the &#8220;Second
A&amp;R Plan&#8221;), subject to stockholder approval. The Second A&amp;R Plan amends the Company&#8217;s Plan to (i) incorporate those
changes previously included in the First A&amp;R Plan and (ii) increase the number of shares of common stock authorized for issuance thereunder
from 2,000,000 shares to 5,000,000 shares. In addition, the Company amended and restated the form agreements for awards made pursuant
to the Company&#8217;s Second A&amp;R Plan to reflect the foregoing changes.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s Second
A&amp;R Plan and amended form award agreements were approved by the Company&#8217;s stockholders on January 25, 2022, and adopted by the
Company on the same day.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Amendments
to Bylaws &#8211; Adoption of Majority Voting Policy</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 21, 2021, the Company&#8217;s
Board of Directors (the &#8220;Board&#8221;), in connection with the Company being listed on the NEO Exchange in Canada and in order to
comply with the corporate governance requirements of the NEO Exchange, approved and adopted a Majority Voting Policy for the election
of directors (the &#8220;Policy&#8221;), which policy effectively alters the manner in which directors are elected under the Company&#8217;s
Bylaws, and was therefore, subject to shareholder approval.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 22, 2022, the Company&#8217;s
board of directors approved the adoption of its First Amended and Restated Bylaws (the &#8220;A&amp;R Bylaws&#8221;), subject to shareholder
approval. The A&amp;R Bylaws amend and restate the Company&#8217;s Bylaws in full and incorporate the Policy noted above, amongst other
changes. The Company&#8217;s stockholders approved the Company&#8217;s A&amp;R Bylaws at a special meeting of stockholders on January
25, 2022.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Policy incorporated into the A&amp;R Bylaws, in an uncontested election, any director nominee who receives a greater number of votes
&#8220;withheld&#8221; than votes &#8220;for&#8221; his or her election at a meeting of shareholders of the Company must promptly tender
his or her resignation to the chairman of the Board. Following receipt of such resignation, the Governance Committee of the Board (the
&#8220;Committee&#8221;) will consider the resignation and recommend to the Board whether to accept such tendered resignation. Except
in special circumstances, the Committee will be expected to accept and recommend acceptance of the resignation by the Board. A press
release disclosing the Board&#8217;s determination (and the reasons for rejecting the resignation, if applicable) will be issued within
90 days following the date of the relevant meeting of shareholders and a copy of the press release will be sent concurrently to the NEO
Exchange, provided that the Company&#8217;s common stock is then listed for trading on the NEO Exchange. The director&#8217;s resignation,
if accepted, will become effective immediately upon acceptance thereof by the Board.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
director who tenders his or her resignation pursuant to the Policy will not participate in the recommendation of the Committee or the
decision of the Board with respect to such resignation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to any restrictions imposed by applicable law, where the Board accepts a resignation in accordance with the Policy, the Board may (i)
leave the director vacancy unfilled until the next annual meeting of shareholders, (ii) fill the vacancy through the appointment of a
new director, or (iii) call a special meeting of shareholders at which a new candidate will be presented to fill the vacant position.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Policy applies only in circumstances involving an uncontested election of directors. For purposes of the Policy, an &#8220;uncontested
election&#8221; of directors of the Company means an election held at any meeting of shareholders called for, either alone or with other
matters, the election of directors, with respect to which the number of nominees for election is equal to the number of positions on
the Board to be filled through the election to be conducted at such meeting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">AppLogiq
Spin-Off</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 15, 2021, we entered
into various agreements with GoLogiq (then known as Lovarra), a Nevada corporation and public reporting subsidiary of the Company, pursuant
to which the Company agreed to transfer its AppLogiq business to GoLogiq, subject to customary conditions and approvals and completion
of requisite financial statement audits (the &#8220;Separation&#8221;). GoLogiq is a fully reporting U.S. public company, which, as of
December 15, 2021, was approximately 78.5% owned by the Company&#8217;s wholly owned subsidiary GoLogiq LLC. In connection with the Separation,
the Company intends to distribute, on a pro rata basis, 100% of the Company&#8217;s ownership interests in GoLogiq to the Company&#8217;s
shareholders of record as of December 30, 2021.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 27, 2022, we completed
the transfer of our AppLogiq business to GoLogiq. In connection with the completion of the transfer of AppLogiq to GoLogiq, GoLogiq issued
the 26,350,756 GoLogiq Shares to the Company. The Company will hold the GoLogiq Shares until it distributes 100% of the GoLogiq Shares
to the Company&#8217;s stockholders of record as of December 30, 2021 on a 1-for-1 basis (i.e. for every 1 share of Logiq held on December
30, 2021, the holder thereof will receive 1 share of GoLogiq), which the Company intends to complete in the near term, subject to customary
conditions and approvals.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
such time as the Distribution is complete, we will consolidate and report the financials of the AppLogiq business as a consolidated subsidiary
of Logiq.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Ionic Ventures Purchase Agreement</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 30, 2022, the Company,
entered into the Ionic Purchase Agreement with Ionic, whereby the Company has the right, but not the obligation, to sell to Ionic, and
Ionic is obligated to purchase up to in the aggregate $40,000,000 worth of the Company&#8217;s Common Stock, such shares, the Purchase
Shares. Sales of Common Stock by the Company under the Ionic Purchase Agreement will be subject to certain limitations, and may occur
from time to time, at the Company&#8217;s sole discretion, over the 24-month period commencing on March 30, 2020, the Primary Commencement
Date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the execution
of the Ionic Purchase Agreement, the Company registered 2,926,000 shares of Common Stock sold to Ionic in connection with the purchase
of $3,000,000 in shares of Common Stock, the Primary Shares, in connection with the initial purchase of Common Stock under the Ionic Purchase
Agreement, which reflects an estimated value equal to the product of (A) the quotient of (y) the purchase amount (i.e., $3,000,000) divided
by (z) the Pre-Settlement Regular Purchase Price, multiplied by (B) 125% (which Ionic may increase at its discretion).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Regular Purchase Price, which is the price at which future shares
of common stock sold under the Ionic Purchase Agreement will be sold at, for the Purchase Shares shall equal 97% (or 80% in the event
of the occurrence of an uncured Event of Default), of the arithmetic average of the five lowest VWAPs during the period starting on the
date that Ionic receives Pre-Settlement Regular Purchase Shares and ending on such date that the aggregate dollar volume of our common
stock traded on our Principal Market equals five times the Purchase Amount, in the aggregate, subject to a five Trading Day minimum (provided,
however, that each day on which Ionic has requested Purchase Shares which cannot be delivered to Ionic shall be excluded from such calculation).
This is a forward pricing mechanism based on an estimate and true up and as of the date of this filing, the Regular Purchase Price has
yet to be calculated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also in connection with the
execution of the Ionic Purchase Agreement, the Company issued a Warrant to purchase 631,579 shares of Common Stock (1.5% of the total
$40,000,000 commitment amount) to Ionic for no consideration as a commitment fee, and has agreed to register the shares issuable upon
exercise of the Warrant. The Warrant may be exercised for cash, but may also be exercised on a cashless exercise basis, which means the
Company may not receive any proceeds from such cashless exercise. Under the Warrant, the Company does not have the right to control the
timing and amount of any Warrant exercises by Ionic, except that there is a 9.99% ownership limitation blocker in the Warrant. Ionic may
ultimately decide to exercise all, some or none of the Warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is registering
up to $37,000,000 worth of Common Stock still issuable under the Ionic Purchase Agreement, as well as 6,000,000 additional Primary Shares
that may be issued after the date hereof to Ionic, or any Purchase Shares which may be issuable to Ionic as a &#8220;true up&#8221; pursuant
to the initial purchase described above pursuant to this registration statement. The Company and Ionic entered into the RRA, dated as
of March 30, 2022, for such purpose.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Battle Bridge Acquisition</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 31, 2022 the Company,
Battle Bridge Acquisition Co, LLC, a company beneficially owned entirely by the Company (the &#8220;Buyer&#8221;), Section 2383 LLC, a
Wyoming limited liability company (&#8220;Seller&#8221;), Travis Phipps, an individual (&#8220;Phipps&#8221;) and Robb Billy (&#8220;Billy&#8221;
and, together with Phipps, the &#8220;Founders&#8221;) and Travis Phipps, as Representative, entered into an asset purchase agreement
(the &#8220;Battle Bridge Purchase Agreement&#8221;) whereby the Buyer agreed to purchase from Seller and Seller agreed to sell to Buyer
substantially all of the assets of Seller which represents the &#8220;Battle Bridge Labs&#8221; business (the &#8220;Battle Bridge Assets&#8221;)
(collectively, the &#8220;Transaction&#8221;). The consummation of the Transaction (the &#8220;Closing&#8221;) occurred simultaneously
with execution of the Battle Bridge Purchase Agreement on March 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As consideration for the Buyer&#8217;s
acquisition of the Battle Bridge Assets, the Company agreed to pay $3,250,000 (the &#8220;Purchase Price&#8221;) which consisted of $250,000
in cash (the &#8220;Cash Consideration&#8221;) and the issuance of 2,912,621 shares of restricted common stock of the Company at $1.03
per share (the &#8220;Stock Consideration&#8221;) (representing $3,000,000 in Stock Consideration) which was the volume weighted average
price (VWAP) of the Company&#8217;s Common Stock as reported by Bloomberg LP for the twenty (20) trading days immediately prior to Closing.
$500,000 in Stock Consideration was retained by the Company at the Closing and held as partial security to satisfy indemnification claims
for a period of 12 months following the Closing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the recipients
of the Stock Consideration agreed to sign lock-up and leak-out agreements which provide that, following a 6-month lock-period and ending
18 months after Closing, any sales of the Company&#8217;s common stock by such recipients do not exceed one percent (1%) of the then applicable
thirty (30) day trading average volume of the Company&#8217;s common stock as of such date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COVID-19
Effect</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the unprecedented effect and related impact of Covid-19 pandemic, the Company has experienced a push back from the Company&#8217;s
resellers and white label distributors from April 2020, for its Platform as a Service pay-to-use subscription basis. The Company is expecting
an uncertain outlook in its service revenues, as its operations in South East Asia are currently being disrupted by the continuing impact
of Covid-19 pandemic. In particular, our PAY/GOLogiq associate revenues have been reduced as offices and compulsory lock down protocols
are being implemented, which are expected to be in force until the majority of the populous have been vaccinated through to the end of
calendar year 2022.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Components
of Results of Operations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
(Service)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s AppLogiq business segment&#8217;s PaaS, operated as CreateApp provides the infrastructure allowing users to develop their
own applications and IT services, which users can access anywhere via a smart mobile phone, web or desktop browser. The Company recognizes
revenue on a pay-to-use subscription basis when our customers use our platform. For the territories licensed to our distributors and
on a white label basis, we derive royalty income from the end user&#8217;s use of our platform on a white label basis.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company maintains the PaaS software platform at its own cost. Any enhancements and minor customization for our resellers/distributors
are not separately billed. Major new proprietary features are billed to the customer separately as development income while re-usable
features are added to the features available to all customers on subsequent releases of our platform.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s DataLogiq revenues are derived through the management of online advertising campaigns on behalf of customers, which include
per-impression, and cost per acquisition (&#8220;CPA&#8221;) arrangements as well as the delivery of qualified leads.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cost
of Revenue (Service)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenue primarily consists of fees from cloud-based hosting services and personnel costs. Personnel costs consist of wages, bonuses,
benefits, and stock-based compensation expenses. Allocated overhead costs consist of certain facilities and utility costs. We expect
cost of revenue to increase in absolute dollars, as product revenue increases.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s DataLogiq digital marketing analytics business segment cost of revenue is primarily generated by media cost to power
our assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Expenses</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating expenses consist of general and administrative, depreciation and amortization, and research and development expenses. Salaries
and personnel-related costs, benefits, and stock-based compensation expense, are the most significant components of each category of
operating expenses. Operating expenses also include allocated overhead costs for facilities and utility costs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
and Administrative </i>&#8211; General and administrative expense consists primarily of employee compensation and related expenses for
administrative functions including finance, legal, human resources and fees for third-party professional services, as well as allocated
overhead. We expect our general and administrative expense to increase in absolute dollars as we continue to invest in growing the business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Depreciation
and amortization </i>&#8211; Depreciation and amortization expense consists primarily of amortization of development costs and trademark
for our software platforms.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development </i>&#8211; Research and development expense consists primarily of employee compensation and related expenses, allocated
overhead, and developments to our website, e-commerce, and mobile app platforms. We expect our research and development expenses to increase
in absolute dollars as we continue to invest in new and existing products and services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Income (Expense), net</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
income consists of income received for activities outside of our core business. In 2021, this includes interest from US based financial
asset money market funds.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
(expense) consists of expense for activities outside of our core business. In 2021, DataLogiq incurred early withdrawal fees from an
escrow account relating to Conversion Point Technologies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provision
for Income Taxes</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
for income taxes consists of estimated income taxes due to the United States, foreign countries, and the respective taxing authorities
in jurisdictions in which we conduct business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Results of Operations for the Three Months ended March 31, 2022
and 2021</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following sets forth selected
items from our statements of operations and the percentages that such items bear to net sales for the three months ended March 31, 2022
and 2021. The consolidated results include Logiq Inc. (a Delaware Corporation), Logiq, Inc. (a Nevada Corporation), Fixel, and Rebel (collectively
also known as DataLogiq business segment), as well as GoLogic (fka Lovarra), a majority owned subsidiary of the Company, the results of
which include our AppLogiq business segment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Consolidated Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the three months ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Change</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 28%; text-align: left">Revenue (service)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,105,384</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">100.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,080,312</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">100.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,072</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">0.3</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Cost of revenues (service)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,900,723</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">72.8</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,854,056</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Logiq (Delaware) Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Change</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 47; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>GoLogiq including AppLogiq Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Logiq (Nevada) including DataLogiq results of operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Consolidated Revenue (Service)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consolidated revenues were
$8,105,384 and $8,080,312 for the three months ended March 31, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The revenues from our AppLogiq
segment increased to $3,309,017 compared to $2,441,128 for the three months ended March 31, 2022 and 2021, respectively, as a result of
our strategic shift of targeting high margin end customer segment compared to low margin high volume white label resellers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our DataLogiq platform revenues
decreased to $4,796,367 compared to $5,639,184 for the three months ended March 31, 2022 and 2021, respectively. The decrease in revenues
is primarily due to Medicare enrolment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Consolidated Cost of Revenue (Service)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consolidated Cost of revenues
were $5,900,723 and $5,854,056 for the three months ended March 31, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Cost of revenues of the
Company&#8217;s AppLogiq segment increased to $2,235,341 from $1,706,165 for the three months ended March 31, 2022 and 2021 respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our DataLogiq platform cost
of revenue was $3,665,382 compared to $4,147,891 for the three months ended March 31, 2022 and 2021 respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Consolidated Gross Profit</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consolidated Gross Profit
was $2,204,661 and $2,226,256 for the three months ended March 31, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated gross margin
decreased to 27.2% from 27.6% for the three months ended March 31, 2022 and 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our AppLogiq segment gross
margin was $1,073,676 compared to $734,165 for the three months ended March 31, 2022 and 2021 respectively. Our AppLogiq gross margin
increased to 32.4% from 30.1% as a result of our strategic shift of targeting high margin end customer segment compared to low margin
high volume white label resellers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our DataLogiq platform gross
margin was $1,130,985 and $1,491,293 for the three months ended March 31, 2022 and 2021, respectively. Our DataLogiq platform gross margin
decreased to 23.6% from 26.4% for the three months ended March 31, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Consolidated Operating Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">General and Administrative (G&amp;A)</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consolidated General and administrative
expenses were $3,600,997 and $4,144,365 for the three months ended March 31, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company including AppLogiq&#8217;s
(GoLogiq&#8217;s) General and administrative expenses were $1,337,516 and $nil for the three months ended March 31, 2022 and 2021, respectively.
AppLogiq&#8217;s general and administrative expenses $780,000 were reflects stock compensation costs including shares issued to consultants
and director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our DataLogiq platform General
and administrative expenses were $2,520,011 and $1,606,258 for the three months ended March 31, 2022 and 2021, respectively. The increase
was partly as a result of inclusion of Fixel AI and Rebel AI together with new hires in the branding and operations management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Stock-based compensation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stock-based compensation expenses
for the three months ended March 31, 2022 and 2021 was $616,191 and $1,525,904, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Sales and Marketing (S&amp;M)</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consolidated Sales and Marketing
expenses were $299,316 and $369,261 for the three months ended March 31, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Research and Development (R&amp;D)</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consolidated Research and
Development expenses were $1,257,084 and $1,103,137 for the three months ended March 31, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our AppLogiq segment (GoLogiq)
Research and Development (R&amp;D) expenses were $1,090,500 and $925,000 for the three months ended March 31, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Consolidated Other Income/(Expenses)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consolidated Other income
(expenses), net was $3,142 and ($1,897) for the three months ended March 31, 2022 and 2021 respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Consolidated Net (Loss) Before Income Tax</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company posted a net loss
before income tax ($3,980,524) and ($4,081,749) for the three months ended March 31, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company incorporating
our AppLogiq segment (GoLogiq) incurred a net loss of ($1,390,623) and $nil for the three months ended March 31, 2022 and 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our DataLogiq platform incurred a net loss of ($2,846,431)
and ($1,252,572) for the three months ended March 31, 2022 and 2021 respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Consolidated Income Tax (Expense)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No provision for corporate
taxes is made as the Company incurred a loss and has unutilized loss carryforwards. The tax paid during the fiscal year is for Delaware
franchise taxes for the current and prior years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Logiq (Delaware) Inc. Results of Operations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our AppLogiq segment was acquired
by GoLogiq Inc. (fka Lovarra) in January 2022. All revenue, cost had been transferred to the Company GoLogiq.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Logiq, Inc. (Nevada) including DataLogiq Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue (Service)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DataLogiq revenues were $4,796,367
for the three months ended March 31, 2021 compared to $5,639,184 for the same period in 2021, a decrease of $842,817 or 14.9%. The decrease
in revenues is primarily a result due to Medicare enrollment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost of Revenue (Service)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DataLogiq Cost of revenue
was $3,665,382 for the three months ended March 31, 2022 compared to $4,147,891 for the same period in 2021, a decrease of $482,509 or
11.6%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 50; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Gross Profit</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DataLogiq gross profit was
$1,130,985 for the three months ended March 31, 2022 compared to $1,491,293 for the same period in 2021, a decrease of $360,308 or 24.1%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Depreciation and amortization</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DataLogiq depreciation and
amortization expenses were $999,647 for the three months ended March 31, 2021 compared to $658,062 for the same period in 2021, an increase
of $341,585 or 51.9%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">General and administrative</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DataLogiq general and administrative
expenses were $2,520,011 for the three months ended March 31, 2022 compared to $1,606,258 for the same period in 2022, an increase of
$913,753 or 56.9%. The increase is due to increase in payroll related costs and employee headcount to help support the growth of the business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Sales and marketing</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DataLogiq sales and marketing
expenses include those expenses required to support our sales efforts and includes sales commissions and consultants. Sales and marketing
expenses were $294,316 for the three months ended March 31, 2022 compared to $299,511 for the same period in 2021, a decrease of $5,195
or 1.7%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Research and development</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">DataLogiq research and development expenses were
$166,584 for the three months ended March 31, 2022 compared to $178,137 for the same period in 2021, a decrease of $11,553 or 6.5%. Research
and development costs include developers that support and enhance our technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DataLogiq&#8217;s loss from
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Income/(Expenses)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the three months ended
March 31, 2022, DataLogiq other income was $3,142 compared to ($1,897) for the same period in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 51; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration:underline">Results
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following sets forth selected items from our statements of operations and the percentages that such items bear to net sales for the fiscal
years ended December 31, 2021, and December 31, 2020 (Because of rounding, numbers may not foot). The Consolidated results include Logiq,
Inc. (a Delaware Corporation) and its subsidiaries, Logiq, Inc (a Nevada Corporation), Fixel AI Inc. and Rebel Inc. (collectively, also
known as the DataLogiq segment). Logiq, Inc. (Delaware) results include our business segment APPLogiq.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Logiq
(Delaware) including AppLogiq results of operations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 28%; text-align: left">Revenue (service)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">64.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Logiq
(Nevada) including DataLogiq results of operations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">15.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">103.8</td><td style="text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 53; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidated
Revenue (Service)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
Service revenues were $37,346,859 and $37,910,393 for the twelve months ended December 31, 2021 and 2020, respectively. The decrease
is due to the revenues of Applogiq decreased $8,418,193 or 37.0% from FY2020 to FY2021 due to a loss of customers as a result of adverse
effects of the on-set of Covid-19 and from a strategic shift away from white label APP resellers and towards higher margin direct marketing
customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidated
Cost of Revenue (Service)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
Cost of service was $26,290,203 and $31,546,948 for the twelve months ended December 31, 2021 and 2020, respectively. FY2020 included
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidated
Gross Profit</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
Gross Profit was $11,056,656 and $6,363,445 for the twelve months ended December 31, 2021 and 2020, respectively. FY2020 included the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidated
Other Income/(Expenses)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
Other income was $474,510 and expenses $243,641 for the twelve months ended December 31, 2021 and 2020, respectively. The Consolidated
income represents interest and gain on change in fair value from a US based money market bond portfolio and expense from early withdrawal
fees from an escrow account in DATALogiq.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidated
Operating Expenses</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">General
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
General and administrative expenses were $18,166,721 and $10,994,815 for the twelve months ended December 31, 2021 and 2020, respectively.
The increase is partly due to the inclusion of the G&amp;A of DATALogiq business segment effective January 8, 2020 and Fixel AI effective
November 1, 2020, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
movements are explained in the review of operations by business segments of APPLogiq, DATALogiq and Fixel AI in the sections below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Sales
and Marketing (S&amp;M)</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
S&amp;M expense was $2,296,483 and $1,423,909 for the twelve months ended December 31, 2021 and 2020, respectively. The increase is mainly
due to the inclusion of the sales and marketing for DATALogiq of $1,766,899 or 433.8% from FY2020 to FY2021.&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Research
and Development (R&amp;D)</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
Research and Development expense were $7,400,732 and $6,244,704 for the twelve months ended December 31, 2021 and 2020, respectively.
The increase was due to an increase feature development for APPLogiq of $764,255 or 12.8% from FY2020 to FY2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidated
(Loss) from operations</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company posted a loss from operations of $(20,589,416) and $(14,266,028) for the twelve months ended December 31,2021 and 2020, respectively.
The increase is partly due to the inclusion of the loss from operations of DATALogiq business segment effective January 8, 2020 of $(4,235,305).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in the loss is due to increased staff costs, travel, consultancy, professional and development fee for mobile app and increase
in research &amp; development on our platform as further described below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidated
Net (loss)/profit before income tax</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company posted a net loss before income tax $(20,126,787) and $(14,509,669) for the twelve months ended December 31, 2021 and 2020, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in the loss is due to increase in research &amp; development costs, legal and professional costs, travelling cost, consultancy
fee, stock-based compensation and increase in research &amp; development on our platform as further described below.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidated
income tax (expense)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
provision for corporate taxes is made as the Company incurred a loss and has unutilized loss carryforwards. The tax paid during the fiscal
year is for Delaware franchise taxes for the current and prior years.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock-based
compensation</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based
compensation expenses for the twelve months ended December 31, 2021 and 2020 was $3,534,545 and $2,014,223, respectively.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidated
Net (loss) income</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company posted a consolidated net loss of $(20,126,787) for the twelve months ended December 31, 2021 as compared to a net loss of $(14,509,669)
for the year ended December 31, 2020. The increase is partly due to the inclusion of the net loss from DATALogiq business segment effective
January 8, 2020 of $(4,495,694).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Logiq,
Inc. including APPLogiq Results of Operations</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
(Service)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPLogiq
Service revenues were $14,340,379 and $22,758,572 for the twelve months ended December 31, 2021 and 2020, respectively. APPLogiq revenues
was down by 37.0% compared to 2020 due to a loss of customers as a result of adverse effects of the on-set of Covid-19 and from a strategic
shift away from white label APP resellers and towards higher margin direct marketing customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cost
of Revenue (Service)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPLogiq
Cost of service was down 48.7% to $9,787,285 and $19,094,090 for the twelve months ended December 31, 2021 and 2020, respectively in
line with the drop in revenues.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gross
Profit</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPLogiq
Gross Profit was $4,553,094 and $3,664,482 for the twelve months ended December 31, 2021 and 2020, respectively. Gross Profit % was 31.8%
and 16.1% for the twelve months ended December 31, 2021 and 2020, respectively as a result of the provision of complimentary services
during Covid-19 to retain customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Income/(Expenses)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPLogiq
Other expenses $76,937 and income $16,748 for the twelve months ended December 31, 2021 and 2020, respectively. The other income represents
interest and gain on change in fair value from a US based managed Financial asset money market bond portfolio.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">General
and Administrative (G&amp;A)</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPLogiq
G&amp;A expenses was $9,234,094 and $6,611,134 for the twelve months ended December 31, 2021 and 2020, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultancy
fees was $3,220,578 and $3,131,502 for the twelve months ended December 31, 2021 and 2020, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
&amp; professional fees was $1,605,122 and $958,571 for the twelve months ended December 31, 2021 and 2020, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Sales
and Marketing (S&amp;M)</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPLogiq
S&amp;M expense was $122,300 and $1,016,625 for the twelve months ended December 31, 2021 and 2020, respectively as a result of engaging
in market awareness campaigns.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Research
and Development (R&amp;D)</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPLogiq
Research and Development expense was $6,718,168 and $5,953,913 for the twelve months ended December 31, 2021 and 2020, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(Loss)
from operations</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPLogiq
and the Company posted a loss from operations of $(11,646,601) and $(10,030,723) for the twelve months ended December 31,2021 and 2020,
respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>DATALogiq
business segment Results of Operations</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
(Service)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq
revenues increased from $15.2 million for the year ended December 31, 2020 to $23.0 million for the same period in 2021. The $7.9 million
increase is due to the Logiq acquisition of Push in January 2020 and acquisition of Fixel in November 2020 and the revenues derived from
its business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cost
of Revenue (Service)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq
Cost of service increased from $12.5 million for the year ended December 31, 2020 to $16.5 million for the same period in 2021. The $4.1
million increase is due to the Logiq acquisition of Push in January 2020 and acquisition of Fixel in November 2020 and the cost of revenues
resulting from its business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gross
Profit</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq
gross profit was $6.5 million for the year ended December 31, 2021 compared to $2.7 for the same period in 2020, an increase of $3.8
million. This segment was new in 2020, as a result of the acquisition of Push and Fixel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq
gross profit margin&#160;was 28.3% for the year ended December 31, 2021 and compare to $17.8% for the year ended December 31, 2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
(Expenses)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq
other expenses was $551,447 for year ended December 31, 2021 and represents cost from early withdrawal fees of restricted cash.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">General
and Administrative (G&amp;A)</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq
general and administrative expenses were $8.9 million for the year ended to December 31, 2021 compared to $4.4 million for the same period
in 2020, an increase of $4.5 million. The increase is due to the Logiq acquisition of Push in January 2020 and acquisition of Fixel in
November 2020 and the hiring of additional employees in Q4 as we scaled up the business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Sales
and Marketing (S&amp;M)</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq
sales and marketing expenses include those expenses required to support our sales efforts and includes sales commissions and consultants.
Sales and marketing expenses for the years ended December 31, 2021 and 2020 were $2.2 million and $0.4, respectively. The increase in
sales and marketing costs of $1.8 million is due to the Logiq acquisition of Push in January 2020 and acquisition of Fixel in November
2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Research
and Development (R&amp;D)</span></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq
research and development expenses were $0.7 million for the year ended December 31, 20201 compared to $0.3 for the same period in 2020.
Research and development costs include developers that support and enhance our technologies. The increase in research and development
is due to the Logiq acquisition of Push in January 2020 and acquisition of Fixel in November 2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(Loss)
from operations</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATALogiq&#8217;s
loss from operations was $8.9 million for the year ended December 31, 2021 compared to $4.2 for the same period in 2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
March 31, 2022 and the year ended December 31, 2020, our primary sources of capital came from (i) cash flows from our operations, predominantly
from providing services under our APPLogiq platform and DataLogiq platform, (ii) existing cash, (iii) government loans, and (iii) proceeds
from third-party financings.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Canadian
Initial Public Offering (IPO)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 9, 2021, the Company entered into an Agency Agreement (the &#8220;Agency Agreement&#8221;) with Research Capital Corporation (the
&#8220;Agent&#8221;) relating to a Canadian initial public offering (the &#8220;Offering&#8221;) by the Company of a minimum of 1,666,667
units of securities (each, a &#8220;Unit&#8221;), and a maximum of 3,333,333 Units, at a price of C$3.00 per Unit (the &#8220;Offering
Price&#8221;), for minimum gross proceeds of C$5,000,000, and maximum gross proceeds of C$10,000,000. Each Unit consists of (i) one share
of common stock of the Company, par value $0.0001 per share (&#8220;Common Stock&#8221;, and the Common Stock included in a Unit being
a &#8220;Unit Share&#8221;), and (ii) one Common Stock purchase warrant (each, a &#8220;Warrant&#8221;), where each Warrant entitles
the holder thereof to acquire one share of Common Stock (each, a &#8220;Warrant Share&#8221;) at an exercise price of C$3.50 per Warrant
Share, subject to adjustment, at any time before the third anniversary (the &#8220;Warrant Expiry Date&#8221;) of June 17, 2021 (the
&#8220;Closing Date&#8221;). The Warrants will be governed by a warrant indenture (the &#8220;Warrant Indenture&#8221;) between the Company
and Odyssey Trust Company (the &#8220;Warrant Agent&#8221;). No Units will be issued, however, as the Units will be immediately separated
and purchasers will receive only shares of Common Stock and Warrants. Furthermore, the Company agreed to issue 83,333 units of securities
(the &#8220;Advisory Fee Units&#8221;) to the Agent as compensation for certain strategic advisory and support services rendered. This
number was determined by dividing C$250,000 by the Offering Price. Each Advisory Fee Unit is comprised of (i) one share of Common Stock,
and (ii) one warrant exercisable to purchase one share of Common Stock at an exercise price of C$3.50 for a period of 36 months from
the Closing Date<b>. </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 21, 2021, the Offering closed whereby the Company sold 1,976,434 Units for aggregate gross proceeds of C$5,929,302 before deducting
offering expenses. The Company also issued 83,333 units of securities (the &#8220;Advisory Fee Units&#8221;), and 158,115 non-transferrable
compensation options (the &#8220;Agent Options&#8221;) to the Agent as compensation for certain strategic advisory and support services
rendered to the Company in connection with the Offering. Each Advisory Fee Unit is comprised of (i) one share of Common Stock, and (ii)
one Warrant. Each Agent Option is exercisable for one Unit at an exercise price of C$3.00 per Unit. On June 21, 2021, the Company&#8217;s
common stock began trading on the NEO Exchange under the symbol &#8220;LGIQ&#8221;. The Company&#8217;s common stock continues to trade
in the United States on the OTCQX under the same symbol.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sources of liquidity and cash flows are used to fund ongoing operations, research and development projects for new products and technologies,
and provide ongoing support services for our customers. Over the next two fiscal years, we anticipate that we will use our liquidity
and cash flows from our operations to fund our growth, particularly to grow our data sales. In addition, as part of our business strategy,
we occasionally evaluate potential acquisitions of businesses, products and technologies, and minority equity investments. Accordingly,
a portion of our available cash may be used at any time for the acquisition of complementary products or businesses or minority equity
investments. Such potential transactions may require substantial capital resources, which may require us to seek additional debt or equity
financing. We cannot assure you that we will be able to successfully identify suitable acquisition or investment candidates, complete
acquisitions or investments, integrate acquired businesses into our current operations, or expand into new markets. Furthermore, we cannot
provide assurances that additional financing will be available to us in any required time frame and on commercially reasonable terms,
if at all.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration:underline">Ionic Ventures Purchase Agreement</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 30, 2022, the Company,
entered into the Purchase Agreement with Ionic, whereby the Company has the right, but not the obligation, to sell to Ionic, and Ionic
is obligated to purchase up to in the aggregate $40,000,000 worth of the Company&#8217;s Common Stock, such shares, the Purchase Shares.
Sales of Common Stock by the Company under the Purchase Agreement will be subject to certain limitations, and may occur from time to time,
at the Company&#8217;s sole discretion, over the 24-month period commencing on March 30, 2020, the Primary Commencement Date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the execution
of the Purchase Agreement, the Company registered 2,926,000 shares of common stock sold to Ionic in connection with the initial purchase
of $3,000,000 in shares of Common Stock, the Primary Shares, under the Ionic Purchase Agreement, which reflects an estimated value equal
to the product of (A) the quotient of (y) the purchase amount (i.e., $3,000,000) divided by (z) the Pre-Settlement Regular Purchase Price,
multiplied by (B) 125% (which Ionic may increase at its discretion).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Regular Purchase Price, which is the price at which future shares
of common stock sold under the Ionic Purchase Agreement will be sold at, for the Purchase Shares shall equal 97% (or 80% in the event
of the occurrence of an uncured Event of Default) of the arithmetic average of the five lowest VWAPs during the period starting on the
date that Ionic receives Pre-Settlement Regular Purchase Shares and ending on such date that the aggregate dollar volume of our common
stock traded on our Principal Market equals five times the Purchase Amount, in the aggregate, subject to a five Trading Day minimum (provided,
however, that each day on which Ionic has requested Purchase Shares which cannot be delivered to Ionic shall be excluded from such calculation).
This is a forward pricing mechanism based on an estimate and true up and as of the date of this filing, the Regular Purchase Price has
yet to be calculated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed above, the Company failed to timely file this registration
statement in accordance with the terms of the Purchase Agreement and RRA. As a result, an Event of Default occurred, and the applicable
RPP Percentage for the initial purchase only is now 80%, rather than 97%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also in connection with the
execution of the Purchase Agreement, the Company issued a Warrant to purchase 631,579 shares of Common Stock (1.5% of the total $40,000,000
commitment amount) to Ionic for no consideration as a commitment fee, and has agreed to register the shares issuable upon exercise of
the Warrant. The Warrant may be exercised for cash, but may also be exercised on a cashless exercise basis, which means the Company may
not receive any proceeds from such cashless exercise. Under the Warrant, the Company does not have the right to control the timing and
amount of any Warrant exercises by Ionic, except that there is a 9.99% ownership limitation blocker in the Warrant. Ionic may ultimately
decide to exercise all, some or none of the Warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company intends to register
the remaining up to $37,000,000 worth of common stock issuable under the Ionic Purchase Agreement, or any additional Primary Shares that
may be issued after the date hereof to Ionic, or any Purchase Shares which may be issuable to Ionic as a &#8220;true up&#8221; pursuant
to the initial purchase described above pursuant to a resale registration statement on Form S-1 to be filed subsequently with the SEC.
The Company and Ionic entered into the RRA, dated as of March 30, 2022, for such purpose.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is registering
up to $37,000,000 worth of Common Stock still issuable under the Ionic Purchase Agreement, as well as 6,000,000 additional Primary Shares
that may be issued after the date hereof to Ionic, or any Purchase Shares which may be issuable to Ionic as a &#8220;true up&#8221; pursuant
to the initial purchase described above pursuant to this registration statement. The Company and Ionic entered into the RRA, dated as
of March 30, 2022, for such purpose.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our sources of liquidity and cash flows are used to fund ongoing operations,
research and development projects for new products and technologies, and provide ongoing support services for our customers. Over the
next two years, we anticipate that we will use our liquidity and cash flows from our operations to fund our growth, particularly to grow
our data sales. In addition, as part of our business strategy, we occasionally evaluate potential acquisitions of businesses, products
and technologies, and minority equity investments. Accordingly, a portion of our available cash may be used at any time for the acquisition
of complementary products or businesses or minority equity investments. Such potential transactions may require substantial capital resources,
which may require us to seek additional debt or equity financing. We cannot assure you that we will be able to successfully identify suitable
acquisition or investment candidates, complete acquisitions or investments, integrate acquired businesses into our current operations,
or expand into new markets. Furthermore, we cannot provide assurances that additional financing will be available to us in any required
time frame and on commercially reasonable terms, if at all.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2022 and December
31, 2021, we had material commitments for capital expenditures. Our capex &amp; R&amp;D plans are dependent on the availability of working
capital and is able to be scaled back as required.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
know of no material trends in our capital trends aside from the funds to be raised in future offerings. We have focused our resources
behind a plan to grow our data sales, where we have a technology advantage and higher margins. If we are successful in implementing our
plan, we expect to return to a positive cash flow from operations. However, there is no assurance that we will be able to achieve this
objective.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We know of no trends or demands
reasonably likely to affect liquidity other than those discussed elsewhere in this registration statement and those listed as Risk Factors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
our cash flows for the three months ended March 31, 2022 and 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the three months<br/> March&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Cash flows:</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-bottom: 4pt">Net cash (used in) operating activities</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">(1,855,740</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">(1,999,989</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Net cash provided (used in) by investment activities</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,209,381</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(445,202</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Net cash (used in) provided by financing activities</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3,168,559</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,822,052</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our cash flows for the years ended December 31, 2021 and 2010:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended<br/> December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Cash flows:</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-bottom: 4pt">Net cash (used in) operating activities</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">(16,855,183</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">(11,974,597</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Net cash provided by (used in) investment activities</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(933,682</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3,803,967</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Net cash provided by financing activities</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">15,885,352</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,687,759</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Activities</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
March 31, 2022, (loss) from operations used ($1,855,740), compared to ($1,999,989) for the three months ended March 31, 2021. Our net
(loss) for the three months ended March 31, 2022 decreased to ($3,980,524) and ($4,081,749) respectively compared to the same period last
year. Depreciation and amortization increased to $1,030,930 and $689,346 respectively compared to the same period last year as a result
of acquisitions of Fixel and Rebel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, loss from operations used $(20,126,787), compared to $(14,509,669) for the year ended December 31,
2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investing
Activities</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
March 31, 2022, we used cash $7,209,381 for investing activities in our financial asset investment portfolio based and managed in the
US, compared to ($445,202) during the three months ended March 31, 2021. The investment is reduced as a result of the funding requirements
of the Company in three months ended March 31, 2022 compared to same period in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, we did use cash $933,682 for investing activities in the Company&#8217;s financial asset investment
portfolio based and managed in the US.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Activities</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
March 31, 2022, we generated ($3,168,559) from financing activities, compared to $1,822,052 for the three months ended March 31, 2021,
primarily from the proceeds from the sale of common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, we generated $15,885,352 from financing activities, compared to $8,687,759 of cash generated for the
year ended December 31, 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that based on current plans and assumptions, that our available cash and the cash we generate from our core operations will
generally be sufficient to satisfy our capital expenditures under our present operating expectations, without further financing, for
up to 12 months. We have sufficient working capital to fund the expansion of our operations and to provide working capital necessary
for our ongoing operations and obligations. However, we shall continue to evaluate our capital expenditure needs based upon factors including
our growth rate, the timing and extent of spending to support development efforts, the expansion of our sales and marketing, the timing
of new product introductions, and the continuing market acceptance of our products and services. If cash generated from operations is
insufficient to satisfy our capital requirements, we may open a revolving line of credit with a bank, or we may have to sell additional
equity or debt securities or obtain expanded credit facilities to fund our operating expenses, pay our obligations, diversify our geographical
reach, and grow our company. In the event such financing is needed in the future, there can be no assurance that such financing will
be available to us, or, if available, that it will be in amounts and on terms acceptable to us. If we cannot raise additional funds when
we need or want them, our operations and prospects could be negatively affected. However, if cash flows from operations become insufficient
to continue operations at the current level, and if no additional financing were obtained, then management would restructure the Company
in a way to preserve its business while maintaining expenses within operating cash flows.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Known
Trends or Uncertainties</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have seen some consolidation in the mobile applications industry during economic downturns. These consolidations have not had a negative
effect on our total sales; however, should consolidations and downsizing in the industry continue to occur, those events could adversely
impact our revenues and earnings going forward.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the need for improved productivity in the research and development activities directed toward developing new and enhanced
PaaS applications will continue to result in SMBs utilizing our products and services. New product developments could result in increased
revenues and earnings if they are accepted by our markets; however, there can be no assurances that new products will result in significant
improvements to revenues or earnings. For competitive reasons, we do not disclose all of our new product development activities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
potential for growth in new markets is uncertain. We will continue to explore these opportunities until such time as we either generate
sales or determine that resources would be more efficiently used elsewhere.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not been affected materially by inflation during the periods presented, and no material effect is expected in the near future.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual
Obligations and Commitments</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have no material contractual obligations as of December 31, 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Policies and Estimates</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our critical accounting policies
and estimates are included in Note 2 &#8211; &#8220;Summary of Significant Accounting Policies&#8221; of Notes to Consolidated Financial
Statements included in this prospectus.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recently
Issued or Newly Adopted Accounting Standards</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our recently issued or newly
adopted accounting standards are included in Note 2&#160;-&#160;&#8220;Summary of Significant Accounting Policies&#8221; of the Notes
to Consolidated Financial Statements included in this prospectus.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
Sheet Arrangements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2022 and December
31, 2021, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to
as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet
arrangements or other contractually narrow or limited purposes. As such, we are not materially exposed to any financing, liquidity, market,
or credit risk that could arise if we had engaged in such relationships.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have relationships or transactions with persons or entities that derive benefits from their non-independent relationship with
us or our related parties.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the names, ages, and positions of our executive officers and directors as of July 12, 2022. There are no arrangements, agreements or understandings
between non-management security holders and management under which non-management security holders may directly or indirectly participate
in or influence the management of our affairs. There are no arrangements or understandings between any director and any other person pursuant
to which any director or executive officer was or is to be selected as a director or executive officer, as applicable.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; width: 64%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Positions
    and Offices Held</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brent Suen</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, Chief Executive
    Officer, Principal Financial Officer and Director</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John MacNeil &#160; &#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer,
    Chief of Staff and Director</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lionel Choong</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer
    and Director</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eddie Foong</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, Product</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matthew Burlage</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joshua Jacobs</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ross O&#8217;Brian</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lea Hickman</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is a brief description of the background and business experience of each of our executive officers, directors, and key management
personnel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Brent
Suen, age 55, President, Chief Executive Officer, Principal Financial Officer and Director</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brent
Suen<b>&#160;</b>previously served as the Company&#8217;s Chief Executive Officer until September 1, 2020 and was re-appointed on January
7, 2022, and has been President of the Company since November 19, 2014, and a director of the Company since November 19, 2014. Mr. Suen&#160;has
27 years of experience in the investment banking industry. He began his career in merger arbitrage at Bear Stearns in 1988, at the age
of 20, as the firms&#8217; youngest hire. In 1993, he founded Axis Trading Corp., one of the first online platforms for stock trading
and subsequently sold it to a division of Softbank in 1996. In 1997, he co-founded Elevation Capital which invested in and advised Silicon
Valley based companies on IPO&#8217;s, mergers and acquisitions, strategic partnerships and fund raising. In 2003 Brent moved to Hong
Kong and China where he established Bay2Peak S.A. Bay2Peak has invested in and advised over fifty companies which include Internet, software,
renewable energy and life science companies. From 2006 to 2008 he also advised IRG TMT Asia Fund on private and public investments. In
2012 Brent served as advisor to McLarty Group and Citibank Venture Capital on a sale/leaseback program valued at $160 million leading
to the eventual sale of the company for $630 million. For the past six years, Brent led the start-up and management of Empirica S.A.,
a security/intelligence and frontier markets focused advisory firm operating in Asia, the Middle East, Africa and Central Asia.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Suen holds a BA degree in Marketing from the University of Arkansas at Little Rock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on Mr. Suen&#8217;s work experience and education, the Board believes that he is qualified to serve as executive chairman, director and
Principal Financial Officer.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lionel
Choong, age 60, Chief Financial Officer, Principal Accounting Officer</i></b>, <b><i>Director</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lionel
Choong has been Chief Financial Officer since July 17, 2015, and is a current member of our board. Since May 11, 2018, Mr. Choong is
the audit committee chairman and independent non-executive director of Moxian Inc (NASD: MOXC). Previously, Mr. Choong was the Vice Chairman,
audit committee chairman and an independent non-executive director of Emerson Radio Corp. (NYSE: MSN) from November 2013 to June 2017.
Mr. Choong was acting Chief Financial Officer of Global Regency Ltd., between April 2009 and June 2015 and remains as a consultant thereafter.
Mr. Choong is a director and consultant for Willsing Company Ltd., a position he has held since August 2004 and Board Advisor to Really
Sports Co., Ltd., a position he has held since June 2013. Mr.&#160;Choong has a wide range of experience in a variety of senior financial
positions with companies in China, Hong Kong SAR, and London, UK. His experience encompasses building businesses, restructuring insolvency,
corporate finance, and initial public offerings in a number of vertical markets, including branded apparel, consumer and lifestyle, consumer
products, pharmaceuticals, and logistics. From June 2008 to May 2011, Mr.&#160;Choong was acting Chief Financial Officer of Sinobiomed,
Inc. (predecessor company of Logiq, Inc.).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#160;Choong
is a fellow member and holds a corporate finance diploma from the Institute of Chartered Accountants in England and Wales. He is also
a CPA and practicing member of the Hong Kong Institute of Certified Public Accountants and a member of the Hong Kong Securities Institute.
Mr.&#160;Choong holds a Bachelor of Arts in Accountancy from London Guildhall University, UK, and a Master of Business Administration
from the Hong Kong University of Science and Technology and the Kellogg School of Management at Northwestern University in the US.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on Mr. Choong&#8217;s work experience, previous directorships, and education, the Board believes that he is qualified to serve as a director
and Chief Financial Officer with overall review of all financial matters of the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Eddie
Foong, age 48, Vice President, Product</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eddie
Foong served as our Chief Operating Officer and a director of the Company until September 1, 2020. Mr. Foong is now Vice President, Product.
Mr. Foong is the founder and creator of AppLogiq, and has over 17 years of experience in IT, sales and marketing and operations. He was
involved in a RFID technology company that developed and changed Singapore National Library Books borrowing system island wide. He previously
headed the sales and marketing department of Info. Technology within MNCs and government agencies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Foong graduated with a Class 1 Beng Honours Degree and IBM Award holder from University of Strathclyde, U.K.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on Mr. Foong&#8217;s work experience and education, the Board believes that he is well qualified to serve in his role as Vice President,
Product.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>John
MacNeil, age 60, Chief Operating Officer, Chief of Staff, Director</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
MacNeil has served as our Chief Operating Officer since January 7, 2022. Mr. MacNeil has more than 30 years of experience in the financial
services and technology industries. He has advised technology, financial technology and renewable energy companies on strategic relationships,
financial forecasting, investor relations and capital formation. He previously served as a portfolio manager for technology funds at
Schroders Investment Management. He holds a Bachelor of Electrical Engineering from University of Connecticut and MBA from Columbia Business
School.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Joshua
Jacobs, age 51, Independent Director</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Jacobs, a pioneer in the programmatic media-buying industry, has led innovative technology companies on a global scale. Mr. Jacobs recently
served as a director of Maven, Inc. (OTC:MVEN), a media platform for digital publishers. Built through acquisitions, Mr. Jacobs co-led
the fundraising, acquisition and integration of 4 media companies (including Sports Illustrated and Jim Cramer&#8217;s TheStreet.com)
over a 3 year period of time. Under his leadership, Maven grew from a pre-product/pre-revenue startup, to a market leading platform serving
over 110 million readers monthly.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to Maven, Mr. Jacobs was the Global CEO of Accuen, an Omnicom agency, and a president of Omnicom Media Group. Mr. Jacobs grew Accuen
from a single office in Chicago, to a global powerhouse with employees in over 65 countries.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Jacobs has held senior global executive roles in market leading technology companies including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President of Services at
    Kik Interactive where Mr. Jacobs lead the team creating a developer and partner ecosystem, powered by one of the world&#8217;s leading
    chat and messaging platforms.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVP of Advertising Products
    and Global Marketing at Glam Media (Mode Media) where Mr. Jacobs oversaw all aspects of brand advertising, applications and ad partners
    as well as the Glam Publisher Network of 1,400 sites. He was also responsible for Glam Media&#8217;s global marketing, including
    brand and agency marketing, corporate communications and research.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VP and General Manager
    of Marketing Technology at Yahoo! where he was responsible for driving Yahoo!&#8217;s advertising technology and publisher network
    display partnership strategy as well as driving the business operations supporting the company&#8217;s advertising platform business,
    as General Manager of the RightMedia Exchange.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Jacobs has also led multiple early stage companies through the creation of their initial products, fundraising, and scaling of operations
including roles as President of X1, an Idealab company and Co-founder of small business publishing platform Bigstep.com. Mr. Jacobs continues
to support the startup ecosystem as a board member, investor and advisor to numerous technology and media startups. In addition to Logiq,
Mr. Jacobs sits on the board of Resonant (NASD:RESN).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Matthew
Burlage, age 58, Independent Director</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matthew
Burlage is an independent, non-executive director of the Company. Mr. Burlage has spent the last three decades involved in financing
and advising Asia&#8217;s leading corporations, government enterprises and financial institutions and has been involved in some of the
most ground-breaking transactions in Asia, particularly in the telecom, media, technology and internet (TMTI) sectors. Recently, Mr.
Burlage has focused on developing ESG compliant relationships and clients in the energy renewables, food/agriculture technology and financial
technology sectors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2000, Mr. Burlage co-founded IRG, a boutique financial advisory and investment firm focused on the core growth sectors in Asia. He advises
Asian and global corporates, private equity funds, hedge funds and sovereign wealth funds on a range of transactions including mergers,
acquisitions, corporate restructurings, and debt capital and equity capital financings. He is also responsible for the firm&#8217;s investment
strategy and management of its proprietary capital. Before co-founding IRG, Mr. Burlage was a Managing Director and Head of Industry
Groups at Lehman Brothers in Hong Kong where he created the first and largest dedicated TMT industry group at an investment bank in Asia
in the early 1990s.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Burlage holds an MBA from Harvard Business School and a Bachelor of Arts from Yale University. Mr. Burlage also attended the Japanese
Language Institute of Sophia University.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on Mr. Burlage&#8217;s work experience and education, the Board believes that he is qualified to serve as an independent director of
the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ross
O&#8217;Brien, age 54, Independent Director</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ross
O&#8217;Brien is an independent, non-executive director of the Company. Mr. O&#8217;Brien is a telecommunications analyst and market
entry consultant who focuses on Asia&#8217;s digital economies. He has been based in Hong Kong for over two decades, and has also
lived and worked in Indonesia, Singapore, China, Vietnam, and Bangladesh. Mr. O&#8217;Brien runs the technology practice of
B2B consultancy Intercedent Asia, where he focuses on market entry strategies for telecoms and IT companies, in managed services and
wireless solutions. Mr. O&#8217;Brien &#160;is also a Senior Contributing Editor at the MIT Technology Review&#8217;s Insight
program. Previously, Mr. O&#8217;Brien been an analyst and consultant with Pyramid Research, Ovum (now Omdia) and Strategic
Intelligence, and a consultant at AT&amp;T Solutions. For many years, he ran the Hong Kong program of the Economist
Newspaper&#8217;s senior executive advisory program, the Economist Corporate Network.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
O&#8217;Brien holds an AB from Dartmouth College (Hanover, NH), and an MBA from the Haas School of Business (University of California
at Berkeley). He is conversant and literate in Mandarin and Indonesian.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on Mr. O&#8217;Brien&#8217;s work experience and education, the Board believes that he is well qualified to serve as an independent director
of the Company.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lea
Hickman, age 54</i></b>, <b><i>Independent Director</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
over 30 years, Lea has been leading product teams to deliver world class products used by millions of people. Starting her career at
IBM where she was building applications for Fortune 500 companies, she went on to lead product teams at Netscape, Macromedia, Adobe and
InVision.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Her
work in technology evangelism, partnerships, product marketing and product management give her insights on how product can drive the
entire business. At Macromedia she worked directly for the President of Products and the CTO on the New Business Opportunity team responsible
for new products and businesses that leveraged the Flash Player. At Adobe, Lea led Product Management for all of the Design, Web and
Interactive tools including Dreamweaver, Flash, Indesign and Illustrator. Lea was responsible for the product vision and strategy of
the Creative Cloud, working with hundreds of colleagues across Adobe to transform Adobe from boxed software to one of the most successful
SaaS services in the industry. After her work on the Creative Cloud, Lea went on to manage the consumer business at Adobe where she had
responsibility for all marketing, product and engineering.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
Adobe, Lea lead product at InVision, a startup focused on design collaboration where she built and designed best practices for the product
team. In 2017 she joined Silicon Valley Product Group as a Partner where she helps product organizations build products that customers
love.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lea
has deep passion for product and mentoring product teams regardless of where they are in their own transformation. She has spoken at
numerous conferences and has worked with many Fortune 500 executive teams on this topic.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lea
is a graduate of Lehigh University with a B.A. in Sociology (1989) and of the Stanford University Executive Institute (2000).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
of Directors; Director Independence</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board facilitates its exercise of independent supervision over the Company&#8217;s management through frequent meetings of the Board.
The Board is comprised of seven directors with one vacancy: Brent Suen, Lionel Choong, Lea Hickman, John MacNeil, Matthew Burlage, Ross
O&#8217;Brien, and Joshua Jacobs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lea
Hickman, Matthew Burlage, Ross O&#8217;Brien and Joshua Jacobs, are all independent directors. Brent Suen, John MacNeil and Lionel Choong
are not independent directors as they are executive officers of the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Committees and Independence</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has established four standing committees &#8211; Audit Committee, Compensation Committee, Nominating and Corporate
Governance Committee, and Social Media Committee &#8211; each of which operates under a charter that has been approved by our board of
directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the board committees has the composition and responsibilities described below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee&#8217;s main function is to oversee our accounting and financial reporting processes and the audits of our financial
statements. This committee&#8217;s responsibilities include, among other things:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting and hiring the
    independent registered public accounting firm to audit our financial statements;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">helping to ensure the independence
    and performance of the independent registered public accounting firm;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving audit and non-audit
    services and fees;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing financial statements
    and discussing with management and the independent registered public accounting firm our annual audited and quarterly financial statements,
    the results of the independent audit and the quarterly reviews, and the reports and certifications regarding internal controls over
    financial reporting and disclosure controls;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparing the audit committee
    report that the SEC requires to be included in our annual proxy statement;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing reports and communications
    from the independent registered public accounting firm;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing earnings press
    releases and earnings guidance;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing the adequacy
    and effectiveness of our internal controls and disclosure controls and procedures;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing our policies
    on risk assessment and risk management;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing related party
    transactions;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing and overseeing
    procedures for the receipt, retention and treatment of accounting related complaints and the confidential submission by our employees
    of concerns regarding questionable accounting or auditing matters; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and monitoring
    actual and potential conflicts of interest.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of our Audit Committee are Mr. Burlage, Mr. O&#8217;Brien and Mr. Jacobs. Mr. Burlage serves as the chairperson of the committee.
All members of our Audit Committee meet the requirements for financial literacy under the applicable rules and regulations of the SEC.
Our board of directors has determined that Mr. Burlage is an &#8220;audit committee financial expert&#8221; as defined by applicable
SEC rules and has the requisite financial sophistication. Our board of directors has determined that Mr. Burlage, Mr. O&#8217;Brien and
Mr. Jacobs are independent under the applicable rules of the. The Audit Committee operates under a written charter that satisfies the
applicable standards of the SEC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
Committee</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee evaluates, recommends, and approves policy relating to compensation and benefits of the Company&#8217;s officers
and employees. The Compensation Committee is directly responsible for, among other matters:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annually reviewing and
    approving corporate goals and objectives relevant to the compensation of the Company&#8217;s Chief Executive Officer and other executive
    officers;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating the performance
    of these officers in light of those goals and objectives, and setting the compensation of these officers based on such evaluations;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">administering and interpreting
    the Company&#8217;s cash and equity-based compensation plans;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annually reviewing and
    making recommendations to the Board with respect to all cash and equity-based incentive compensation plans and arrangements; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annually reviewing and
    evaluating the composition and performance of the Compensation Committee, including the adequacy of the Compensation Committee&#8217;s
    charter.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of our Compensation Committee are Mr. Burlage and Mr. O&#8217;Brien. Mr. O&#8217;Brien serves as the chairperson of the committee.
Our board of directors has determined that Mr. Burlage and Mr. O&#8217;Brien are independent and all current members qualify as a &#8220;non-employee
director&#8221; as defined in Rule 16b-3 promulgated under the Exchange Act. Our board of directors has determined that each of the members
of our Compensation Committee is an &#8220;outside director&#8221; as that term is defined in Section&#160;162(m) of the U.S. Internal
Revenue Code of 1986, as amended, or Section&#160;162(m). The compensation committee operates under a written charter, which the Compensation
Committee will review and evaluate at least annually.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
and Corporate Governance Committee</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nominating and Corporate Governance Committee is responsible for making recommendations to the Board of Directors regarding candidates
for directorship, and the structure and composition of the Company&#8217;s Board of Directors and committees of the Board of Directors.
The Nominating and Corporate Governance Committee is directly responsible for, among other matters:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying, evaluating,
    and nominating candidates for appointment or election as members of the Board of Directors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing, recommending,
    and evaluating a corporate governance guideline applicable to all of the Company&#8217;s employees, officers, and directors; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annually reviewing and
    evaluating the composition and performance of the Nominating and Corporate Governance Committee, including the adequacy of the Nominating
    and Corporate Governance Committee&#8217;s charter.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The members of our Nominating
and Corporate Governance Committee are Mr. Burlage and Mr. O&#8217;Brien. Mr. Brett Lay, who resigned on April 1, 2022, served as the
chairman of the committee. The board of directors is considering the appointment of his chair replacement as of the filing of this registration
statement. Our board of directors has determined that Mr. Burlage and Mr. O&#8217;Brien are independent. The Nominating and Corporate
Governance Committee operates under a written charter, which the Nominating and Corporate Governance Committee will review and evaluate
at least annually.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Social
Media Committee</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Social Media Committee is responsible for overseeing the social media strategy initiatives for the Company pursuant to Regulation FD.
The Social Media Committee is directly responsible for, among other matters:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
Providing compliant Regulation FD strategic leadership for social media through the alignment of social media strategies and activities
with enterprise strategic objectives and processes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Establishing and maintaining corporate policies with respect to use of social media for both process-driven social engagements, as well
as for use of social media by employees for participating in social conversations (e.g. blogging and Tweeting by subject matter experts).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Prioritizing social media initiatives and deliver final approvals and recommendations on proceeding with proposed social media projects,
including process, technology, and organizational projects.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
Ensuring open communication between the social media department and the other functional units of Logiq.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of our Social Media Committee are Mr. Burlage and Mr. O&#8217;Brien.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Diversity</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Nominating and Corporate Governance Committee is responsible for reviewing with the board of directors, on an annual basis, the appropriate
characteristics, skills and experience required for the board of directors as a whole and its individual members. In evaluating the suitability
of individual candidates (both new candidates and current members), the Nominating and Corporate Governance Committee, in recommending
candidates for election, and the board of directors, in approving (and, in the case of vacancies, appointing) such candidates, will take
into account many factors, including the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Personal and professional
    integrity, ethics and values;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experience in corporate
    management, such as serving as an officer or former officer of a publicly-held company;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; white-space: nowrap; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experience as a board member
    or executive officer of another publicly-held company;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strong finance experience;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diversity of expertise
    and experience in substantive matters pertaining to our business relative to other board members;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diversity of background
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experience relevant to
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relevant academic expertise
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
our board of directors evaluates each individual in the context of the board of directors as a whole, with the objective of assembling
a group that can best maximize the success of the business and represent stockholder interests through the exercise of sound judgment
using its diversity of experience in these various areas.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Code
of Business Conduct and Ethics</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our
principal executive officer, principal financial and accounting officer, controller, or persons performing similar functions. Our
code of business conduct and ethics is available under the &#8220;Investors&#8221; section of our website at www.weyland-tech.com.
In addition, we post on our website all disclosures that are required by law concerning any amendments to, or waivers from, any
provision of the code. The reference to our website address does not constitute incorporation by reference of the information
contained at or available through our website, and should not consider it to be a part of this prospectus.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 68; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships between any of the Company&#8217;s directors or executive officers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Section
16(a) Beneficial Ownership Reporting Compliance</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16(a) of the Securities Exchange Act of 1934 requires the Company&#8217;s officers and directors, and persons who beneficially own more
than ten percent (10%) of a registered class of the Company&#8217;s equity securities to file reports of ownership and changes in ownership
with the Securities and Exchange Commission (&#8220;SEC&#8221;). Officers, directors and greater than ten percent beneficial stockholders
are required by SEC regulations to furnish the Company with copies of all Section 16(a) forms they file.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the best of the Company&#8217;s knowledge based solely on a review of Forms 3, 4, and 5 (and any amendments thereof) received by us during
or with respect to the year ended December 31, 2021, the following persons have not filed on a timely basis, the identified reports required
by Section 16(a) of the Exchange Act during fiscal year ended December 31, 2021:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Lionel Choong, Chief Financial Officer, Principal Accounting Officer and Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Eddie Foong, Vice President, Product</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">John MacNeil, Chief of Staff and Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Matthew Burlage, Independent Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Joshua Jacobs, Independent Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Ross O&#8217;Brien, Independent Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Lea Hickman, Independent Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the best of our knowledge, none of our directors or executive officers has, during the past ten years:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">been convicted in a criminal
    proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    filed by or against the business or property of the person, or of any partnership, corporation or business association of which he
    was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">been subject to any order,
    judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or federal or state
    authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business,
    securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons
    engaged in any such activity;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">been found by a court of
    competent jurisdiction in a civil action or by the Securities and Exchange Commission or the Commodity Futures Trading Commission
    to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 69; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">been the subject of, or
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    federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance
    companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty
    or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire
    fraud or fraud in connection with any business entity; or</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">been the subject of, or
    a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined
    in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or
    any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated
    with a member.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set forth in our discussion below in &#8220;Certain Relationships and Related Transactions,&#8221; none of our directors or executive
officers has been involved in any transactions with us or any of our directors, executive officers, affiliates or associates which are
required to be disclosed pursuant to the rules and regulations of the Commission.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXECUTIVE
COMPENSATION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below summarizes all compensation awarded to, earned by, or paid to our former or current executive officers for the fiscal years
ended December 31, 2021 and 2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 70; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option
Grants</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
did not grant any options to any of our executive officers during the years ended December 31, 2021 and 2020.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Narrative
Disclosure to Compensation Tables</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Suen is entitled to a base compensation of $216,000 per annum.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Choong is entitled to a base compensation of $144,000 per annum.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
MacNeil is entitled to a base compensation of $240,000 per annum.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Furukawa is entitled to a base compensation of $275,000 per annum. Mr. Furukawa shall be entitled to receive bonus (the &#8220;Bonus&#8221;)
and incentive compensation, described below (the &#8220;Incentive Compensation&#8221;) of up to $180,000 per annum based on the performance
metrics of the Company. Payment of the Bonus is conditioned on compliance with applicable law, and shall be payable to Mr. Furukawa in
equal quarterly installments (i) only if the Mr. Furukawa has not breached the terms of his employment agreement, and (ii) only if Mr.
Furukawa continues to be employed by the Company on the date of determination of the Bonus as well as on the date of payment thereof.
The Incentive Compensation is subject to approval of the Board. Mr. Furukawa shall receive equity compensation, which shall be granted
pursuant to the terms of the Equity Incentive Plan. Mr. Furukawa departed as CEO on January 7, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Hartman is entitled to a base compensation of $220,000 per annum. Hartman is also entitled to receive (i) a bonus of up to $88,000, (ii)
additional equity incentive compensation to be determined at a later date, and (iii) certain payments and/or severance payments in the
event that there is a change of control in the Company and/or if Mr. Hartman resigns or is terminated from the Company for cause or without
cause, as applicable, pursuant to the terms and conditions of Mr. Hartman&#8217;s Employment Agreement with the Company. Mr. Hartman
departed as COO on January 7, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding
Equity Awards at Fiscal Year End</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no shares of common stock underlying outstanding equity incentive plan awards for the executive officer as of December&#160;31, 2021.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Compensation Plan Information</b>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 30, 2020, the Company adopted an equity compensation plan entitled the Logiq, Inc. 2020 Equity Incentive Plan (the &#8220;Plan&#8221;).
Pursuant to the Plan, the Company reserved up to 2,000,000 shares of common stock for issuance under the Plan.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Plan allows for the grant of a variety of equity vehicles to provide flexibility in implementing equity awards, including incentive stock
options, non-qualified stock options, restricted stock grants, unrestricted stock grants and restricted stock units.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Plan
Administration</i>.&#160;As used herein with respect to the Plan, the &#8220;Board of Directors&#8221; refers to any committee the Board
of Directors appoints as well as to the Board of Directors itself. Subject to the provisions of the Plan, the Board of Directors has
the power to construe and interpret the Plan and awards granted under it and to determine the persons to whom and the dates on which
awards will be granted, the number of shares of common stock to be subject to each award, the time or times during the term of each award
within which all or a portion of such award may be exercised, the exercise price, the type of consideration and other terms of the award.
Subject to the limitations set forth below, the Board of Directors will also determine the exercise price of options granted under the
Plan and, with the consent of any adversely affected option holder, may reduce the exercise price of any outstanding option, cancel an
outstanding option in exchange for a new option covering the same or a different number of shares of common stock or another equity award
or cash or other consideration, or any other action that is treated as a repricing under generally accepted accounting principles. All
decisions, determinations and interpretations by the Board of Directors regarding the Plan shall be final and binding on all participants
or other persons claiming rights under the Plan or any award.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 71; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options</i>.&#160;Options
granted under the Plan may become exercisable in cumulative increments (&#8220;vest&#8221;) as determined by the Board of Directors.
Such increments may be based on continued service to the Company over a certain period of time, the occurrence of certain performance
milestones, or other criteria. Options granted under the Plan may be subject to different vesting terms. The Board of Directors has the
power to accelerate the time during which an option may vest or be exercised. In addition, options granted under the Plan may permit
exercise prior to vesting, but in such event the participant may be required to enter into an early exercise stock purchase agreement
that allows the Company to repurchase unvested shares, generally at their exercise price, should the participant&#8217;s service terminate
before vesting. To the extent provided by the terms of an option, a participant may satisfy any federal, state or local tax withholding
obligation relating to the exercise of such option by a cash payment upon exercise, by authorizing the Company to withhold a portion
of the stock otherwise issuable to the participant, or by such other method as may be set forth in the option agreement. The maximum
term of options under the Plan is 10 years, except that in certain cases the maximum term of certain incentive stock options is five
years. Options under the Plan generally terminate three months after termination of the participant&#8217;s service. Incentive stock
options are not transferable except by will or by the laws of descent and distribution, provided that a participant may designate a beneficiary
who may exercise an option following the participant&#8217;s death. Non-statutory stock options are transferable to the extent provided
in the option agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock
Bonuses and Restricted Stock Awards.&#160;</i>Subject to certain limitations, the consideration, if any, for restricted stock unit awards
must be at least the par value of our common stock. The consideration for a stock unit award may be payable in any form acceptable to
the Board of Directors and permitted under applicable law. The Board of Directors may impose any restrictions or conditions upon the
vesting of restricted stock unit awards, or that delay the delivery of the consideration after the vesting of stock unit awards, that
it deems appropriate. Restricted stock unit awards are settled in shares of the Company&#8217;s common stock. Dividend equivalents may
be credited in respect of shares covered by a restricted stock unit award, as determined by the Board of Directors. At the discretion
of the Board of Directors, such dividend equivalents may be converted into additional shares covered by the restricted stock unit award<i>.&#160;</i>If
a restricted stock unit award recipient&#8217;s service relationship with the Company terminates, any unvested portion of the restricted
stock unit award is forfeited upon the recipient&#8217;s termination of service.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Certain
Adjustments</i>.&#160;Transactions not involving receipt of consideration by the Company, such as a merger, consolidation, reorganization,
recapitalization, reincorporation, reclassification, stock dividend, dividend in property other than cash, stock split, liquidating dividend,
combination of shares, exchange of shares, or a change in corporate structure may change the type(s), class(es) and number of shares
of common stock subject to the Plan and outstanding awards. In that event, the Plan will be appropriately adjusted as to the type(s),
class(es) and the maximum number of shares of common stock subject to the Plan, and outstanding awards will be adjusted as to the type(s),
class(es), number of shares and price per share of common stock subject to such awards.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 21, 2021, the Company amended and restated the Plan (as amended and restated, the &#8220;First A&amp;R Plan&#8221;), subject to
stockholder approval, to provide that stock options issued under the plan (i) may not be transferred and (ii) may not have an exercise
price less than the fair market value (&#8220;FMV&#8221;) of such stock options as of the grant date. Pursuant to such amendment (the
&#8220;First A&amp;R Plan&#8221;), FMV shall be determined as follows: (i) if the Company&#8217;s common stock is then listed or admitted
to trading on a national stock exchange, the FMV shall be either (x) the five-day volume weighted average trading price, calculated by
dividing the total value by the total volume of securities traded on a national stock exchange for the relevant period, or (y) the closing
price of the Company&#8217;s common stock on a national stock exchange on the previous trading day prior to the date of grant of the
award; or (y) if the Company&#8217;s common stock is not then listed or admitted to trading on a national stock exchange, the FMV shall
be a price determined by the administrator of the First A&amp;R Plan in good faith using any reasonable method of valuation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 22, 2021, the Company amended and restated the Plan again (as amended and restated, the &#8220;Second A&amp;R Plan&#8221;), which
was approved by the Company&#8217;s stockholders on January 25, 2022. The Second A&amp;R Plan amends the Plan to (i) incorporate those
changes previously included in the First A&amp;R Plan and (ii) increase the number of shares of common stock authorized for issuance
thereunder from 2,000,000 shares to 5,000,000 shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>S-8
Registration Statement</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 6, 2020, the Company filed a Form S-8 Registration Statement relating to 2,000,000 shares of the Company&#8217;s common stock,
par value $0.0001 per share issuable to the employees, officers, directors, consultants and advisors of the Company under the Logiq,
Inc. 2020 Equity Incentive Plan.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
Compensation</b>&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#160;Suen,
Mr. Choong and Mr. MacNeil, received no compensation for their services as a director of the Company. The compensation received by Mr.
Suen, Mr. Choong, and Mr. MacNeil as an officer are presented in &#8220;Executive Compensation &#8211; Summary Compensation Table.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information for the year ended December&#160;31, 2019 and the year ended December 31, 2020, regarding the
compensation awarded to, earned by or paid to our non-management directors who served on our Board during 2019 and 2020. It is estimated
that the compensation awarded to non-management directors in 2021 will be substantially similar to what was paid in 2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">$</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreements, Termination and Change of Control Benefits</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and Mr. Furukawa entered into an employment agreement dated as of September 1, 2020. Pursuant to the employment agreement, the
Company has the right to terminate the employment of Mr. Furukawa without cause with 10 days advance written notice, provided that the
Company provides Mr. Furukawa with: (i) the immediate acceleration of all unvested equity compensation securities granted; (ii) the sum
of 12 months base salary as severance; and (iii) his employment benefits for a period of 12 months following his termination. In the
event of a change of control of the Company, the Company shall provide Mr. Furukawa with: (i) the immediate acceleration of all unvested
equity compensation securities granted; (ii) the sum of 12 months base salary as severance; (iv) his employment benefits for a period
of 12 months following his termination; and (v) an additional bonus of USD$1,000,000.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 73; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company entered into an independent contractor agreement with Lionel Choong on August 1, 2020. The agreement is for a term of two years
and can be terminated by either party for any reason with 90 days prior written notice. Pursuant to the agreement, Mr. Choong is entitled
to receive US$12,000 per month in consideration for the performance of the services provided. There are no payments required to be made
to Mr. Choong by the Company upon a termination of the agreement or a change of control of the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company entered into an independent contractor agreement with Brent Suen on August 1, 2020. The agreement can be terminated by either
party for any reason with 90 days prior written notice. Pursuant to the agreement, Mr. Suen is entitled to receive US$12,000 per month
in consideration for the performance of the services provided thereunder. There are no payments required to be made to Mr. Suen by the
Company upon a termination of the agreement or a change of control of the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRANSACTIONS
WITH RELATED PERSONS, PROMOTERS AND CERTAIN CONTROL PERSONS AND</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIRECTOR
INDEPENDENCE</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
January 1, 2019, other than equity and other compensation, termination, change in control and other arrangements, which are described
above under &#8220;Executive Compensation,&#8221; we have not entered into any transactions with any of our directors, nominees for director,
officers or principal shareholders, nor any associate or affiliate of the foregoing, and we are not currently considering any proposed
transactions with such related persons in which:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amounts involved exceeded
    or will exceed $120,000; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">one percent (1%) of the
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    have a direct or indirect material interest</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
director has informed the Company of any related party transactions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Committees and Director Independence</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our corporate governance initiatives comply with the rules and regulations of the SEC and with the rules of OTCQX and the NEO
Exchange.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Policies
and Procedures Regarding Related Party Transactions</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not adopted any formal procedures for the review or ratification, or standards for approval, of related-party transactions, but
instead review such transactions on a case-by-case basis.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The following table sets forth
certain information regarding our shares of common stock beneficially owned as of July 12, 2022, for (i) each stockholder known to be
the beneficial owner of 5% or more of our outstanding shares of common stock, (ii) each Named Executive Officer and director, and (iii)
all executive officers and directors as a group. A person is considered to beneficially own any shares: (a) over which such person, directly
or indirectly, exercises sole or shared voting or investment power, or (b) of which such person has the right to acquire beneficial ownership
at any time within 60 days after such date upon the exercise of stock options, warrants or convertible securities. Unless otherwise indicated,
voting and investment power relating to the shares shown in the table for our directors and executive officers is exercised solely by
the beneficial owner or shared by the owner and the owner&#8217;s spouse or children.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">For purposes of this table,
a person or group of persons is deemed to have &#8220;beneficial ownership&#8221; of any shares of common stock that such person has the
right to acquire within 60 days after July 12, 2022. For purposes of computing the percentage of outstanding shares of common stock held
by each person or group of persons, any shares that such person or persons has the right to acquire within 60 days after July 12, 2022
is deemed to be outstanding, but is not deemed to be outstanding for the purpose of computing the percentage ownership of any other person.
The inclusion of any shares listed as beneficially owned does not constitute an admission of beneficial ownership.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><!-- Field: Page; Sequence: 74; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise specified, the address of each of the persons set forth below is in care of Logiq, Inc., 85 Broad Street, 16-079, New York,
NY 10004.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font-weight: bold; text-align: left">Joshua Jacobs</td><td>&#160;</td>
    <td style="text-align: center">Independent director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; font-weight: bold; text-align: left">Lea Hickman</td><td>&#160;</td>
    <td style="text-align: center">Independent Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font-weight: bold; text-align: left">All Directors and Officers as a group (8 persons)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,215,136</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.6</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; vertical-align: top">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font-weight: bold; font-style: italic; text-align: left">5% or greater Shareholders</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; font-weight: bold; text-align: left"><span style="font-size: 10pt"><b>Ionic Ventures, LLC <sup>(2)</sup></b></span></td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,977,129</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.91</td><td style="text-align: left">%</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Denotes less than 1%</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">(1)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Applicable percentage ownership is based on 33,401,334 shares of common stock outstanding as of July 12, 2022. </span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(2)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Based on Schedule 13G filed with the Commission on April 4, 2022.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in Control</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not aware of any arrangements that may result in changes in control as that term is defined by the provisions of Item 403(c) of Regulation
S-K.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION
OF CAPITAL STOCK</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
Stock</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are authorized to issue 250,000,000 shares of common stock, at a par value $0.0001 per share. The holders of common stock are entitled
to one vote for each share held of record on all matters to be voted on by stockholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of common stock are entitled to receive ratably such dividends when, as and if declared by the Board of Directors of the Company
(the &#8220;Board&#8221;) out of funds legally available therefore. &#160;In the event we have liquidation, dissolution or winding up,
the holders of common stock are entitled to share ratably in all assets remaining which are available for distribution to them after
payment of liabilities and after provision has been made for each class of stock, if any, having preference over the common stock. &#160;Holders
of shares of common stock, as such, have no conversion, preemptive or other subscription rights, and there are no redemption provisions
applicable to the common stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On April 21, 2021, the Company
adopted a Majority Voting Policy (the &#8220;Policy&#8221;) with respect to the election of directors. Under the Policy incorporated into
our A&amp;R Bylaws, in an uncontested election of directors, any director nominee who receives a greater number of votes &#8220;withheld&#8221;
than votes &#8220;for&#8221; his or her election at a meeting of shareholders of the Company must promptly tender his or her resignation
to the chairman of the Board. Following receipt of such resignation, the Governance Committee of the Board (the &#8220;Committee&#8221;)
will consider the resignation and recommend to the Board whether to accept such tendered resignation. Except in special circumstances,
the Committee will be expected to accept and recommend acceptance of the resignation by the Board. A press release disclosing the Board&#8217;s
determination (and the reasons for rejecting the resignation, if applicable) will be issued within 90 days following the date of the relevant
meeting of shareholders and a copy of the press release will be sent concurrently to the NEO Exchange, provided that the Company&#8217;s
common stock is then listed for trading on the NEO Exchange. The director&#8217;s resignation, if accepted, will become effective immediately
upon acceptance thereof by the Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
director who tenders his or her resignation pursuant to the Policy will not participate in the recommendation of the Committee or the
decision of the Board with respect to such resignation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to any restrictions imposed by applicable law, where the Board accepts a resignation in accordance with the Policy, the Board may (i)
leave the director vacancy unfilled until the next annual meeting of shareholders, (ii) fill the vacancy through the appointment of a
new director, or (iii) call a special meeting of shareholders at which a new candidate will be presented to fill the vacant position.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Policy applies only in circumstances involving an uncontested election of directors. For purposes of the Policy, an &#8220;uncontested
election&#8221; of directors of the Company means an election held at any meeting of shareholders called for, either alone or with other
matters, the election of directors, with respect to which the number of nominees for election is equal to the number of positions on
the Board to be filled through the election to be conducted at such meeting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On October 22, 2022,
the Company&#8217;s board of directors approved the adoption of the &#8220;A&amp;R Bylaws&#8221;, subject to shareholder approval. The
A&amp;R Bylaws amend and restate the Company&#8217;s Bylaws in full and incorporate the Policy noted above, amongst other changes. The
Company&#8217;s stockholders approved the Company&#8217;s A&amp;R Bylaws at a special meeting of stockholders on January 25, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of July 12, 2022, there
were 33,401,334 shares of our common stock outstanding and held by approximately 548 record holders of record of our common stock. This
number was derived from our stockholder records and does not include beneficial holders of our common stock whose shares are held in
&#8220;street name&#8221; with various dealers, clearing agencies, banks, brokers and other fiduciaries.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Compensation Plan Information</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 30, 2020, the Company adopted an equity compensation plan entitled the Logiq, Inc. 2020 Equity Incentive Plan. Pursuant to
the Plan, the Company reserved up to 2,000,000 shares of common stock for issuance under the Plan.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 2</span>1, 2021, the Company amended and restated its 2020 Equity Incentive Plan (as amended and restated, the &#8220;First A&amp;R
Plan&#8221;) to provide that stock options issued under the plan (i) may not be transferred and (ii) may not have an exercise price less
than the fair market value (&#8220;FMV&#8221;) of such stock options as of the grant date. Pursuant to the A&amp;R Plan (as defined below),
FMV shall be determined as follows: (i) if the Company&#8217;s common stock is then listed or admitted to trading on a national stock
exchange, the FMV shall be either (x) the five-day volume weighted average trading price, calculated by dividing the total value by the
total volume of securities traded on a national stock exchange for the relevant period, or (y) the closing price of the Company&#8217;s
common stock on a national stock exchange on the previous trading day prior to the date of grant of the award; or (y) if the Company&#8217;s
common stock is not then listed or admitted to trading on a national stock exchange, the FMV shall be a price determined by the administrator
of the A&amp;R Plan in good faith using any reasonable method of valuation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On October 22, 2021, the Company&#8217;s
board of directors unanimously approved the Company&#8217;s Second A&amp;R Plan, subject to stockholder approval. The Second A&amp;R Plan
amends the Company&#8217;s Plan to (i) incorporate those changes previously included in the First A&amp;R Plan and (ii) increase the number
of shares of common stock authorized for issuance thereunder from 2,000,000 shares to 5,000,000 shares. In addition, the Company amended
and restated the form agreements for awards made pursuant to the Company&#8217;s Second A&amp;R Plan to reflect the foregoing changes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Company&#8217;s Second
A&amp;R Plan and amended form award agreements were approved by the Company&#8217;s stockholders on January 25, 2022, and adopted by the
Company on the same day.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of March 31, 2022, 283,334
shares of our common stock are issuable upon the vesting of outstanding restricted stock units.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; "><b><i>Canadian
IPO Warrants</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">On
June 9, 2021,&#160;Logiq entered into an Agency Agreement (the &#8220;Agency Agreement&#8221;) with Research Capital Corporation (the
&#8220;Agent&#8221;) relating to the offering (the &#8220;Offering&#8221;) by the Company of a minimum of 1,666,667 units of securities
(each, a &#8220;Unit&#8221;), and a maximum of 3,333,333 Units, at a price of C$3.00 per Unit (the &#8220;Offering Price&#8221;), for
minimum gross proceeds of C$5,000,000, and maximum gross proceeds of C$10,000,000. Each Unit consists of (i) one share of common stock
of the Company, par value $0.0001 per share (and the Common Stock included in a Unit being a &#8220;Unit Share&#8221;), and (ii) one
Common Stock purchase warrant (each, a &#8220;Warrant&#8221;), where each Warrant entitles the holder thereof to acquire one share of
Common Stock (each, a &#8220;Warrant Share&#8221;) at an exercise price of C$3.50 per Warrant Share, subject to adjustment, at any time
before the third anniversary (the &#8220;Warrant Expiry Date&#8221;) of June 17, 2021 (the &#8220;Closing Date&#8221;).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Warrant will entitle the holder thereof to acquire one Warrant Share at an exercise price of C$3.50 until the Warrant Expiry Date. The
Warrant Indenture will also provide for customary adjustments in the number of Warrant Shares issuable on exercise of the Warrants and/or
the exercise price per Warrant Share upon the occurrence of certain events. The Warrants are transferable. If the Warrants and Warrants
Shares are not registered with the SEC, the Warrants will not be exercisable by or on behalf of a person in the United States or a U.S.
Person, nor will certificates representing the Warrant Shares be 32 registered or delivered to an address in the United States, unless
an exemption from registration under the U.S. Securities Act and any applicable state securities laws is available.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2022, an aggregate of 2,435,718 warrants are exercisable which were issued in connection with the Canadian offering of certain
units of securities of the Company and the corresponding Over-Allotment Option under that certain Agency Agreement, dated June 9, 2021,
by and between the Company and Research Capital Corporation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stock Warrants</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 6, 2021, the Company issued warrants (each, a &#8220;Warrant&#8221;) to purchase up to 1,668,042 shares of Common Stock. Each
Warrant is a cash warrant and is exercisable at any time after August 6, 2021, and prior to August 6, 2024, with an exercise price of
$2.85 per share (subject to a contractual 8% discount for one holder).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrant sets forth the exercise terms of the Warrants, the mechanics for the exercise of the Warrants, and the issuance of the shares
of Common Stock underlying the Warrants. The Warrant further sets forth the rights of each Warrant holder in respect to the Warrants.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Commitment
Warrants</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;The Offering &#8211; Commitment Warrants&#8221; for warrants to purchase common stock exercisable by Ionic in connection with
this Purchase Agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
Agent</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have engaged Nevada Agency and Trust Company as our stock transfer agent. &#160;Nevada Agency and Trust Company is located at 50 West
Liberty Street, Reno, Nevada 89501. Phone: (775) 332-0626.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also engaged Odyssey Trust Company as our stock transfer agent in Canada. Odyssey Trust Company is located at: 702, 67 Yonge Street,
Toronto ON M5E1JB. Phone: 1-833-394-7716.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is quoted on The OTCQX Market under the symbol, &#8220;LGIQ&#8221;.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is also quoted on the NEO Exchange in Canada under the same symbol, &#8220;LGIQ&#8221;.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
Policy</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared or paid any cash dividends on our common stock. We currently intend to retain future earnings, if any, to finance
the expansion of our business. As a result, we do not anticipate paying any cash dividends in the foreseeable future.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Potential
Effects of Authorized but Unissued Stock</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have shares of common stock available for future issuance without stockholder approval. We may utilize these additional shares for a
variety of corporate purposes, including future public offerings to raise additional capital, to facilitate corporate acquisitions or
payment as a dividend on the capital stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
existence of unissued and unreserved common stock may enable our board of directors to issue shares to persons friendly to current management
or to discourage a third-party attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, thereby
protecting the continuity of our management.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anti-Takeover
Effects of Delaware Law and Our Certificate of Incorporation and Bylaws</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certificate
of Incorporation and Bylaws</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
provisions of our certificate of incorporation and our bylaws contain provisions that may have the effect of delaying or preventing a
change of control or changes in our management. Some of these provisions:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">authorize our board of directors to issue up to 250,000,000 shares of authorized common stock;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">specify that special meetings of our stockholders can be called only by the Chairman of our board of directors, President, or Vice President; and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">provide that stockholders will not be allowed to vote cumulatively in the election of directors.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; "></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise
consider to be in their best interest or in our best interests, including transactions which provide for payment of a premium over the
market price for our shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Delaware
Anti-Takeover Statute</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to Section&#160;203 of the Delaware General Corporation Law, which prohibits persons deemed to be &#8220;interested stockholders&#8221;
from engaging in a &#8220;business combination&#8221; with a publicly held Delaware corporation for three years following the date these
persons become interested stockholders unless the business combination is, or the transaction in which the person became an interested
stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an &#8220;interested stockholder&#8221;
is a person who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder
status did own, 15% or more of a corporation&#8217;s voting stock. Generally, a &#8220;business combination&#8221; includes a merger,
asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision
may have an anti-takeover effect with respect to transactions not approved in advance by the board of directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of Delaware law, our certificate of incorporation and our bylaws could have the effect of discouraging others from attempting
hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock that often
result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the composition
of our board of directors and management. It is possible that these provisions could make it more difficult to accomplish transactions
that stockholders may otherwise deem to be in their best interests.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXPERTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of Logiq, Inc. (f/k/a Weyland Tech, Inc.) as of December 31, 2021 and December 31, 2020 incorporated
by reference in this prospectus, have been so incorporated in reliance on the report of Centurion ZD CPA &amp; Co., an independent
registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LEGAL
MATTERS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the issuance of the Common Stock hereby will be passed upon for us by Procopio, Cory, Hargreaves &amp; Savitch LLP.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable to smaller reporting companies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been no changes in our independent registered public accounting firm during the last two fiscal years, and we have not had any material
disagreements with our independent registered public accounting firm during that time.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_015a"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All documents that we file
with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, on or after the date of this prospectus and prior to the termination
of this offering are also incorporated herein by reference and will automatically update and, to the extent described above, supersede
information contained or incorporated by reference in this prospectus and previously filed documents that are incorporated by reference
in this prospectus. However, anything herein to the contrary notwithstanding, no document, exhibit or information or portion thereof that
we have &#8220;furnished&#8221; or may in the future &#8220;furnish&#8221; to (rather than &#8220;file&#8221; with) the SEC, including,
without limitation, any document, exhibit or information filed pursuant to Item 2.02, Item 7.01 and certain exhibits furnished pursuant
to Item 9.01 of our Current Reports on Form 8-K, shall be incorporated by reference into this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide to each person,
including any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the reports or documents that have been incorporated
by reference into this prospectus but not delivered with this prospectus. We will provide these reports upon written or oral request at
no cost to the requester. Please direct your request, either in writing or by telephone, to the Corporate Secretary, Logiq, Inc., 85 Broad
Street, 16-079, New York, NY 10004, telephone number (808) 829-1057. We maintain a website at www.logiq.com. You may access our annual
reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant
to Section 13(a) or 15(d) of the Exchange Act with the SEC free of charge at our website as soon as reasonably practicable after such
material is electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website
is not incorporated by reference in, and is not part of, this prospectus.</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WHERE
YOU CAN FIND MORE INFORMATION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed a registration statement on Form S-1 with the SEC covering the shares being offered by the Selling Stockholder under this
prospectus. This prospectus does not include all of the information contained in the registration statement. You should refer to the
registration statement and its exhibits for additional information. Whenever we make reference in this prospectus to any of our contracts,
agreements or other documents, the references are not necessarily complete and you should refer to the exhibits filed or documents incorporated
by reference as part of the registration statement for copies of the actual contract, agreement or other document.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
file annual, quarterly and other periodic reports, proxy statements and other information with the SEC. You can read our SEC filings,
including this registration statement, over the Internet at the SEC&#8217;s website at www.sec.gov. You may also read and copy any document
we file with the SEC at its public reference facilities at 100 F Street NE, Washington, D.C. 20549. You may also obtain copies of these
documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street NE, Washington, D.C. 20549. Please
call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Internet address is www.logiq.com. There we make available free of charge, on or through the investor relations section of our website,
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed pursuant
to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with the SEC.
The information found on our website is not part of this prospectus and investors should not rely on any such information in deciding
whether to invest.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
contained in this prospectus as to the contents of any contract or other document that we have filed as an exhibit to the registration
statement are qualified in their entirety by reference to the exhibits for a complete statement of their terms and conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
representations, warranties and covenants made by us in any agreement that is filed as an exhibit to the registration statement of which
this prospectus is a part were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose
of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you.
Moreover, such representations, warranties or covenants were made as of an earlier date. Accordingly, such representations, warranties
and covenants should not be deemed as accurately representing the current state of our affairs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DISCLOSURE
OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated Bylaws,
effective January 25, 2022, as amended (the &#8220;A&amp;R Bylaws&#8221;) contains provisions that limit the liability of our directors
for monetary damages to the fullest extent permitted by Delaware law. Consequently, our directors will not be personally liable to us
or our stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any breach
    of the director&#8217;s duty of loyalty to us or our stockholders;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any act or omission not
    in good faith or that involves intentional misconduct or a knowing violation of law;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any act related to unlawful
stock repurchases, redemptions, or other distributions or payment of dividends; or</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any transaction from which
    the director derived an improper personal benefit.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our A&amp;R Bylaws, provides
that we are required to indemnify our directors and officers, in each case to the fullest extent permitted by Delaware law. Our A&amp;R
Bylaws also provides that we are obligated to advance expenses incurred by a director or officer in advance of the final disposition of
any action or proceeding, and permit us to secure insurance on behalf of any officer, director, employee or other agent for any liability
arising out of his or her actions in that capacity regardless of whether we would otherwise be permitted to indemnify him or her under
the provisions of Delaware law.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling
our company pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEX TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>Consolidated Financial Statements for the Years Ended December 31,
2021 and 2020:&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 90%; text-align: justify">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 9%; text-align: center"><span style="font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><a href="#f_001"><span style="font-size: 10pt">Reports of Independent Registered Public Accounting Firm</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-2</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><a href="#f_002"><span style="font-size: 10pt">Consolidated Balance Sheets for years ended December 31, 2021 and 2020</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-4</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><a href="#f_003"><span style="font-size: 10pt">Consolidated Statements of Operations for years ended December 31, 2021 and 2020</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-5</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><a href="#f_004"><span style="font-size: 10pt">Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-6</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><a href="#f_005"><span style="font-size: 10pt">Consolidated Statements of Stockholders&#8217; Equity for the years ended December 31, 2021 and 2020</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-7</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><a href="#f_006"><span style="font-size: 10pt">Notes to Consolidated Financial Statements</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-8</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>Unaudited Consolidated Financial Statements for the Three Months
Ended March 31, 2022:&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 90%; text-align: justify">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Page</b>&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-size: 10pt"><a href="#f_001a">Unaudited Condensed Consolidated Balance Sheets as of March 31, 2022 and Audited Condensed Balance sheet as of December 31, 2021</a></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-29</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-size: 10pt"><a href="#f_002a">Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021</a></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-30</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-size: 10pt"><a href="#a_003a">Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021</a></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-31</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-size: 10pt"><a href="#a_004a">Unaudited Condensed Consolidated Statement of Stockholder&#8217;s Equity for the three months ended March 31, 2022 and 2021</a></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-32</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-size: 10pt"><a href="#a_005a">Notes to Consolidated Financial Statements</a></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-33</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>


</div><!-- Field: Page; Sequence: 81; Options: NewSection; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="f_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Report of Independent Registered Public Accounting
Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>To the Board of Directors and Stockholders
of Logiq, Inc.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Opinion on the Financial Statements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
balance sheets of Logiq, Inc. (the &#8220;Company&#8221;) as of December 31, 2021 and 2020, and the related consolidated statements of
operations and comprehensive loss, stockholders&#8217; equity and cash flows for each of the two years in the period ended December 31,
2021, and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results
of its operations and its cash flows for each of the two years in the period ended December 31, 2021 in conformity with accounting principles
generally accepted in the United States of America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis for Opinion</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility
of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Critical Audit Matter </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The critical audit matter communicated below is
a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated
to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and
(2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit
matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairment of Goodwill and Long-Lived Assets &#8211;
Refer to Notes 2, 3 and 5 to the financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As disclosed in the consolidated financial statements
goodwill and intangible assets, net were $5.6 and $14.8 million respectively as of December 31, 2021. Impairment is reviewed whenever
events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. As shown in Notes
3 and 5 to the financial statements, the Company did not recognize any impairment for goodwill and intangible assets during the year ended
December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an indicator of impairment exists for any software
technology, an estimate of the undiscounted future cash flows over the life of the primary asset for each software technology is compared
to that long-lived asset&#8217;s carrying value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of whether an impairment indicator
has occurred involves the evaluation of subjective factors by management to assess what constitutes an event or change in circumstance
that indicates a software technology should be tested for recoverability, and therefore auditing the valuation of goodwill and intangible
assets involved especially subjective judgment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">How the Critical Audit Matter Was Addressed in the Audit:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subjective auditor judgment was required to evaluate
the completeness of management&#8217;s assessment as to whether an event or change in circumstance indicates a software technology&#8217;s
assets should be tested for recoverability. The primary procedures we performed to address this critical audit matter included the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We tested the effectiveness of controls over management&#8217;s
goodwill and long-lived impairment process, including controls related to determining the completeness of management&#8217;s assessment
as to which events or changes in circumstance indicates a software technology&#8217;s assets should be tested for recoverability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We evaluated management&#8217;s process for determining
whether all potential indicators of impairment were appropriately identified, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">comparing the consistency and
precision of the methodology used to determine the proper impairment indicators by management to the relevant requirements of generally
accepted accounting principles (&#8220;GAAP&#8221;);</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">considering current technology,
economy or other industry changes through review of relevant industry publications, current news publications and Board of Directors&#8217;
meeting minutes, in order to evaluate the completeness of events or changes in circumstances identified by management as indicators that
the software technology asset should be tested for recoverability.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; width: 40%"><span style="font-size: 10pt">/s/ Centurion ZD CPA &amp; Co.</span></td>
    <td style="width: 60%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Centurion ZD CPA &amp; Co.</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Hong Kong</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">March 31, 2022</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">We have served as the Company&#8217;s auditor since 2012</span></td>
    <td>&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><!-- Field: Page; Sequence: 83; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LOGIQ, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>Consolidated Balance Sheets</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><b>December
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    <td colspan="2" style="font-weight: bold; text-align: center"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><b>December
                                            31</b></p></td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">(Audited)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Accumulated deficit brought forward</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total stockholder&#8217;s equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in">*</td><td style="width: 0.25in; text-align: left"></td><td style="text-align: justify"><span style="font-size: 10pt">The number of shares of common
stock has been retroactively restated to reflect the 1 for 13 reverse stock-split on February 25, 2020.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><!-- Field: Page; Sequence: 84; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LOGIQ, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>Consolidated Statements of Operations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">(Audited)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="usd">37,346,859</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CostOfRevenue" scale="0" unitRef="usd">26,290,203</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in">*</td><td style="width: 0.25in; text-align: left"></td><td style="text-align: justify"><span style="font-size: 10pt">The weighted average number
of shares of common stock has been retroactively restated to reflect the 1 for 13 reverse stock-split on February 25, 2020</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><!-- Field: Page; Sequence: 85; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LOGIQ, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>Consolidated Statements of Cash Flows</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">INVESTING ACTIVITIES:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lgiq:IncreaseDecreaseInAmountDueFromAssociate" scale="0" unitRef="usd">1,535,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="lgiq:IncreaseDecreaseInAmountDueFromAssociate" scale="0" unitRef="usd">9,101</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Financial assets held for resale</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash provided by (used in) investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">933,682</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" unitRef="usd">3,803,967</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">FINANCING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in">Advances to associate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="lgiq:AdvancesToAssociate" scale="0" unitRef="usd">2,848,000</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Repayment of bank loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="lgiq:RepaymentOfBankDebt" scale="0" unitRef="usd">500,000</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in">Borrowings under long term loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromOtherShortTermDebt" scale="0" unitRef="usd">10,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Proceeds from Convertible bond</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromConvertibleDebt" scale="0" unitRef="usd">2,911,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in">Proceeds from notes payable-US government CARES Act</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromNotesPayable" scale="0" unitRef="usd">507,068</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Proceeds from shares to be issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lgiq:ProceedsFromSharesToBeIssueds" scale="0" unitRef="usd">401,028</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in">Proceeds from stock issuance, net of expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="0" unitRef="usd">11,573,540</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="0" unitRef="usd">8,607,691</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Proceeds from stock issuance from IPO, net of expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lgiq:ProceedsFromStockIssuanceFromIPONetOfExpenses" scale="0" unitRef="usd">3,910,784</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-17">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash provided by (used in) financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd">15,885,352</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd">8,687,759</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" scale="0" sign="-" unitRef="usd">1,903,513</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" scale="0" unitRef="usd">517,129</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd">3,489,778</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd">2,972,649</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 86; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LOGIQ, INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>Consolidated Statements of Stockholders&#8217;
Equity</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Years Ended December 31, 2021 and 2020</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">Issuance of Shares for acquisitions</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">Cancelation of shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c31" decimals="0" format="ixt:num-dot-decimal" id="ix_17_fact" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" scale="0" sign="-" unitRef="shares">90,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c31" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" scale="0" sign="-" unitRef="usd">9</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-53">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-54">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" scale="0" sign="-" unitRef="usd">9</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Shares issued for services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c31" decimals="0" format="ixt:num-dot-decimal" id="ix_18_fact" name="lgiq:StockIssuedDuringPeriodIssuanceOfSharesForServicesinShares" scale="0" unitRef="shares">2,313,941</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c31" decimals="0" format="ixt:num-dot-decimal" name="lgiq:StockIssuedDuringPeriodIssuanceOfSharesForServices" scale="0" unitRef="usd">231</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-56">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lgiq:StockIssuedDuringPeriodIssuanceOfSharesForServices" scale="0" unitRef="usd">3,535,056</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of Shares for Convertible Note</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net loss for the year</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Balance December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd">2,635</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c36" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd">82,473,004</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in">*</td><td style="width: 0.25in; text-align: left"></td><td style="text-align: justify"><span style="font-size: 10pt">The number of shares of common
stock has been retroactively restated to reflect the 1 for 13 reverse stock-split on February 25, 2020</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these financial statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Logiq, Inc.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DECEMBER 31, 2021 AND 2020</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c4" continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_1" escape="true" name="us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1 &#8211; ORGANIZATION AND BUSINESS DESCRIPTION</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_3" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Logiq, Inc., formerly known as Weyland Tech, Inc.,
is a Delaware corporation that was incorporated in 2004. Logiq is headquartered in New York, with offices in New York City, Singapore,
Minneapolis, MN, Denver, CO, and Jakarta, Indonesia. The Company&#8217;s common stock is quoted on the OTCQX under the symbol, &#8220;LGIQ&#8221;,
and NEO Exchange in Canada under the same symbol.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_4" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business Overview</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_5" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company offers solutions that help small-to-medium-sized
businesses (&#8220;SMBs&#8221;) to provide access to and reduce transaction friction of e-commerce for their clients globally. The Company&#8217;s
solutions are provided through (i) its core platform, &#8220;AppLogiq&#8221; (operated as CreateApp), which allows SMBs to establish their
point-of-presence on the web, and (ii) &#8220;DataLogiq&#8221;, a digital marketing analytics business unit that offers proprietary data
management, audience targeting and other digital marketing services that improve an SMB&#8217;s discovery and branding within the vast
e-commerce landscape.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_6" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company enables SMBs to create a mobile app
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which is a platform that is offered as a Platform as a Service (&#8220;PaaS&#8221;) to the Company&#8217;s customers. The Company&#8217;s
DataLogiq business unit offers online marketing solutions on a performance marketing and self-serve, Software as a Service (&#8220;SaaS&#8221;)
basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_7" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide our PaaS and digital marketing to SMBs
in a wide variety of industry sectors. We believe that SMBs can increase their sales, reach more customers, and promote their products
and services using our affordable and cost-effective solutions. We recognize revenue on a pay to use subscription basis when our customers
use our PaaS platform to create mobile apps for their business and on our SaaS platform when provisioning services for their marketing
campaigns. We also recognize revenue on a Cost per lead (&#8220;CPL&#8221;) and other metrics for engagements undertaken on a performance
marketing basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_8" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company continues to expand its portfolio
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</div><div>

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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>
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expanded its portfolio to short-distance food delivery service with the launch of GoLogiq, a PaaS platform that provides mobile payment
capabilities for the local food delivery service industry in Indonesia.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>
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completed the acquisition of substantially all of the assets of Push Holdings, Inc., headquartered in Minneapolis, Minnesota. This acquired
business, which the Company has rebranded as its DataLogiq division, operates a consumer data management platform powered by lead generation,
online marketing, and multichannel reengagement strategies through its owned and operated brands. DataLogiq has developed a proprietary
data management platform and integrated with several third-party service providers to optimize the return on its marketing efforts. DataLogiq
focuses on consumer engagement and enrichment to maximize its return on acquisition through repeat monetization of each consumer. DataLogiq
also licenses its software technology and provides managed technology services to various other e-commerce companies. DataLogiq is located
in Minneapolis, Minnesota, USA.</span></td>
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</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_12" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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completed the acquisition of Fixel AI Inc., thereby acquiring its self-serve MarTech Audience Targeting platform as a further expansion
of its DataLogiq product suite.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_13" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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completed the acquisition of Rebel AI, Inc., thereby acquiring its &#8220;The Rebel AI&#8221; advertising platform as a further expansion
of its DataLogiq product suite.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

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</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_15" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c4_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>AppLogiq Spin-Off</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

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to which the Company agreed to transfer its AppLogiq business to Lovarra, subject to customary conditions and approvals and completion
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best
estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements
are prepared. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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price of the acquisition to the tangible assets, liabilities and identifiable intangible assets acquired based on their estimated fair
values. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition related expenses and integration
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</div><div>

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to SMBs in a wide variety of industry sectors, to increase their sales, reach more customers, and promote their products and services
using our affordable and cost-effective solutions. We recognize revenue on a pay to use subscription basis when our customers use our
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and multichannel reengagement strategies through its owned and operated brands by Push Holdings Inc. and Fixel AI Inc. DataLogiq has developed
a proprietary data management platform and integrates with several third-party service providers to optimize the return on its marketing
efforts. DataLogiq focuses on consumer engagement and data enrichment to maximize its return on acquisition through repeat monetization
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business on the basis of the two reportable segment e-commerce solutions and service provider. The accounting policies for segment reporting
are the same as for the Company as a whole. We do not segregate assets by segments since our chief operating decision maker, or decision-making
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The Company evaluates goodwill for impairment on an annual basis in the fourth quarter or more frequently if indicators of impairment
exist that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company first assesses
qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying
value. Based on that qualitative assessment, if it is more likely than not that the fair value of a reporting unit is less than its carrying
value, the Company conducts a quantitative goodwill impairment test, which involves comparing the estimated fair value of the reporting
unit with its carrying value, including goodwill. The Company estimates the fair value of a reporting unit using a combination of the
income and market approach. If the carrying value of the reporting unit exceeds its estimated fair value, an impairment loss is recorded
for the difference. The Company performed its qualitative assessment and determined that no impairment indicators were present during
the years ended December 31, 2021 and 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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recoverable. It is possible that these assets could become impaired as a result of technology, economy or other industry changes. If circumstances
require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected
to be generated by that asset or asset group to its carrying value. If the carrying value of the long-life asset or asset group is not
recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value.
Fair value is determined through various valuation techniques, including discounted cash flow models, relief from royalty income approach,
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regarding estimated future cash flows and other factors in determining the fair values of the respective assets. The assumptions and estimates
used to determine future values and remaining useful lives of long-lived assets are complex and subjective. They can be affected by various
factors, including external factors such as industry and economic trends, and internal factors such as the Company&#8217;s business strategy
and its forecasts for specific market expansion.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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</div><div>

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entities) over which the Group has power to govern the financial and operating policies, generally accompanying a shareholding of more
than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible
are considered when assessing whether the Group controls another entity. The purchase method of accounting is used to account for the
acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued or
liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired
and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values on the date of
acquisition, irrespective of the extent of any minority interest. Subsidiaries are consolidated from the date on which control is transferred
to the Group to the date on which that control ceases. In preparing the consolidated financial statements, intercompany transactions,
balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments are made to the financial statements
of subsidiaries to ensure consistency of accounting policies with those of the Group. Minority interest is that part of the net results
of operations and of net assets of a subsidiary attributable to interests which are not owned directly or indirectly by the Group. It
is measured at the minorities&#8217; share of the fair value of the subsidiaries&#8217; identifiable assets and liabilities at the date
of acquisition by the Group and the minorities&#8217; share of changes in equity since the date of acquisition, except when the losses
applicable to the minority in a subsidiary exceed the minority interest in the equity of that subsidiary. In such cases, the excess and
further losses applicable to the minority are attributed to the equity holders of the Company, unless the minority has a binding obligation
to, and is able to, make good the losses. When that subsidiary subsequently reports profits, the profits applicable to the minority are
attributed to the equity holders of the Company until the minority&#8217;s share of losses previously absorbed by the equity holders of
the Company has been recovered. Please refer to Note 5 for the Company&#8217;s accounting policy on investments in subsidiaries.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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the basis that&#160;their inclusion involving expense and delay out of proportion to the value to members of the Company,&#160;investments
in subsidiaries are stated at cost less accumulated impairment losses in the Company&#8217;s balance sheet. On disposal of investments
in subsidiaries, the difference between net disposal proceeds and the carrying amount of the investment is taken to the income statement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><div>

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cost. The group&#8217;s investment in associates includes goodwill identified on acquisition. The group&#8217;s share of its associates&#8217;
post-acquisition profits or losses is recognized in profit or loss, and its share of post-acquisition other comprehensive income is recognized
in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Dividends
receivable from associates are recognized as a reduction in the carrying amount of the investment. Where the group&#8217;s share of losses
in an associate equals or exceeds its interest in the associate, including any other unsecured long-term receivables, the group does not
recognize further losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealized gains on transactions
between the group and its associates are eliminated to the extent of the group&#8217;s interest in the associates. Unrealized losses are
also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates
have been changed, where necessary, to ensure consistency with the policies adopted by the group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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or loss incorporates any dividend or interest earned on the financial asset and is included in &#8216;other gains and losses&#8217; line
in the statement of profit or loss and other comprehensive income. Fair value is determined in the manner described in Note 7.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c4_cont_33" id="_SignificantAccountingPoliciesTextBlock-c4_cont_32"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c4_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c4_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company measures certain financial assets
at fair value on a recurring basis, including the available-for-sale debt securities. Fair value is the price the Company would receive
to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company
uses a three-level hierarchy established by the Financial Accounting Standards Board (FASB) that prioritizes fair value measurements based
on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c4_cont_35" id="_SignificantAccountingPoliciesTextBlock-c4_cont_34"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c4_cont_5" id="_FairValueMeasurementPolicyPolicyTextBlock-c4_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c4_cont_36" id="_SignificantAccountingPoliciesTextBlock-c4_cont_35"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c4_cont_6" id="_FairValueMeasurementPolicyPolicyTextBlock-c4_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Level 2:&#160;Inputs other than
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</div><div>

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the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee&#8217;s obligation to make lease
payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee&#8217;s
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The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any
initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets
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4. Gains and losses arising from changes in fair value, impairment losses, interest calculated using the effective interest method and
foreign exchange gains and losses on monetary assets are recognized directly in profit or loss. Dividends on available-for-sale equity
instruments are recognized in profit or loss when the Company&#8217;s right to receive payments is established. The fair value of available-for-sale
monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at end of the
reporting period. The change in fair value attributable to translation differences that result from a change in amortised cost of the
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</div><div>

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on our best estimate of probable credit losses on our existing accounts receivable. Balances are written off against the allowance after
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</div><div>

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</div><div>

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equity instruments granted to employees be treated as potential common shares in computing diluted earnings per share. Diluted earnings
per share should be based on the actual number of options or shares granted and not yet forfeited, unless doing so would be anti-dilutive.
The Company uses the &#8220;treasury stock&#8221; method for equity instruments granted in share-based payment transactions provided in
ASC 260 to determine diluted earnings per share. Antidilutive securities represent potentially dilutive securities which are excluded
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</div><div>

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provides the infrastructure allowing users to develop their own applications and IT services, which users can access anywhere via a web
or desktop browser. The Company recognizes revenue on a pay-to-use subscription basis when our customers use our platform. For the territories
licensed to our distributors and on a white label basis, we derive royalty income from the end user use of our platform on a white label
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</div><div>

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proprietary features are billed to the customer separately as development income while re-usable features are added to the features available
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</div><div>

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(&#8220;ASC 740&#8221;). Under this method, income tax expense is recognized as the amount of: (i) taxes payable or refundable for the
current year and (ii) future tax consequences attributable to differences between financial statement carrying amounts of existing assets
and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A
valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of available evidence it is more likely
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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><div>

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(Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting
and Rescission of Prior SEC Staff Announcements and Observer Comments.&#8221; The ASU adds SEC paragraphs to the new revenue and leases
sections of the Codification on the announcement the SEC Observer made at the 20 July 2017 Emerging Issues Task Force (EITF) meeting.
The SEC Observer said that the SEC staff would not object if entities that are considered public business entities only because their
financial statements or financial information is required to be included in another entity&#8217;s SEC filing use the effective dates
for private companies when they adopt ASC 606, Revenue from Contracts with Customers, and ASC 842, Leases. This would include entities
whose financial statements are included in another entity&#8217;s SEC filing because they are significant acquirees under Rule 3-05 of
Regulation S-X, significant equity method investees under Rule 3-09 of Regulation S-X and equity method investees whose summarized financial
information is included in a registrant&#8217;s financial statement notes under Rule 4-08(g) of Regulation S-X. The ASU also supersedes
certain SEC paragraphs in the Codification related to previous SEC staff announcements and moves other paragraphs, upon adoption of ASC
606 or ASC 842. The Company does not expect that the adoption of this guidance will have a material impact on its condensed consolidated
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</div><div>

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&#8220;Income Statement-Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers
(Topic 606): Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release 33-10403.&#8221; The ASU amends
various paragraphs in ASC 220, Income Statement - Reporting Comprehensive Income; ASC 605, Revenue Recognition; and ASC 606, Revenue From
Contracts With Customers, that contain SEC guidance. The amendments include superseding ASC 605-10-S25-1 (SAB Topic 13) as a result of
SEC Staff Accounting Bulletin No. 116 and adding ASC 606-10-S25-1 as a result of SEC Release No. 33-10403. The Company does not expect
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</div><div>

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&#8220;Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income.&#8221; The ASU amends ASC 220, Income Statement
- Reporting Comprehensive Income, to &#8220;allow a reclassification from accumulated other comprehensive income to retained earnings
for stranded tax effects resulting from the Tax Cuts and Jobs Act.&#8221; In addition, under the ASU, an entity will be required to provide
certain disclosures regarding stranded tax effects. The ASU is effective for all entities for fiscal years beginning after December 15,
2018, and interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material
impact on its condensed consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (&#8220;ASU 2018-05&#8221;), which amends
the FASB Accounting Standards Codification and XBRL Taxonomy based on the Tax Cuts and Jobs Act (the &#8220;Act&#8221;) that was signed
into law on December 22, 2017 and Staff Accounting Bulletin No. 118 (&#8220;SAB 118&#8221;) that was released by the Securities and Exchange
Commission. The Act changes numerous provisions that impact U.S. corporate tax rates, business-related exclusions, and deductions and
credits and may additionally have international tax consequences for many companies that operate internationally. The Company does not
believe this guidance will have a material impact on its condensed consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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Improvements to Topic 842, Leases.&#8221; The ASU addresses 16 separate issues which include, for example, a correction to a cross reference
regarding residual value guarantees, a clarification regarding rates implicit in lease contracts, and a consolidation of the requirements
about lease classification reassessments. The guidance also addresses lessor reassessments of lease terms and purchase options, variable
lease payments that depend on an index or a rate, investment tax credits, lease terms and purchase options, transition guidance for amounts
previously recognized in business combinations, and certain transition adjustments, among others. For entities that early adopted Topic
842, the amendments are effective upon issuance of this Update, and the transition requirements are the same as those in Topic 842. For
entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition
requirements in Topic 842. The Company does not believe this guidance will have a material impact on its condensed consolidated financial
statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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(Topic 842): Targeted Improvements. The ASU simplifies transition requirements and, for lessors, provides a practical expedient for the
separation of non-lease components from lease components. Specifically, the ASU provides: (1) an optional transition method that entities
can use when adopting ASC 842 and (2) a practical expedient that permits lessors to not separate non-lease components from the associated
lease component if certain conditions are met. For entities that have not adopted Topic 842 before the issuance of this Update, the effective
date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Update
2016-02. For entities that have adopted Topic 842 before the issuance of this Update, the transition and effective date of the amendments
in this Update are as follows: 1) The practical expedient may be elected either in the first reporting period following the issuance of
this Update or at the original effective date of Topic 842 for that entity. 2) The practical expedient may be applied either retrospectively
or prospectively. All entities, including early adopters, that elect the practical expedient related to separating components of a contract
in this Update must apply the expedient, by class of underlying asset, to all existing lease transactions that qualify for the expedient
at the date elected. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c4_cont_69"><ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c4_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has considered all new accounting
pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial
condition, or cash flows, based on current information.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_IntangibleAssetsDisclosureTextBlock-c4_cont_4" id="_IntangibleAssetsDisclosureTextBlock-c4_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amortization expenses related to intangible assets
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</div><div>

</div><ix:continuation continuedAt="_IntangibleAssetsDisclosureTextBlock-c4_cont_5" id="_IntangibleAssetsDisclosureTextBlock-c4_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No significant residual value is estimated for
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</div><div>

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</div><div>

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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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  </table></ix:nonNumeric></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 94; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c4" continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c4_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 4 &#8211; PROPERTY AND EQUIPMENT, NET</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c4_cont_2" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c4_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, and December 31, 2020,
the Company&#8217;s DataLogiq business segment has the following amounts related to property and equipment:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c4_cont_3" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c4_cont_2"><ix:nonNumeric contextRef="c4" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_PropertyPlantAndEquipmentDisclosureTextBlock-c4_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation expenses for the years ended December
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c4" continuedAt="_GoodwillDisclosureTextBlock-c4_cont_1" escape="true" name="us-gaap:GoodwillDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 5 &#8211; GOODWILL</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_GoodwillDisclosureTextBlock-c4_cont_2" id="_GoodwillDisclosureTextBlock-c4_cont_1"><ix:nonNumeric contextRef="c4" escape="true" name="us-gaap:ScheduleOfGoodwillTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">As of<br/>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_GoodwillDisclosureTextBlock-c4_cont_3" id="_GoodwillDisclosureTextBlock-c4_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill has been allocated for impairment testing
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</div><div>

</div><ix:continuation continuedAt="_GoodwillDisclosureTextBlock-c4_cont_4" id="_GoodwillDisclosureTextBlock-c4_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recoverable amount of this unit is determined
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</div><div>

</div><ix:continuation id="_GoodwillDisclosureTextBlock-c4_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The assets were valued using a Fair Market Value
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Balance Sheet as of January 8, 2020.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 95; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c4" continuedAt="_AccountsAndNontradeReceivableTextBlock-c4_cont_1" escape="true" name="us-gaap:AccountsAndNontradeReceivableTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 6 &#8211; ACCOUNTS RECEIVABLE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_AccountsAndNontradeReceivableTextBlock-c4_cont_2" id="_AccountsAndNontradeReceivableTextBlock-c4_cont_1"><ix:nonNumeric contextRef="c4" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_AccountsAndNontradeReceivableTextBlock-c4_cont_3" id="_AccountsAndNontradeReceivableTextBlock-c4_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age of Impaired trade receivables</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_AccountsAndNontradeReceivableTextBlock-c4_cont_3"><ix:nonNumeric contextRef="c4" escape="true" name="us-gaap:ImpairedFinancingReceivablesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c4" continuedAt="_FairValueDisclosuresTextBlock-c4_cont_1" escape="true" name="us-gaap:FairValueDisclosuresTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 7 &#8211; FINANCIAL ASSETS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c4_cont_2" id="_FairValueDisclosuresTextBlock-c4_cont_1"><ix:nonNumeric contextRef="c4" escape="true" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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</div><div>

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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation id="_PrepaymentsDepositsAndOtherReceivablesTextBlock-c4_cont_2"><ix:nonNumeric contextRef="c4" escape="true" name="lgiq:ScheduleOfPrepaymentsDepositsAndOtherReceivablesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation id="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c4_cont_2"><ix:nonNumeric contextRef="c4" escape="true" name="lgiq:AccrualsAndOtherPayableTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c4_cont_2" id="_IncomeTaxDisclosureTextBlock-c4_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">The United States of America</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c4_cont_4" id="_IncomeTaxDisclosureTextBlock-c4_cont_3"><ix:nonNumeric contextRef="c4" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c4_cont_5" id="_IncomeTaxDisclosureTextBlock-c4_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DATALogiq business segment (Logiq, Inc. (Nevada)
formerly known as Origin8, Inc.)</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c4_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, this company does not
have any deferred tax asset.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c4" continuedAt="_DebtDisclosureTextBlock-c4_cont_1" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 13 &#8211; NOTES PAYABLE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DebtDisclosureTextBlock-c4_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 24, 2020, the Company&#8217;s subsidiary
Logiq, Inc. (Nevada) formerly known as Origin8, Inc. received loan proceeds in the amount of $<ix:nonFraction contextRef="c93" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRepaymentsOfNotesPayable" scale="0" unitRef="usd">503,700</ix:nonFraction> (the &#8220;PPP Loan&#8221;) under
the Paycheck Protection Program (&#8220;PPP&#8221;) under the Coronavirus Aid, Relief and Economic Security Act and applicable regulations
(the &#8220;CARES Act&#8221;).</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c4" continuedAt="_ShortTermDebtTextBlock-c4_cont_1" escape="true" name="us-gaap:ShortTermDebtTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 14 &#8211; CONVERTIBLE PROMISSORY NOTES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

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Proceeds received by the Company are in consideration for convertible promissory notes issued to the investors. The maturity date is <ix:nonNumeric contextRef="c95" format="ixt:date-monthname-day-year-en" name="us-gaap:DebtInstrumentMaturityDate">July
20, 2021</ix:nonNumeric> and interest accrues at <ix:nonFraction contextRef="c95" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtConversionOriginalDebtInterestRateOfDebt" scale="-2" unitRef="pure">10</ix:nonFraction>% per annum throughout the term of the 2020 Notes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ShortTermDebtTextBlock-c4_cont_3" id="_ShortTermDebtTextBlock-c4_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2020 Notes contained a contingent conversion
feature as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ShortTermDebtTextBlock-c4_cont_4" id="_ShortTermDebtTextBlock-c4_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Qualifying Event shall be any of the following
events: (i) a sale of any subsidiary. (ii) repayment to the Company in cash in full of amounts advanced to Weyland Indonesia Perkasa (&#8220;WIP&#8221;),
an Indonesian limited liability company, an &#8220;Associate&#8221; of the Company, or (iii) upon the closing of a financing (or aggregated
financings) of five million dollars ($<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="lgiq:GrossProceeds" scale="0" sign="-" unitRef="usd">5,000,000</ix:nonFraction>) or more, in gross proceeds to the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ShortTermDebtTextBlock-c4_cont_5" id="_ShortTermDebtTextBlock-c4_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The derivative liability is recorded at fair value
with changes in fair value recognized in interest income (expense), net.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ShortTermDebtTextBlock-c4_cont_6" id="_ShortTermDebtTextBlock-c4_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contingent Conversion Upon a Qualifying Event
&#8211;Effective upon closing a qualifying event, as defined above, the 2020 Notes will automatically be converted into common stock at
a conversion price of $<ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:CommonStockConvertibleConversionPriceIncrease" scale="0" unitRef="usdPershares">2.50</ix:nonFraction>. In the event there is no Qualifying event prior to Maturity Date, the Note holders would have the right either
to be paid back principal with interest or to convert the outstanding principal and accrued interest at a conversion price of $<ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="lgiq:OutstandingPrincipalAndAccruedInterestConversionPrice" scale="0" unitRef="usdPershares">1.20</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_ShortTermDebtTextBlock-c4_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As disclosed in the Company&#8217;s Quarterly
Report on Form 10-Q filed with the SEC on August 16, 2021, with the exception of 2 convertible promissory notes issued amounting to principal
of $<ix:nonFraction contextRef="c96" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFeeAmount" scale="0" unitRef="usd">30,000</ix:nonFraction>, the 2020 Notes were converted into shares of our common stock at $<ix:nonFraction contextRef="c96" decimals="2" format="ixt:num-dot-decimal" name="lgiq:CommonStockPerShares" scale="0" unitRef="usdPershares">2.50</ix:nonFraction> following the qualifying conversion date of July 17,
2021. On September 1, 2021, <ix:nonFraction contextRef="c97" decimals="0" format="ixt:num-dot-decimal" name="lgiq:CommonStockShare" scale="0" unitRef="shares">1,169,652</ix:nonFraction> shares of our common stock underlying the 2020 Notes were issued pursuant to this conversion.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c4" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 15 &#8211; STOCKHOLDERS&#8217; EQUITY</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

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</div><div>

</div><ix:nonNumeric contextRef="c98" name="lgiq:CertificateOfAmendmentDescription"><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_3" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 25, 2020, the Company filed a certificate
of amendment (the &#8220;Certificate of Amendment&#8221;) to the Company&#8217;s Certificate of Incorporation, as amended, with the Secretary
of State of the State of Delaware, to effect a reverse stock split of the Company&#8217;s common stock, $0.0001 par value per share (&#8220;Common
Stock&#8221;), at a rate of approximately 1-for-13 (the &#8220;Reverse Stock Split&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_4" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c4" name="lgiq:CertificateOfAmendmentDescription">Upon the filing of the Certificate of Amendment,
and the resulting effectiveness of the Reverse Stock Split, every 13 outstanding shares of the Company&#8217;s Common Stock were, without
any further action by the Company, or any holder thereof, combined into and automatically became 1 share of the Company&#8217;s Common
Stock.</ix:nonNumeric> No fractional shares were issued as a result of the Reverse Stock Split. In lieu thereof, fractional shares were cancelled, and
stockholders received a cash payment in an amount equal to the fair market value of such fractional shares on the effective date. All
shares of Common Stock eliminated as a result of the Reverse Stock Split have been returned to the Company&#8217;s authorized and unissued
capital stock, and the Company&#8217;s capital was reduced by an amount equal to the par value of the shares of Common Stock so retired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_5" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Reverse Stock Split did not change the Company&#8217;s
current authorized number of shares of Common Stock or its par value. As such, the Company is authorized to issue up to <ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">250,000,000</ix:nonFraction> shares
of Common Stock, par value $<ix:nonFraction contextRef="c1" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 98; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_6" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Issuance of Common Stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_7" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2019, the Company issued a total of <ix:nonFraction contextRef="c99" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">51,762,839</ix:nonFraction>
Reg S shares to high net worth individuals and family offices in South East Asia.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_8" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2019, a total
of <ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="lgiq:ConsultancyServicesSharesOne" scale="0" unitRef="shares">19,311,309</ix:nonFraction> shares with par value of $<ix:nonFraction contextRef="c18" decimals="4" format="ixt:num-dot-decimal" name="lgiq:ConsultancyServicesPerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share were issued for consultancy services received including shares issued to Senior
Management, Directors, Operational Staff, Legal Consultants, Strategy Advisors and Technology Consultants received and <ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">58,627,601</ix:nonFraction> shares
with par value of $<ix:nonFraction contextRef="c7" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share were issued to various stockholders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_9" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2020, a total
of <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">6,995,735</ix:nonFraction> shares (post reverse split of approximately 13:1) with par value of $<ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share were issued to various stockholders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_10" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the year 2021 we have below common stock issuance:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_11" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Common Stock &#8211; January 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_12" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 12, 2021, Logiq entered into a Stock
Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering, <ix:nonFraction contextRef="c100" decimals="0" format="ixt:num-dot-decimal" name="lgiq:DirectOfferingSharesOne" scale="0" unitRef="shares">101,694</ix:nonFraction>
shares of the Company&#8217;s common stock to the purchasers&#160;at an offering price of $<ix:nonFraction contextRef="c100" decimals="2" format="ixt:num-dot-decimal" name="lgiq:OfferingPricePerShare" scale="0" unitRef="usdPershares">8.50</ix:nonFraction>&#160;per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_13" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering resulted in gross proceeds of approximately
$<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lgiq:GrossProceed" scale="0" unitRef="usd">864,000</ix:nonFraction> before deducting offering expenses. The shares of common stock were offered by the Company pursuant to a prospectus supplement
to the Company&#8217;s effective shelf registration statement on Form S-3 (Registration No. 333-248069), which was initially filed with
the Securities and Exchange Commission on August 17, 2020, and was declared effective on August 26, 2020 (the &#8220;Registration Statement&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_14" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Agreement and Plan of Merger &#8211; Rebel AI, Inc.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_15" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 29, 2021, Logiq, RAI Acquisition Sub,
Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (&#8220;Merger Sub&#8221;), Rebel AI, Inc., a Delaware corporation
(&#8220;Rebel AI&#8221;), and Emmanuel Puentes, on behalf of the stockholders of Rebel AI (in such capacity, the &#8220;Stockholders&#8217;
Agent&#8221;), consummated a transaction pursuant to the terms of that certain Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;)
whereby the parties effectuated a merger of Merger Sub with and into Rebel AI, and as a result, Rebel AI became a wholly-owned subsidiary
of the Company (the &#8220;Merger&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_16" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As consideration for the Merger, the Company delivered
to those persons set forth in the Merger Agreement an aggregate total cash payment of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="0" unitRef="usd">1,126,000</ix:nonFraction> (the &#8220;Cash Consideration&#8221;),
and an aggregate number of restricted shares of the Company&#8217;s common stock, par value $<ix:nonFraction contextRef="c35" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share (&#8220;Common Stock&#8221;),
equal to <ix:nonNumeric contextRef="c4" name="lgiq:MergerAgreementDescription">(i) (x) $7,000,000, divided by (ii) the volume weighted average closing price of the Company&#8217;s Common Stock for the twenty
consecutive trading days prior to Closing (the &#8220;Stock Consideration,&#8221; and together with the Cash Consideration, the &#8220;Merger
Consideration&#8221;), subject in each case to adjustment as provided in the Merger Agreement. Notwithstanding the foregoing, pursuant
to the terms of the Merger Agreement, (i) a portion of the Cash Consideration, in an amount equal to the outstanding balance of that PPP
Loan made to Rebel AI in January 2021, shall be withheld at Closing and placed into an escrow account, pending forgiveness or repayment
of the PPP Loan, as applicable, and (ii) $2,000,000 of Common Stock shall be withheld from the Stock Consideration and deposited into
an escrow account, pending release in accordance with the terms of the Merger Agreement.</ix:nonNumeric>&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_17" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 30, 2021, the parties entered into an
Amendment No. 1 to Agreement and Plan of Merger (the &#8220;Amendment&#8221;), pursuant to which the parties amended the Merger Agreement
to eliminate any potential reductions to the total cash purchase price payable pursuant to the Merger Agreement in the event that the
PPP Loan made to Rebel AI in January 2021 is not forgiven in full. As a result, Schedule A to the Merger Agreement was deleted and eliminated
in its entirety.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_18" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Common Stock &#8211; March 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_19" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 8, 2021, Logiq entered into a Stock Purchase
Agreement with an accredited investor, pursuant to which the Company agreed to issue and sell, in a registered direct offering, <ix:nonFraction contextRef="c101" decimals="0" format="ixt:num-dot-decimal" name="lgiq:DirectOfferingSharesOne" scale="0" unitRef="shares">100,000</ix:nonFraction>
shares of the Company&#8217;s common stock, to the purchaser&#160;at an offering price of $<ix:nonFraction contextRef="c101" decimals="2" format="ixt:num-dot-decimal" name="lgiq:OfferingPricePerShare" scale="0" unitRef="usdPershares">5.00</ix:nonFraction>&#160;per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_20" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering resulted in gross proceeds of approximately
$<ix:nonFraction contextRef="c102" decimals="0" format="ixt:num-dot-decimal" name="lgiq:GrossProceed" scale="0" unitRef="usd">500,000</ix:nonFraction> before deducting offering expenses. The shares were offered by the Company pursuant to a prospectus supplement to the Company&#8217;s
Registration Statement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_21" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Common Stock &#8211; April 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_22" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 15, 2021, Logiq entered into a Stock
Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering, <ix:nonFraction contextRef="c103" decimals="0" format="ixt:num-dot-decimal" name="lgiq:DirectOfferingSharesOne" scale="0" unitRef="shares">304,000</ix:nonFraction>
shares of the Company&#8217;s common stock, to the purchasers&#160;at an offering price of $<ix:nonFraction contextRef="c103" decimals="2" format="ixt:num-dot-decimal" name="lgiq:OfferingPricePerShare" scale="0" unitRef="usdPershares">5.00</ix:nonFraction>&#160;per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_23" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering resulted in gross proceeds of approximately
$<ix:nonFraction contextRef="c104" decimals="0" format="ixt:num-dot-decimal" name="lgiq:GrossProceed" scale="0" unitRef="usd">1,520,000</ix:nonFraction> before deducting offering expenses. The shares were offered by the Company pursuant to a prospectus supplement to the Company&#8217;s
Registration Statement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_24" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Units in Connection With Canadian
IPO - June 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_25" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 9, 2021, <ix:nonNumeric contextRef="c105" name="lgiq:AgencyAgreementDescription">Logiq entered into an Agency
Agreement (the &#8220;Agency Agreement&#8221;) with Research Capital Corporation (the &#8220;Agent&#8221;) relating to the offering (the
&#8220;Offering&#8221;) by the Company of a minimum of 1,666,667 units of securities (each, a &#8220;Unit&#8221;), and a maximum of 3,333,333
Units, at a price of C$3.00 per Unit (the &#8220;Offering Price&#8221;), for minimum gross proceeds of C$5,000,000, and maximum gross
proceeds of C$10,000,000. Each Unit consists of (i) one share of common stock of the Company, par value $0.0001 per share (and the Common
Stock included in a Unit being a &#8220;Unit Share&#8221;), and (ii) one Common Stock purchase warrant (each, a &#8220;Warrant&#8221;),
where each Warrant entitles the holder thereof to acquire one share of Common Stock (each, a &#8220;Warrant Share&#8221;) at an exercise
price of C$3.50 per Warrant Share, subject to adjustment, at any time before the third anniversary (the &#8220;Warrant Expiry Date&#8221;)
of June 17, 2021 (the &#8220;Closing Date&#8221;)</ix:nonNumeric>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_26" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration for the Agent&#8217;s services
to the Company in connection with the Offering, the Company agreed to pay the Agent a cash fee (the &#8220;Agent&#8217;s Commission&#8221;)
equal to <ix:nonFraction contextRef="c4" decimals="3" format="ixt:num-dot-decimal" name="lgiq:AggregateGrossProceedsPercentage" scale="-2" unitRef="pure">8.0</ix:nonFraction>% of the aggregate gross proceeds of the Offering. As additional compensation, the Company also agreed to issue to the Agent
such number of non-transferrable compensation options (the &#8220;Agent Options&#8221;) equal to <ix:nonFraction contextRef="c106" decimals="3" format="ixt:num-dot-decimal" name="lgiq:NumberOfUnitsPercentage" scale="-2" unitRef="pure">8.0</ix:nonFraction>% of the number of Units sold pursuant
to the Offering. Each Agent Option is exercisable for one Unit (an &#8220;Agent Unit&#8221;) at an exercise price of C$<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="cadPershares">3.00</ix:nonFraction> until the
third anniversary of the Closing Date. Each Agent Unit consists of (i) one share of Common Stock, and (ii) one Common Stock purchase warrant
(each, an &#8220;Agent Unit Warrant&#8221;). The Agent Unit Warrants will be issued under a Warrant Indenture, and have the same attributes
as the Warrants to be comprised in the Units.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_27" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, the Company agreed to issue <ix:nonFraction contextRef="c107" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">83,333</ix:nonFraction>
units of securities (the &#8220;Advisory Fee Units&#8221;) to the Agent as compensation for certain strategic advisory and support services
rendered. This number was determined by dividing C$<ix:nonFraction contextRef="c107" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CapitalUnits" scale="0" unitRef="cad">250,000</ix:nonFraction> by the Offering Price. <ix:nonNumeric contextRef="c4" name="us-gaap:ConversionOfStockDescription">Each Advisory Fee Unit is comprised of (i) one share
of Common Stock, and (ii) one warrant exercisable to purchase one share of Common Stock at an exercise price of C$3.50 for a period of
36 months from the Closing Date.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_28" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c4" name="lgiq:WarrantDescription">Pursuant to the terms of the Agency Agreement,
the Company also agreed to grant the Agent an option (the &#8220;Over-Allotment Option&#8221;), exercisable in whole or in part, at the
sole discretion of the Agent, at any time up to 30 days following the Closing Date, to purchase from the Company: (i) up to such additional
number of Units (the &#8220;Over-Allotment Units&#8221;) equal to 15% of the number of Units sold under the Offering (the &#8220;Over-Allotment
Number&#8221;) at the Offering Price; (ii) up to such number of additional Warrants (the &#8220;Over-Allotment Warrants&#8221;) equal
to 15% of the number of Warrants comprising the Units sold under the Offering at C$0.4898 per Over-Allotment Warrant; (iii) up to such
number of additional shares of Common Stock (the &#8220;Over-Allotment Unit Shares&#8221;) equal to 15% of the number of shares of Common
Stock comprising the Units sold under the Offering at C$2.5102 per Over-Allotment Unit Share; or (iv) any combination of Over-Allotment
Units, Over-Allotment Warrants, and Over-Allotment Unit Shares, so long as the aggregate number of Over-Allotment Units, Over-Allotment
Warrants, and Over-Allotment Unit Shares does not comprise together more than what is included in the Over-Allotment Number of Over-Allotment
Units.</ix:nonNumeric> The Over-Allotment Option was granted to the Agent solely to cover over-allotments, if any, and for market stabilization purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_29" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 21, 2021, the Offering closed whereby
the Company sold <ix:nonFraction contextRef="c108" decimals="0" format="ixt:num-dot-decimal" name="lgiq:SaleOfUnit" scale="0" unitRef="shares">1,976,434</ix:nonFraction> Units for aggregate gross proceeds of C$<ix:nonFraction contextRef="c109" decimals="0" format="ixt:num-dot-decimal" name="lgiq:GrossProceed" scale="0" unitRef="cad">5,929,302</ix:nonFraction> before deducting offering expenses. The Company also issued
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Offering, the Company entered into a Warrant Indenture (the &#8220;Warrant Indenture&#8221;) with Odyssey Trust Company (the &#8220;Warrant
Agent&#8221;), pursuant to which the Company issued Warrants to purchase up to a maximum of <ix:nonFraction contextRef="c111" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">4,223,333</ix:nonFraction> shares of Common Stock. Each Warrant
is exercisable at any time after June 21, 2021, and prior to June 21, 2024.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_30" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 21, 2021, the Company filed a prospectus
supplement (the &#8220;Resale Prospectus Supplement&#8221;) to the Registration Statement. The Resale Prospectus Supplement covered the
resale of the shares of Common Stock, Warrants (and the Warrant Shares underlying the Warrants), and Agent Options sold in the Offering,
and may be used by the selling stockholders or certain of their respective assigns identified therein to resell such securities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_31" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Overallotment-Allotment Offering &#8211;
July 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_32" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 27, 2021, the Company closed the partial
exercise of the over-allotment option granted to the Agent in connection with the Offering in Canada (the &#8220;Over-Allotment Offering&#8221;),
whereby the Company sold an additional <ix:nonFraction contextRef="c112" decimals="0" format="ixt:num-dot-decimal" name="lgiq:SoldAnAdditionalUnit" scale="0" unitRef="shares">201,700</ix:nonFraction> Units for aggregate gross proceeds of C$<ix:nonFraction contextRef="c113" decimals="0" format="ixt:num-dot-decimal" name="lgiq:GrossProceed" scale="0" unitRef="cad">605,100</ix:nonFraction> before deducting offering expenses. The
Company also issued an additional <ix:nonFraction contextRef="c112" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">16,136</ix:nonFraction> non-transferrable Agent Options to the Agent as compensation for certain strategic advisory and
support services rendered to the Company in connection with the Offering.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_33" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Over-Allotment Offering,
on July 27, 2021, the Company filed a prospectus supplement to its shelf registration statement on Form S-3 (Registration No. 333-248069),
which was initially filed with the Commission on August 17, 2020, and was declared effective on August 26, 2020. The prospectus supplement
covers the resale of the shares of Common Stock, Warrants (and the Warrant Shares underlying the Warrants), and Agent Options sold in
the Over-Allotment Offering, and may be used by the selling stockholders or certain of their respective assigns identified therein to
resell such securities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_34" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Conversion of promissory notes-July 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_35" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 21, 2021, the total outstanding convertible
promissory notes of $<ix:nonFraction contextRef="c114" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleNotesPayable" scale="0" unitRef="usd">2,911,000</ix:nonFraction>, with the exception of two convertible promissory notes issued amounting to principal amount of $<ix:nonFraction contextRef="c115" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" scale="0" unitRef="usd">30,000</ix:nonFraction>,
converted their notes into shares issued as additional paid in capital.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_36" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Common stock &amp; Warrants - August
2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_37" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 6, 2021, Logiq entered into a Stock
Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering, <ix:nonFraction contextRef="c116" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">1,668,042</ix:nonFraction>
shares of the Company&#8217;s common stock to the purchasers at an offering price of $<ix:nonFraction contextRef="c116" decimals="2" format="ixt:num-dot-decimal" name="lgiq:OfferingPricePerShare" scale="0" unitRef="usdPershares">2.40</ix:nonFraction> per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_38" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering resulted in gross proceeds of approximately
$<ix:nonFraction contextRef="c117" decimals="0" format="ixt:num-dot-decimal" name="lgiq:GrossProceed" scale="0" unitRef="usd">4,003,301</ix:nonFraction> before deducting offering expenses. The Shares were offered by the Company pursuant to a prospectus supplement to the Company&#8217;s
Registration Statement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_39" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 6, 2021, the Company issued warrants
(each, a &#8220;Warrant&#8221;) to purchase up to <ix:nonFraction contextRef="c117" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets" scale="0" unitRef="usd">1,668,042</ix:nonFraction> shares of common stock. Each Warrant is a cash warrant and is exercisable
at any time after August 6, 2021, and prior to August 6, 2024, with an exercise price of $<ix:nonFraction contextRef="c117" decimals="2" format="ixt:num-dot-decimal" name="lgiq:ExercisePrice" scale="0" unitRef="usdPershares">2.85</ix:nonFraction> per share (subject to a contractual <ix:nonFraction contextRef="c117" decimals="2" format="ixt:num-dot-decimal" name="lgiq:PercentageOfContractualDiscount" scale="-2" unitRef="pure">8</ix:nonFraction>%
discount for one holder).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_40" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrants were issued in reliance on the exemption
from registration provided by Section&#160;4(a)(2) of the Securities Act of 1933, as amended, to a limited number of persons who are &#8220;accredited
investors&#8221; or &#8220;sophisticated persons&#8221; as those terms are defined in Rule 501 of Regulation D promulgated by the SEC
or Regulation S thereunder, without the use of any general solicitation or advertising to market or otherwise offer the Warrants for sale.
None of the Warrants or the Common Stock underlying such Warrants have been registered under the Securities Act of 1933, as amended, or
applicable state securities laws, and none may be offered or sold in the United States absent registration under the Securities Act of
1933, as amended, or an exemption from such registration requirements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_41" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period from October 1, 2021 to December
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</div><div>

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Management, Directors, Operational Staff, Legal Consultants, Strategy Advisors and Technology Consultants received and 58,627,601 shares
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Management, Directors, Operational Staff, Legal Consultants, Strategy Advisors and Technology Consultants received and 5,677,684 shares
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market value of the common share price which is the closing price quoted on the Pink Sheets on the last trading day before the date of
grant. The stock options generally vest on a monthly basis over a <span style="-sec-ix-hidden: hidden-fact-127">two</span>-year to <span style="-sec-ix-hidden: hidden-fact-128">three</span>-year period, and have a <span style="-sec-ix-hidden: hidden-fact-129">five</span>-year life.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

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</div><div>

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 Grant-date<br/>
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 Remaining<br/>
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</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_56" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_55"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All options outstanding are fully expired as of
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_57" id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_56"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock-Based Compensation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c4_cont_57"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal year ended December 31, 2021, a
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:nonNumeric contextRef="c4" name="us-gaap:StockholdersEquityNoteStockSplit"><ix:continuation id="_EarningsPerShareTextBlock-c4_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The weighted average number of shares of common
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c4" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 17 &#8211; COMMITMENTS AND CONTINGENCIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">Operating lease</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s current executive offices
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</div><div>

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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_7" id="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the rate implicit in the lease is not
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_8" id="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information related to the Group&#8217;s operating
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_9" id="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_8"><ix:nonNumeric contextRef="c4" escape="true" name="us-gaap:OperatingLeaseLeaseIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_10" id="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future minimum lease payments under the non-cancellable
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_11" id="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_10"><ix:nonNumeric contextRef="c4" escape="true" name="lgiq:ScheduleOfFutureMinimumLeasePaymentForCapitalLeasesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_12" id="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">Legal proceedings</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c4_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c4" continuedAt="_SegmentReportingDisclosureTextBlock-c4_cont_1" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 18 &#8211; SEGMENT INFORMATION</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c4_cont_2" id="_SegmentReportingDisclosureTextBlock-c4_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has determined that it operates in <ix:nonFraction contextRef="c4" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:NumberOfOperatingSegments" scale="0" unitRef="pure">two</ix:nonFraction>
operating and reportable business segments: AppLogiq and DataLogiq. The Company determined its reportable segments based on operating
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Chief Executive Officer (&#8220;CEO&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c4_cont_3" id="_SegmentReportingDisclosureTextBlock-c4_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The AppLogiq reportable segment is comprised of
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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c4_cont_4" id="_SegmentReportingDisclosureTextBlock-c4_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The DataLogiq reportable segment is comprised
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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c4_cont_5" id="_SegmentReportingDisclosureTextBlock-c4_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents the segment information
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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c4_cont_6" id="_SegmentReportingDisclosureTextBlock-c4_cont_5"><ix:nonNumeric contextRef="c4" escape="true" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c4_cont_7" id="_SegmentReportingDisclosureTextBlock-c4_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Significant Customers</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SegmentReportingDisclosureTextBlock-c4_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No revenues from any single customer exceeded <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="lgiq:PercentageOfNetRevenue" scale="-2" unitRef="pure">10</ix:nonFraction>% of total net revenues
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 105; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c4" continuedAt="_GeographicInformationTextBlock-c4_cont_1" escape="true" name="lgiq:GeographicInformationTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 19 &#8211; GEOGRAPHICAL INFORMATION</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c4_cont_3" id="_BusinessCombinationDisclosureTextBlock-c4_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 8, 2020, the Company acquired substantially
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c4_cont_5" id="_BusinessCombinationDisclosureTextBlock-c4_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period ended December 31, 2020, the
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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c4_cont_6" id="_BusinessCombinationDisclosureTextBlock-c4_cont_5"><ix:nonNumeric contextRef="c4" continuedAt="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c4_cont_1" escape="true" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

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net assets acquired in the acquisition make use of quoted prices in active markets, discounted cash flows and risk adjusted weighted cost
of capital. The methods used in determining fair value of the intangible assets included consideration of the three traditional approaches
to value: market, income, and cost. Accordingly, after due consideration of other appropriate and generally accepted valuation methodologies,
the value of intangible assets acquired from Push has been developed primarily on the basis of the income approach. Under the income approach,
the Company evaluated revenue projections derived from the software technology and the appropriate royalty rate that Push Holdings would
have paid if Push Holdings did not own the software technology.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c4_cont_11" id="_BusinessCombinationDisclosureTextBlock-c4_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixel AI Inc.</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c4_cont_13" id="_BusinessCombinationDisclosureTextBlock-c4_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Closing Date, the Company issued <ix:nonFraction contextRef="c169" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">564,467</ix:nonFraction>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c4_cont_15" id="_BusinessCombinationDisclosureTextBlock-c4_cont_14"><ix:continuation continuedAt="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c4_cont_2" id="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c4_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c169" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther" scale="0" unitRef="usd">47,021</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deferred revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c169" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue" scale="0" unitRef="usd">55,958</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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the value of intangible assets acquired from Fixel has been developed primarily on the basis of the income approach. Under the income
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

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to value: market, income, and cost. Accordingly, after due consideration of other appropriate and generally accepted valuation methodologies,
the value of intangible assets acquired from Rebel has been developed primarily on the basis of the income approach. Under the income
approach, the Company evaluated revenue projections derived from the software technology and the appropriate royalty rate that Rebel would
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</div><div>

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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center"><b>LOGIQ INC.</b></p><div>

</div><div><a id="f_001a"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center"><b><i>Consolidated Balance Sheets</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center"><b>&#160;</b></p><div>

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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-5; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Right to use assets - operating lease </span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lgiq:RightToUseAssetsOperatingLeases" scale="0" unitRef="usd">173,803</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Prepayment, deposit and other receivables </span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="usd">606,627</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="usd">804,011</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Financial assets held for resale </span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-6; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustCurrent" scale="0" unitRef="usd">681</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Restricted cash </span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Cash and cash equivalents </span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">3,749,303</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">1,563,752</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">13,657,314</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
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    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">34,186,409</ix:nonFraction></span></td>
    <td style="padding-bottom: 4pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><b>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY </b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><b>Current Liabilities </b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Accounts payable </span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd">2,159,995</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd">2,293,858</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Accruals and other payables </span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndOtherAccruedLiabilities" scale="0" unitRef="usd">1,732,925</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndOtherAccruedLiabilities" scale="0" unitRef="usd">1,804,131</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Deferred revenue </span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenueCurrent" scale="0" unitRef="usd">3,154</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenueCurrent" scale="0" unitRef="usd">10,500</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Lease liability - operating lease </span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">173,803</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">91,571</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Deposits received for share to be issued </span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositLiabilityCurrent" scale="0" unitRef="usd">17,100</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositLiabilityCurrent" scale="0" unitRef="usd">401,028</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Total current liabilities </span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">4,086,977</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">4,601,088</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><b>Non-Current Liabilities </b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLoansPayableLongTerm" scale="0" unitRef="usd">10,000</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLoansPayableLongTerm" scale="0" unitRef="usd">10,000</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><b>Total non-current liabilities </b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd">10,000</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd">10,000</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 4pt; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt"><b>Total liabilities </b></span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">4,096,977</ix:nonFraction></span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center">The accompanying notes are an integral
part of these financial statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 109; Options: NewSection; Value: 29 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><b>LOGIQ INC.</b></p><div>

</div><div><a id="f_002a"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><b><i>Consolidated Statements of Operations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the three months ended <br/>
March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
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    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center">The accompanying notes are an
integral part of these financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 110; Value: 29 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center"><b>LOGIQ INC.</b></p><div>

</div><div><a id="a_003a"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center"><b><i>Consolidated Statements of Cash
Flows</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; padding-left: 9pt; text-align: center; text-indent: -9pt">&#160;</td>
    <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt"><b>For the three months ended<br/>
March 31,</b></span></td>
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 9pt; text-align: center; text-indent: -9pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 9pt; text-align: center; text-indent: -9pt">&#160;</td>
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    <td style="text-align: center">&#160;</td>
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    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -9pt"><span style="font-size: 10pt"><b>Changes in operating assets and liabilities:</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="padding-bottom: 1.5pt; padding-left: 0.5in; text-indent: -9pt"><span style="font-size: 10pt">Deferred revenue</span></td>
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    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">)</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">)</span></td>
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    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: center">The accompanying notes are an integral
part of these financial statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 111; Value: 29 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LOGIQ INC.</b></p><div>

</div><div><a id="a_004a"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>Consolidated Statements of Stockholders&#8217;
Equity</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 0.25in">Issuance of shares for proceeds</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c47" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares">1,032,056</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c47" decimals="0" format="ixt:num-dot-decimal" name="lgiq:StockIssuedDuringPeriodForValueAcquisitions" scale="0" unitRef="usd">103</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 0.25in">Issuance of shares for services</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Net loss for the period</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these financial statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_005a"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO UNAUDITED CONDENSED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_2" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Corporate Information</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_3" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Logiq, Inc., formerly known as Weyland Tech, Inc.,
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</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_4" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Business Overview</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_5" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company offers solutions
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their clients globally. The Company&#8217;s solutions are provided through (i) its &#8220;AppLogiq&#8221; business segment (operated as
CreateApp (https://www.createapp.com/), which allows SMBs to establish their point-of-presence on the web, and (ii) its &#8220;DataLogiq&#8221;
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</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_6" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company enables SMBs
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</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_7" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">We provide our PaaS and
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and promote their products and services using our affordable and cost-effective solutions. We recognize revenue on a pay to use subscription
basis when our customers use our PaaS platform to create mobile apps for their business and on our SaaS platform when provisioning services
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_9" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_10" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_11" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_12" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_13" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_15" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt">&#160;</td> <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 31, 2022 the Company, Battle Bridge Acquisition Co, LLC, a company beneficially owned entirely by the Company (the &#8220;Buyer&#8221;), Section 2383 LLC, a Wyoming limited liability company (&#8220;Seller&#8221;), Travis Phipps, an individual (&#8220;Phipps&#8221;) and Robb Billy (&#8220;Billy&#8221; and, together with Phipps, the &#8220;Founders&#8221;) and Travis Phipps, as Representative, entered into an asset purchase agreement (the &#8220;Battle Bridge Purchase Agreement&#8221;) whereby the Buyer agreed to purchase from Seller and Seller agreed to sell to Buyer substantially all of the assets of Seller which represents the &#8220;Battle Bridge Labs&#8221; business (the &#8220;Battle Bridge Assets&#8221;) (collectively, the &#8220;Transaction&#8221;). The consummation of the Transaction (the &#8220;Closing&#8221;) occurred simultaneously with execution of the Battle Bridge Purchase Agreement on March 31, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">As consideration for the Buyer&#8217;s acquisition of the Battle Bridge Assets, the Company agreed to pay $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetAcquisitionConsiderationTransferred" scale="0" unitRef="usd">3,250,000</ix:nonFraction> (the &#8220;Purchase Price&#8221;) which consisted of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetAcquisitionConsiderationTransferredOtherAssets" scale="0" unitRef="usd">250,000</ix:nonFraction> in cash (the &#8220;Cash Consideration&#8221;) and the issuance of <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings" scale="0" unitRef="shares">2,912,621</ix:nonFraction> shares of restricted common stock of the Company at $<ix:nonFraction contextRef="c178" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionSharePrice" scale="0" unitRef="usdPershares">1.03</ix:nonFraction> per share (the &#8220;Stock Consideration&#8221;) (representing $<ix:nonFraction contextRef="c179" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" scale="0" unitRef="usd">3,000,000</ix:nonFraction> in Stock Consideration) which was the volume weighted average price (VWAP) of the Company&#8217;s Common Stock as reported by Bloomberg LP for the twenty (20) trading days immediately prior to Closing. $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" scale="0" unitRef="usd">500,000</ix:nonFraction> in Stock Consideration was retained by the Company at the Closing and held as partial security to satisfy indemnification claims for a period of 12 months following the Closing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">In addition, the recipients of the Stock Consideration agreed to sign lock-up and leak-out agreements which provide that, following a 6-month lock-period and ending 18 months after Closing, any sales of the Company&#8217;s common stock by such recipients do not exceed one percent (<ix:nonFraction contextRef="c178" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" scale="-2" unitRef="pure">1</ix:nonFraction>%) of the then applicable thirty (30) day trading average volume of the Company&#8217;s common stock as of such date.</p></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
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</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_16" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>AppLogiq Spin-Off</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p></ix:continuation><div>

</div><div>

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owned subsidiary of the Company, pursuant to which the Company agreed to transfer its AppLogiq business to Lovarra, subject to customary
conditions and approvals and completion of requisite financial statement audits (the &#8220;Separation&#8221;). Lovarra is a fully reporting
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and collectively with the &#8220;Separation,&#8221; the &#8220;Spin Off&#8221;), which Distribution of said shares is expected to occur
approximately six months from completion of the Separation (the &#8220;Distribution Date&#8221;), subject to customary conditions and
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</div><div>

</div><ix:continuation continuedAt="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_18" id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">On January 27, 2022,
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</div><div>

</div><ix:continuation id="_BusinessDescriptionAndBasisOfPresentationTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Until such time as the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

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AI Inc., as well as the accounts of Lovarra, a majority owned subsidiary of Logiq, Inc. Material intercompany balances and transactions
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date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best
estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements
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price of the acquisition to the tangible assets, liabilities and identifiable intangible assets acquired based on their estimated fair
values. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition related expenses and integration
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to SMBs in a wide variety of industry sectors, to increase their sales, reach more customers, and promote their products and services
using our affordable and cost-effective solutions. We recognize revenue on a pay to use subscription basis when our customers use our
PaaS platform to create mobile apps for their business. Our AppLogiq segment was sold and assigned to Lovarra, a majority owned subsidiary
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online marketing, and multichannel reengagement strategies through its owned and operated brands by Fixel AI Inc and Rebel AI Inc. DataLogiq
has developed a proprietary data management platform and integrates with several third-party service providers to optimize the return
on its marketing efforts. DataLogiq focuses on consumer engagement and data enrichment to maximize its return on acquisition through repeat
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segments. We manage our business on the basis of the two reportable segment e-commerce solutions and service provider. The
accounting policies for segment reporting are the same as for the Company as a whole. We do not segregate assets by segments since
our chief operating decision maker, or decision-making group, does not use assets as a basis to evaluate a segment&#8217;s
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exist that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company first assesses
qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying
value. Based on that qualitative assessment, if it is more likely than not that the fair value of a reporting unit is less than its carrying
value, the Company conducts a quantitative goodwill impairment test, which involves comparing the estimated fair value of the reporting
unit with its carrying value, including goodwill. The Company estimates the fair value of a reporting unit using a combination of the
income and market approach. If the carrying value of the reporting unit exceeds its estimated fair value, an impairment loss is recorded
for the difference. The Company performed its qualitative assessment and determined that no impairment indicators were present during
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recoverable. It is possible that these assets could become impaired as a result of technology, economy or other industry changes. If circumstances
require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected
to be generated by that asset or asset group to its carrying value. If the carrying value of the long-life asset or asset group is not
recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value.
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used to determine future values and remaining useful lives of long-lived assets are complex and subjective. They can be affected by various
factors, including external factors such as industry and economic trends, and internal factors such as the Company&#8217;s business strategy
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than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible
are considered when assessing whether the Group controls another entity. The purchase method of accounting is used to account for the
acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued or
liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired
and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values on the date of
acquisition, irrespective of the extent of any minority interest. Subsidiaries are consolidated from the date on which control is transferred
to the Group to the date on which that control ceases. In preparing the consolidated financial statements, intercompany transactions,
balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments are made to the financial statements
of subsidiaries to ensure consistency of accounting policies with those of the Group. Minority interest is that part of the net results
of operations and of net assets of a subsidiary attributable to interests which are not owned directly or indirectly by the Group. It
is measured at the minorities&#8217; share of the fair value of the subsidiaries&#8217; identifiable assets and liabilities at the date
of acquisition by the Group and the minorities&#8217; share of changes in equity since the date of acquisition, except when the losses
applicable to the minority in a subsidiary exceed the minority interest in the equity of that subsidiary. In such cases, the excess and
further losses applicable to the minority are attributed to the equity holders of the Company, unless the minority has a binding obligation
to, and is able to, make good the losses. When that subsidiary subsequently reports profits, the profits applicable to the minority are
attributed to the equity holders of the Company until the minority&#8217;s share of losses previously absorbed by the equity holders of
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receivable from associates are recognized as a reduction in the carrying amount of the investment. Where the group&#8217;s share of losses
in an associate equals or exceeds its interest in the associate, including any other unsecured long-term receivables, the group does not
recognize further losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealized gains on transactions
between the group and its associates are eliminated to the extent of the group&#8217;s interest in the associates. Unrealized losses are
also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company
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the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee&#8217;s obligation to make lease
payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee&#8217;s
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The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any
initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets
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losses, interest calculated using the effective interest method and foreign exchange gains and losses on monetary assets are recognized
directly in profit or loss. Dividends on available-for-sale equity instruments are recognized in profit or loss when the Company&#8217;s
right to receive payments is established. The fair value of available-for-sale monetary assets denominated in a foreign currency is determined
in that foreign currency and translated at the spot rate at end of the reporting period. The change in fair value attributable to translation
differences that result from a change in amortized cost of the available-for-sale monetary asset is recognized in profit or loss, and
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on our best estimate of probable credit losses on our existing accounts receivable. Balances are written off against the allowance after
all means of collection have been exhausted and the possibility of recovery is considered remote.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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equity instruments granted to employees be treated as potential common shares in computing diluted earnings per share. Diluted earnings
per share should be based on the actual number of options or shares granted and not yet forfeited, unless doing so would be anti-dilutive.
The Company uses the &#8220;treasury stock&#8221; method for equity instruments granted in share-based payment transactions provided in
ASC 260 to determine diluted earnings per share. Antidilutive securities represent potentially dilutive securities which are excluded
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or desktop browser. The Company recognizes revenue on a pay-to-use subscription basis when our customers use our platform. For the territories
licensed to our distributors and on a white label basis, we derive royalty income from the end user use of our platform on a white label
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current year and (ii) future tax consequences attributable to differences between financial statement carrying amounts of existing assets
and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A
valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of available evidence it is more likely
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</div><div>

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</div><div>

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value recognition provisions&#160;<i>ASC 718</i>,&#160;<i>Compensation &#8211; Stock Compensation,</i>&#160;which establishes accounting
for stock-based awards exchanged for employee services and requires companies to expense the estimated grant date fair value of stock
awards over the requisite employee service period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_64" id="_SignificantAccountingPoliciesTextBlock-c0_cont_63"><ix:continuation id="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Note 13, Stockholders&#8217; Equity, for further details on our
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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Standards Update (ASU) No. 2017-13, &#8220;Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases
(Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting
and Rescission of Prior SEC Staff Announcements and Observer Comments.&#8221; The ASU adds SEC paragraphs to the new revenue and leases
sections of the Codification on the announcement the SEC Observer made at the July 20, 2017 Emerging Issues Task Force (EITF) meeting.
The SEC Observer said that the SEC staff would not object if entities that are considered public business entities only because their
financial statements or financial information is required to be included in another entity&#8217;s SEC filing use the effective dates
for private companies when they adopt ASC 606, Revenue from Contracts with Customers, and ASC 842, Leases. This would include entities
whose financial statements are included in another entity&#8217;s SEC filing because they are significant acquirees under Rule 3-05 of
Regulation S-X, significant equity method investees under Rule 3-09 of Regulation S-X and equity method investees whose summarized financial
information is included in a registrant&#8217;s financial statement notes under Rule 4-08(g) of Regulation S-X. The ASU also supersedes
certain SEC paragraphs in the Codification related to previous SEC staff announcements and moves other paragraphs, upon adoption of ASC
606 or ASC 842. The Company does not expect that the adoption of this guidance will have a material impact on its condensed consolidated
financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
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&#8220;Income Statement-Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers
(Topic 606): Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release 33-10403.&#8221; The ASU amends
various paragraphs in ASC 220, Income Statement - Reporting Comprehensive Income; ASC 605, Revenue Recognition; and ASC 606, Revenue From
Contracts With Customers, that contain SEC guidance. The amendments include superseding ASC 605-10-S25-1 (SAB Topic 13) as a result of
SEC Staff Accounting Bulletin No. 116 and adding ASC 606-10-S25-1 as a result of SEC Release No. 33-10403. The Company does not expect
that the adoption of this guidance will have a material impact on its condensed consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_68" id="_SignificantAccountingPoliciesTextBlock-c0_cont_67"><ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_4" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2018, the FASB issued ASU No. 2018-02,
&#8220;Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income.&#8221; The ASU amends ASC 220, Income Statement
- Reporting Comprehensive Income, to &#8220;allow a reclassification from accumulated other comprehensive income to retained earnings
for stranded tax effects resulting from the Tax Cuts and Jobs Act.&#8221; In addition, under the ASU, an entity will be required to provide
certain disclosures regarding stranded tax effects. The ASU is effective for all entities for fiscal years beginning after December 15,
2018, and interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material
impact on its condensed consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_69" id="_SignificantAccountingPoliciesTextBlock-c0_cont_68"><ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_5" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2018, the FASB issued ASU 2018-05 - Income
Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (&#8220;ASU 2018-05&#8221;), which amends
the FASB Accounting Standards Codification and XBRL Taxonomy based on the Tax Cuts and Jobs Act (the &#8220;Act&#8221;) that was signed
into law on December 22, 2017 and Staff Accounting Bulletin No. 118 (&#8220;SAB 118&#8221;) that was released by the Securities and Exchange
Commission. The Act changes numerous provisions that impact U.S. corporate tax rates, business-related exclusions, and deductions and
credits and may additionally have international tax consequences for many companies that operate internationally. The Company does not
believe this guidance will have a material impact on its condensed consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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Improvements to Topic 842, Leases.&#8221; The ASU addresses 16 separate issues which include, for example, a correction to a cross reference
regarding residual value guarantees, a clarification regarding rates implicit in lease contracts, and a consolidation of the requirements
about lease classification reassessments. The guidance also addresses lessor reassessments of lease terms and purchase options, variable
lease payments that depend on an index or a rate, investment tax credits, lease terms and purchase options, transition guidance for amounts
previously recognized in business combinations, and certain transition adjustments, among others. For entities that early adopted Topic
842, the amendments are effective upon issuance of this Update, and the transition requirements are the same as those in Topic 842. For
entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition
requirements in Topic 842. The Company does not believe this guidance will have a material impact on its condensed consolidated financial
statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_71" id="_SignificantAccountingPoliciesTextBlock-c0_cont_70"><ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_7" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2018, the FASB issued ASU 2018-11 - Leases
(Topic 842): Targeted Improvements. The ASU simplifies transition requirements and, for lessors, provides a practical expedient for the
separation of non-lease components from lease components. Specifically, the ASU provides: (1) an optional transition method that entities
can use when adopting ASC 842 and (2) a practical expedient that permits lessors to not separate non-lease components from the associated
lease component if certain conditions are met. For entities that have not adopted Topic 842 before the issuance of this Update, the effective
date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Update
2016-02. For entities that have adopted Topic 842 before the issuance of this Update, the transition and effective date of the amendments
in this Update are as follows: 1) The practical expedient may be elected either in the first reporting period following the issuance of
this Update or at the original effective date of Topic 842 for that entity. 2) The practical expedient may be applied either retrospectively
or prospectively. All entities, including early adopters, that elect the practical expedient related to separating components of a contract
in this Update must apply the expedient, by class of underlying asset, to all existing lease transactions that qualify for the expedient
at the date elected. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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condition, or cash flows, based on current information.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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</div><div>

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</div><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_IntangibleAssetsDisclosureTextBlock-c0_cont_4" id="_IntangibleAssetsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amortization expense related to intangible assets
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</div><div>

</div><ix:continuation continuedAt="_IntangibleAssetsDisclosureTextBlock-c0_cont_5" id="_IntangibleAssetsDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No significant residual value is estimated for
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</div><div>

</div><ix:continuation continuedAt="_IntangibleAssetsDisclosureTextBlock-c0_cont_6" id="_IntangibleAssetsDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated future amortization expense of intangible
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</div><div>

</div><ix:continuation id="_IntangibleAssetsDisclosureTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 4 &#8211; PROPERTY AND EQUIPMENT, NET</b>&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_3" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Depreciation expense for the quarter ended March 31, 2022 and 2021
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 120; Value: 29 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_GoodwillDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:GoodwillDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 5 &#8211; GOODWILL</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_GoodwillDisclosureTextBlock-c0_cont_2" id="_GoodwillDisclosureTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfGoodwillTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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December 31,</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_GoodwillDisclosureTextBlock-c0_cont_3" id="_GoodwillDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill has been allocated for impairment testing
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</div><div>

</div><ix:continuation continuedAt="_GoodwillDisclosureTextBlock-c0_cont_4" id="_GoodwillDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recoverable amount of this unit is determined
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</div><ix:continuation id="_GoodwillDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The assets were valued using a Fair Market Value
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_AccountsAndNontradeReceivableTextBlock-c0_cont_1" escape="true" name="us-gaap:AccountsAndNontradeReceivableTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 6 &#8211; ACCOUNTS RECEIVABLE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_AccountsAndNontradeReceivableTextBlock-c0_cont_2" id="_AccountsAndNontradeReceivableTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of<br/> December 31,</b></span></td><td style="text-align: center">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_JointVentureTextBlock-c0_cont_4" id="_JointVentureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company held a <ix:nonNumeric contextRef="c0" name="us-gaap:EquityMethodInvestmentAdditionalInformation">31% unexercised option in WIP
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_AmountDueFromAssocateTextBlock-c0_cont_1" escape="true" name="lgiq:AmountDueFromAssocateTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 8 &#8211; AMOUNT DUE FROM ASSOCIATE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_AmountDueFromAssocateTextBlock-c0_cont_2" id="_AmountDueFromAssocateTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount due from associate is interest free,
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</div><div>

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</div><div>

</div><ix:continuation id="_AmountDueFromAssocateTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="lgiq:ScheduleOfAmountDueFromAssociateTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_PrepaymentsDepositAndOtherReceivablesTextBlock-c0_cont_1" escape="true" name="lgiq:PrepaymentsDepositAndOtherReceivablesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 9 &#8211; PREPAYMENTS, DEPOSIT AND OTHER RECEIVABLES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_PrepaymentsDepositAndOtherReceivablesTextBlock-c0_cont_2" id="_PrepaymentsDepositAndOtherReceivablesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prepayments, deposits and other receivables consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_PrepaymentsDepositAndOtherReceivablesTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="lgiq:PrepaymentsDepositsAndOtherReceivablesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_2" id="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accruals and other payable consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="lgiq:AccrualsAndOtherPayableTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_2" id="_IncomeTaxDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">The United States of America</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2022, the Company does not have
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

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or a portion of its PPP Loan. Such forgiveness was to be determined, subject to limitations, based on the use of the loan proceeds for
certain permissible purposes as set forth in the PPP, including, but not limited to, payroll costs (as defined under the PPP) and mortgage
interest, rent or utility costs (collectively, &#8220;Qualifying Expenses&#8221;) incurred during the 24 weeks subsequent to funding,
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</div><div>

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fully forgiven by the Small Business Administration of the CARES Act.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

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of State of the State of Delaware, to effect a reverse stock split of the Company&#8217;s common stock, $0.0001 par value per share (&#8220;Common
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</div><div>

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stockholders received a cash payment in an amount equal to the fair market value of such fractional shares on the effective date. All
shares of Common Stock eliminated as a result of the Reverse Stock Split have been returned to the Company&#8217;s authorized and unissued
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 123; Value: 29 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the year 2021 we have below common stock issuance:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_8" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Common Stock &#8211; January 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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to the Company&#8217;s effective shelf registration statement on Form S-3 (Registration No. 333-248069), which was initially filed with
the Securities and Exchange Commission on August 17, 2020, and was declared effective on August 26, 2020 (the &#8220;Registration Statement&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_11" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Agreement and Plan of Merger &#8211; Rebel AI, Inc.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

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(&#8220;Rebel AI&#8221;), and Emmanuel Puentes, on behalf of the stockholders of Rebel AI (in such capacity, the &#8220;Stockholders&#8217;
Agent&#8221;), consummated a transaction pursuant to the terms of that certain Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;)
whereby the parties effectuated a merger of Merger Sub with and into Rebel AI, and as a result, Rebel AI became a wholly-owned subsidiary
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_13" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As consideration for the Merger, the Company delivered
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&#8220;Merger Consideration&#8221;), subject in each case to adjustment as provided in the Merger Agreement. Notwithstanding the foregoing,
pursuant to the terms of the Merger Agreement, (i) a portion of the Cash Consideration, in an amount equal to the outstanding balance
of that PPP Loan made to Rebel AI in January 2021, shall be withheld at Closing and placed into an escrow account, pending forgiveness
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_14" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 30, 2021, the parties entered into an
Amendment No. 1 to Agreement and Plan of Merger (the &#8220;Amendment&#8221;), pursuant to which the parties amended the Merger Agreement
to eliminate any potential reductions to the total cash purchase price payable pursuant to the Merger Agreement in the event that the
PPP Loan made to Rebel AI in January 2021 is not forgiven in full. As a result, Schedule A to the Merger Agreement was deleted and eliminated
in its entirety.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_15" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Common Stock &#8211; March 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_16" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 8, 2021, Logiq entered into a Stock Purchase
Agreement with an accredited investor, pursuant to which the Company agreed to issue and sell, in a registered direct offering,&#160;<ix:nonFraction contextRef="c102" decimals="0" format="ixt:num-dot-decimal" name="lgiq:IssuancesOfCommonStock" scale="0" unitRef="shares">100,000</ix:nonFraction>&#160;shares
of the Company&#8217;s common stock, to the purchaser&#160;at an offering price of $<ix:nonFraction contextRef="c101" decimals="2" format="ixt:num-dot-decimal" name="lgiq:OfferingPricePerShare" scale="0" unitRef="usdPershares">5.00</ix:nonFraction>&#160;per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_17" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering resulted in gross proceeds of approximately
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Registration Statement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_18" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Common Stock &#8211; April 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_19" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 15, 2021, Logiq entered into a Stock
Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering,&#160;<ix:nonFraction contextRef="c208" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">304,000</ix:nonFraction>&#160;shares
of the Company&#8217;s common stock, to the purchasers&#160;at an offering price of $<ix:nonFraction contextRef="c208" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares">5.00</ix:nonFraction>&#160;per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_20" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering resulted in gross proceeds of approximately
$<ix:nonFraction contextRef="c209" decimals="0" format="ixt:num-dot-decimal" name="lgiq:OfferingExpenses" scale="0" unitRef="usd">1,520,000</ix:nonFraction>&#160;before deducting offering expenses. The shares were offered by the Company pursuant to a prospectus supplement to the
Company&#8217;s Registration Statement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_21" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Units in Connection With Canadian
IPO - June 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_22" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 9, 2021,&#160;<ix:nonNumeric contextRef="c210" name="lgiq:AgencyAgreementDescription">Logiq entered into an Agency
Agreement (the &#8220;Agency Agreement&#8221;) with Research Capital Corporation (the &#8220;Agent&#8221;) relating to the offering (the
&#8220;Offering&#8221;) by the Company of a minimum of 1,666,667 units of securities (each, a &#8220;Unit&#8221;), and a maximum of 3,333,333
Units, at a price of C$3.00 per Unit (the &#8220;Offering Price&#8221;), for minimum gross proceeds of C$5,000,000, and maximum gross
proceeds of C$10,000,000. Each Unit consists of (i) one share of common stock of the Company, par value $0.0001 per share (and the Common
Stock included in a Unit being a &#8220;Unit Share&#8221;), and (ii) one Common Stock purchase warrant (each, a &#8220;Warrant&#8221;),
where each Warrant entitles the holder thereof to acquire one share of Common Stock (each, a &#8220;Warrant Share&#8221;) at an exercise
price of C$3.50 per Warrant Share, subject to adjustment, at any time before the third anniversary (the &#8220;Warrant Expiry Date&#8221;)
of June 17, 2021 (the &#8220;Closing Date&#8221;).</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_23" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration for the Agent&#8217;s services
to the Company in connection with the Offering, the Company agreed to pay the Agent a cash fee (the &#8220;Agent&#8217;s Commission&#8221;)
equal to&#160;<ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="lgiq:AggregateGrossProceedsPercentage" scale="-2" unitRef="pure">8.0</ix:nonFraction>% of the aggregate gross proceeds of the Offering. As additional compensation, the Company also agreed to issue to the
Agent such number of non-transferrable compensation options (the &#8220;Agent Options&#8221;) equal to&#160;<ix:nonFraction contextRef="c211" decimals="3" format="ixt:num-dot-decimal" name="lgiq:AggregateGrossProceedsPercentage" scale="-2" unitRef="pure">8.0</ix:nonFraction>% of the number of Units
sold pursuant to the Offering. Each Agent Option is exercisable for one Unit (an &#8220;Agent Unit&#8221;) at an exercise price of C$<ix:nonFraction contextRef="c211" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:WarrantExercisePriceDecrease" scale="0" unitRef="cadPershares">3.00</ix:nonFraction>&#160;until
the third anniversary of the Closing Date. Each Agent Unit consists of (i) one share of Common Stock, and (ii) one Common Stock purchase
warrant (each, an &#8220;Agent Unit Warrant&#8221;). The Agent Unit Warrants will be issued under a Warrant Indenture, and have the same
attributes as the Warrants to be comprised in the Units.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_24" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, the Company agreed to issue&#160;<ix:nonFraction contextRef="c212" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">83,333</ix:nonFraction>&#160;units
of securities (the &#8220;Advisory Fee Units&#8221;) to the Agent as compensation for certain strategic advisory and support services
rendered. This number was determined by dividing C$<ix:nonFraction contextRef="c212" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CapitalUnits" scale="0" unitRef="cad">250,000</ix:nonFraction>&#160;by the Offering Price.&#160;Each Advisory Fee Unit is comprised of (i)
one share of Common Stock, and (ii) one warrant exercisable to purchase one share of Common Stock at an exercise price of C$<ix:nonFraction contextRef="c213" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:StockOptionExercisePriceDecrease" scale="0" unitRef="cadPershares">3.50</ix:nonFraction> for a
period of 36 months from the Closing Date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_25" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" name="lgiq:WarrantDescription">Pursuant to the terms of the Agency Agreement,
the Company also agreed to grant the Agent an option (the &#8220;Over-Allotment Option&#8221;), exercisable in whole or in part, at the
sole discretion of the Agent, at any time up to 30 days following the Closing Date, to purchase from the Company: (i) up to such additional
number of Units (the &#8220;Over-Allotment Units&#8221;) equal to 15% of the number of Units sold under the Offering (the &#8220;Over-Allotment
Number&#8221;) at the Offering Price; (ii) up to such number of additional Warrants (the &#8220;Over-Allotment Warrants&#8221;) equal
to 15% of the number of Warrants comprising the Units sold under the Offering at C$0.4898 per Over-Allotment Warrant; (iii) up to such
number of additional shares of Common Stock (the &#8220;Over-Allotment Unit Shares&#8221;) equal to 15% of the number of shares of Common
Stock comprising the Units sold under the Offering at C$2.5102 per Over-Allotment Unit Share; or (iv) any combination of Over-Allotment
Units, Over-Allotment Warrants, and Over-Allotment Unit Shares, so long as the aggregate number of Over-Allotment Units, Over-Allotment
Warrants, and Over-Allotment Unit Shares does not comprise together more than what is included in the Over-Allotment Number of Over-Allotment
Units.</ix:nonNumeric>&#160;The Over-Allotment Option was granted to the Agent solely to cover over-allotments, if any, and for market stabilization purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_26" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 21, 2021, the Offering closed whereby
the Company sold&#160;<ix:nonFraction contextRef="c214" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">1,976,434</ix:nonFraction>&#160;Units for aggregate gross proceeds of C$<ix:nonFraction contextRef="c215" decimals="0" format="ixt:num-dot-decimal" name="lgiq:OfferingExpenses" scale="0" unitRef="cad">5,929,302</ix:nonFraction>&#160;before deducting offering expenses. The Company
also issued&#160;<ix:nonFraction contextRef="c215" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SubadvisoryFeesForMutualFunds" scale="0" unitRef="usd">83,333</ix:nonFraction>&#160;Advisory Fee Units and&#160;<ix:nonFraction contextRef="c110" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">158,115</ix:nonFraction>&#160;Agent Options to the Agent at the closing of the Offering. In connection
with the closing of the Offering, the Company entered into a Warrant Indenture (the &#8220;Warrant Indenture&#8221;) with Odyssey Trust
Company (the &#8220;Warrant Agent&#8221;), pursuant to which the Company issued Warrants to purchase up to a maximum of&#160;<ix:nonFraction contextRef="c111" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">4,223,333</ix:nonFraction>&#160;shares
of Common Stock. Each Warrant is exercisable at any time after June 21, 2021, and prior to June 21, 2024.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_27" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 21, 2021, the Company filed a prospectus
supplement (the &#8220;Resale Prospectus Supplement&#8221;) to the Registration Statement. The Resale Prospectus Supplement covered the
resale of the shares of Common Stock, Warrants (and the Warrant Shares underlying the Warrants), and Agent Options sold in the Offering,
and may be used by the selling stockholders or certain of their respective assigns identified therein to resell such securities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_28" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Overallotment-Allotment Offering &#8211;
July 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_29" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 27, 2021, the Company closed the partial
exercise of the over-allotment option granted to the Agent in connection with the Offering in Canada (the &#8220;Over-Allotment Offering&#8221;),
whereby the Company sold an additional&#160;<ix:nonFraction contextRef="c216" decimals="0" format="ixt:num-dot-decimal" name="lgiq:SoldAnAdditionalUnits" scale="0" unitRef="shares">201,700</ix:nonFraction>&#160;Units for aggregate gross proceeds of C$<ix:nonFraction contextRef="c216" decimals="0" format="ixt:num-dot-decimal" name="lgiq:OfferingExpenses" scale="0" unitRef="cad">605,100</ix:nonFraction>&#160;before deducting offering
expenses. The Company also issued an additional&#160;<ix:nonFraction contextRef="c217" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">16,136</ix:nonFraction>&#160;non-transferrable Agent Options to the Agent as compensation for certain
strategic advisory and support services rendered to the Company in connection with the Offering.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_30" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Over-Allotment Offering,
on July 27, 2021, the Company filed a prospectus supplement to its shelf registration statement on Form S-3 (Registration No. 333-248069),
which was initially filed with the Commission on August 17, 2020, and was declared effective on August 26, 2020. The prospectus supplement
covers the resale of the shares of Common Stock, Warrants (and the Warrant Shares underlying the Warrants), and Agent Options sold in
the Over-Allotment Offering, and may be used by the selling stockholders or certain of their respective assigns identified therein to
resell such securities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_31" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Conversion of promissory notes-July 2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_32" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 21, 2021, the total outstanding convertible
promissory notes of $<ix:nonFraction contextRef="c114" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleNotesPayable" scale="0" unitRef="usd">2,911,000</ix:nonFraction>, with the exception of two convertible promissory notes issued amounting to principal amount of $<ix:nonFraction contextRef="c115" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" scale="0" unitRef="usd">30,000</ix:nonFraction>,
converted their notes into shares issued as additional paid in capital.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_33" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Common stock &amp; Warrants - August
2021</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_34" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 6, 2021, Logiq entered into a Stock
Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering,&#160;<ix:nonFraction contextRef="c116" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">1,668,042</ix:nonFraction>&#160;shares
of the Company&#8217;s common stock to the purchasers at an offering price of $<ix:nonFraction contextRef="c218" decimals="2" format="ixt:num-dot-decimal" name="lgiq:OfferingPrice" scale="0" unitRef="usdPershares">2.40</ix:nonFraction>&#160;per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_35" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering resulted in gross proceeds of approximately
$<ix:nonFraction contextRef="c116" decimals="0" format="ixt:num-dot-decimal" name="lgiq:GrossProceeds" scale="0" unitRef="usd">4,003,301</ix:nonFraction>&#160;before deducting offering expenses. The Shares were offered by the Company pursuant to a prospectus supplement to the
Company&#8217;s Registration Statement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_36" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 6, 2021, the Company issued warrants
(each, a &#8220;Warrant&#8221;) to purchase up to&#160;<ix:nonFraction contextRef="c218" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets" scale="0" unitRef="usd">1,668,042</ix:nonFraction>&#160;shares of common stock. Each Warrant is a cash warrant and is exercisable
at any time after August 6, 2021, and prior to August 6, 2024, with an exercise price of $<ix:nonFraction contextRef="c219" decimals="2" format="ixt:num-dot-decimal" name="lgiq:ExercisePrice" scale="0" unitRef="usdPershares">2.85</ix:nonFraction>&#160;per share (subject to a contractual&#160;<ix:nonFraction contextRef="c218" decimals="2" format="ixt:num-dot-decimal" name="lgiq:PercentageOfContractualDiscount" scale="-2" unitRef="pure">8</ix:nonFraction>%
discount for one holder).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_37" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrants were issued in reliance on the exemption
from registration provided by Section&#160;4(a)(2) of the Securities Act of 1933, as amended, to a limited number of persons who are &#8220;accredited
investors&#8221; or &#8220;sophisticated persons&#8221; as those terms are defined in Rule 501 of Regulation D promulgated by the SEC
or Regulation S thereunder, without the use of any general solicitation or advertising to market or otherwise offer the Warrants for sale.
None of the Warrants or the Common Stock underlying such Warrants have been registered under the Securities Act of 1933, as amended, or
applicable state securities laws, and none may be offered or sold in the United States absent registration under the Securities Act of
1933, as amended, or an exemption from such registration requirements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_38" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period from October 1, 2021 to December
31, 2021, a total of&#160;<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">106,041</ix:nonFraction>&#160;shares with par value of $<ix:nonFraction contextRef="c1" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction>&#160;per share were issued to various stockholders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_39" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the year 2022 we have below common stock issuance:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_40" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of Common Stock &#8211; March 2022</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_41" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 30, 2022, Logiq, Inc., a Delaware corporation
(the &#8220;Company&#8221;), entered into a Purchase Agreement with Ionic Ventures, LLC (&#8220;Ionic&#8221;), whereby the Company has
the right, but not the obligation, to sell to Ionic, and Ionic is obligated to purchase up to in the aggregate $<ix:nonFraction contextRef="c220" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" scale="0" unitRef="usd">40,000,000</ix:nonFraction> worth of the
Company&#8217;s common stock (the &#8220;Purchase Shares&#8221;), par value $<ix:nonFraction contextRef="c221" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share (&#8220;Common Stock&#8221;). Sales of Common
Stock by the Company under the Purchase Agreement will be subject to certain limitations, and may occur from time to time, at the Company&#8217;s
sole discretion, over the 24-month period commencing on March 30, 2020 (the &#8220;Primary Commencement Date&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_42" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the execution of the Purchase
Agreement, the Company is registering <ix:nonFraction contextRef="c220" decimals="0" format="ixt:num-dot-decimal" name="lgiq:IssuanceOfCommonStock" scale="0" unitRef="shares">2,926,000</ix:nonFraction> shares of Common Stock to Ionic in connection with the purchase of $<ix:nonFraction contextRef="c220" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredOther1" scale="0" unitRef="usd">3,000,000</ix:nonFraction> in shares
of Common Stock (the &#8220;Primary Shares&#8221;) in connection with the initial purchase of Common Stock under the Purchase Agreement,
which reflects an estimated value equal to the product of (A) the quotient of (y) the purchase amount (i.e., $<ix:nonFraction contextRef="c220" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" scale="0" unitRef="usd">3,000,000</ix:nonFraction>) divided by (z)
the Pre-Settlement Regular Purchase Price (defined below), multiplied by (B) <ix:nonFraction contextRef="c221" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" scale="-2" unitRef="pure">125</ix:nonFraction>% (which Ionic may increase at its discretion). The &#8220;Pre-Settlement
Regular Purchase Price&#8221; is equal to <ix:nonFraction contextRef="c220" decimals="2" format="ixt:num-dot-decimal" name="lgiq:RegularPurchasePricePercentage" scale="-2" unitRef="pure">80</ix:nonFraction>% of the closing price of the Common Stock on the OTCQX Market on the date immediately preceding
the Company&#8217;s receipt of a purchase notice under the Purchase Agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_43" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Regular Purchase Price, which is the price
at which future shares of Common Stock sold under the Purchase Agreement will be sold at, for the Purchase Shares shall equal <ix:nonFraction contextRef="c222" decimals="2" format="ixt:num-dot-decimal" name="lgiq:ArithmeticAveragePurchaseOfSharesPercentage" scale="-2" unitRef="pure">97</ix:nonFraction>% of the
arithmetic average of the five lowest VWAPs during the period starting on the date that Ionic receives Pre-Settlement Regular Purchase
Shares and ending on such date that the aggregate dollar volume of our common stock traded on our Principal Market equals five times the
Purchase Amount, in the aggregate, subject to a five Trading Day minimum (provided, however, that each day on which Ionic has requested
Purchase Shares which cannot be delivered to Ionic shall be excluded from such calculation). This is a forward pricing mechanism based
on an estimate and true up and as of the date of this filing, the Regular Purchase Price has yet to be calculated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_44" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also in connection with the execution of the Purchase
Agreement, the Company issued a Warrant to purchase <ix:nonFraction contextRef="c222" decimals="0" format="ixt:num-dot-decimal" name="lgiq:WarrantsToPurchaseOfCommonStock" scale="0" unitRef="shares">631,579</ix:nonFraction> shares of Common Stock (<ix:nonFraction contextRef="c222" decimals="3" format="ixt:num-dot-decimal" name="lgiq:CommonStockPercentage" scale="-2" unitRef="pure">1.5</ix:nonFraction>% of the total $<ix:nonFraction contextRef="c223" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherCommitment" scale="0" unitRef="usd">40,000,000</ix:nonFraction> commitment amount) to
Ionic for no consideration as a commitment fee, and has agreed to register the shares issuable upon exercise of the Warrant. The Warrant
may be exercised for cash, but may also be exercised on a cashless exercise basis, which means the Company may not receive any proceeds
from such cashless exercise. Under the Warrant, the Company does not have the right to control the timing and amount of any Warrant exercises
by Ionic, except that there is a <ix:nonFraction contextRef="c222" decimals="4" format="ixt:num-dot-decimal" name="lgiq:OwnershipLimitationPercentage" scale="-2" unitRef="pure">9.99</ix:nonFraction>% ownership limitation blocker in the Warrant. Ionic may ultimately decide to exercise all, some
or none of the Warrant.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_45" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to register the remaining
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hereof to Ionic, or any Purchase Shares which may be issuable to Ionic as a &#8220;true up&#8221; pursuant to the initial purchase described
above pursuant to a resale registration statement on Form S-1 to be filed subsequently with the Securities and Exchange Commission (the
&#8220;SEC&#8221;). The Company and Ionic entered into a Registration Rights Agreement (the &#8220;RRA&#8221;) dated as of March 30, 2022,
for such purpose.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_46" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Actual sales of Common Stock to Ionic under the
Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including, among others, an
effective resale registration statement, which is a condition to the commencement of additional sales under the Purchase Agreement (each,
a &#8220;Secondary Commencement&#8221;), market conditions, the trading price of the Common Stock and determinations by the Company as
to the appropriate sources of funding for the Company and its operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_47" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expects that any net proceeds received
by the Company from sales to Ionic under the Purchase Agreement will be used for working capital and general corporate purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_48" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purchase price of the Common Stock purchased
by the Ionic under the Purchase Agreement will be derived from prevailing market prices of the Company&#8217;s Common Stock immediately
preceding the time of sale. The Company will control the timing and amount of future sales, if any, of Common Stock to Ionic. Ionic has
no right to require the Company to sell any Common Stock to it, but Ionic is obligated to make purchases as the Company directs, subject
to certain conditions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_49" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Purchase Agreement and the RRA each contains
certain representations, warranties, covenants, closing conditions and indemnification and termination provisions by, between and for
the benefit of the parties which are customary of transactions of this nature. Ionic may not assign or transfer its rights and obligations
under the Purchase Agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_50" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The issuance of the Primary
Shares and the shares issuable upon exercise of the Warrant have been registered pursuant to the Company&#8217;s effective shelf registration
statement on Form S-3 (File No. 333-259851) (the &#8220;Registration Statement&#8221;), and the related base prospectus included in the
Registration Statement dated October 8, 2021, as supplemented by a prospectus supplement to be filed on or about March 31, 2022 (the &#8220;Prospectus
Supplement&#8221;). A copy of the legal opinion of Procopio, Cory, Hargreaves &amp; Savitch LLP as to the legality of the Primary Shares
and the legal opinion of Carter Ledyard &amp; Milburn LLP with respect to the legality of the Warrant are filed as Exhibits 5.1 and 5.2,
respectively, attached hereto.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_51" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The foregoing is a summary
description of certain terms of the Purchase Agreement, the RRA and the Warrant and, by its nature, is incomplete. Copies of the Purchase
Agreement, RRA and Warrant are filed as Exhibits 10.1, 10.2 and 4.1, respectively, attached hereto. The foregoing descriptions of the
Purchase Agreement, the RRA and the Warrant are qualified in their entirety by reference to the full text of such exhibits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_52" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The provisions of the
Purchase Agreement including any representations and warranties contained therein, are not for the benefit of any party other than the
parties thereto and are not intended as documents for investors and the public to obtain factual information about the current state of
affairs of the parties thereto. Rather, investors and the public should look to other disclosures contained in the Company&#8217;s annual,
quarterly and current reports it may file with the SEC.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 127; Value: 29 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_53" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 31, 2022 the Company, Battle Bridge Acquisition
Co, LLC, a company beneficially owned entirely by the Company (the &#8220;Buyer&#8221;), Section 2383 LLC, a Wyoming limited liability
company (&#8220;Seller&#8221;), Travis Phipps, an individual (&#8220;Phipps&#8221;) and Robb Billy (&#8220;Billy&#8221; and, together
with Phipps, the &#8220;Founders&#8221;) and Travis Phipps, as Representative, entered into an asset purchase agreement (the &#8220;Battle
Bridge Purchase Agreement&#8221;) whereby the Buyer agreed to purchase from Seller and Seller agreed to sell to Buyer substantially all
of the assets of Seller which represents the &#8220;Battle Bridge Labs&#8221; business (the &#8220;Battle Bridge Assets&#8221;) (collectively,
the &#8220;Transaction&#8221;). The consummation of the Transaction (the &#8220;Closing&#8221;) occurred simultaneously with execution
of the Battle Bridge Purchase Agreement on March 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_54" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_53"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">As consideration for
the Buyer&#8217;s acquisition of the Battle Bridge Assets, the Company agreed to pay $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetAcquisitionConsiderationTransferred" scale="0" unitRef="usd">3,250,000</ix:nonFraction> (the &#8220;Purchase Price&#8221;) which
consisted of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetAcquisitionConsiderationTransferredOtherAssets" scale="0" unitRef="usd">250,000</ix:nonFraction> in cash (the &#8220;Cash Consideration&#8221;) and the issuance of <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings" scale="0" unitRef="shares">2,912,621</ix:nonFraction> shares of restricted common stock of
the Company at $<ix:nonFraction contextRef="c178" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionSharePrice" scale="0" unitRef="usdPershares">1.03</ix:nonFraction> per share (the &#8220;Stock Consideration&#8221;) (representing $<ix:nonFraction contextRef="c224" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" scale="0" unitRef="usd">3,000,000</ix:nonFraction> in Stock Consideration) which was the
volume weighted average price (VWAP) of the Company&#8217;s Common Stock as reported by Bloomberg LP for the twenty (20) trading days
immediately prior to Closing. $<ix:nonFraction contextRef="c224" decimals="0" format="ixt:num-dot-decimal" name="lgiq:StockConsiderationRetained" scale="0" unitRef="usd">500,000</ix:nonFraction> in Stock Consideration was retained by the Company at the Closing and held as partial security
to satisfy indemnification claims for a period of 12 months following the Closing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_55" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_54"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">In addition, the recipients
of the Stock Consideration agreed to sign lock-up and leak-out agreements which provide that, following a 6-month lock-period and ending
18 months after Closing, any sales of the Company&#8217;s common stock by such recipients do not exceed one percent (<ix:nonFraction contextRef="c178" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" scale="-2" unitRef="pure">1</ix:nonFraction>%) of the then applicable
thirty (30) day trading average volume of the Company&#8217;s common stock as of such date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_56" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_55"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period from January 1, 2022 to March
31, 2022, a total of&#160;<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">2,951,080</ix:nonFraction>&#160;shares with par value of $<ix:nonFraction contextRef="c3" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction>&#160;per share were issued to various stockholders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>





</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_57" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_56"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Capital Reserve</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_58" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_57"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 9, 2020, the Company issued&#160;<ix:nonFraction contextRef="c119" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" scale="0" unitRef="shares">35,714,285</ix:nonFraction>&#160;shares
to Conversion Point Technologies Inc. as consideration for the acquisition of all the assets of Logiq, Inc. Nevada formerly known as Origin8,
Inc. incorporating Push Holdings Inc) in the amount of $<ix:nonFraction contextRef="c119" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" scale="0" unitRef="usd">14,284,714</ix:nonFraction>&#160;and represents the excess of consideration over the par value
of common stock of $<ix:nonFraction contextRef="c120" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction>&#160;issued.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_59" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_58"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 2, 2020, the Company acquired substantially
all the assets of Fixel AI Inc., a Delaware corporation (&#8220;Fixel&#8221;) in exchange for&#160;<ix:nonFraction contextRef="c121" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" scale="0" unitRef="shares">564,467</ix:nonFraction>&#160;shares of the Company&#8217;s
common stock. In the amount of $<ix:nonFraction contextRef="c225" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" scale="0" unitRef="usd">5,000,000</ix:nonFraction>&#160;and represents the excess of consideration over the par value of common stock of $<ix:nonFraction contextRef="c121" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction>&#160;issued.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_60" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_59"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2019, the Company issued a total of&#160;<ix:nonFraction contextRef="c226" decimals="0" format="ixt:num-dot-decimal" name="lgiq:RegSSharesIssued" scale="0" unitRef="shares">51,762,839</ix:nonFraction>&#160;Reg
S shares to high net worth individuals and family offices in South East Asia.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_61" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_60"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2019, a total
of <ix:nonFraction contextRef="c227" decimals="0" format="ixt:num-dot-decimal" name="lgiq:ConsultancyServicesSharesOne" scale="0" unitRef="shares">19,311,309</ix:nonFraction> shares with par value of $<ix:nonFraction contextRef="c228" decimals="4" format="ixt:num-dot-decimal" name="lgiq:ConsultancyServicesPerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share were issued for consultancy services received including shares issued to Senior
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</div><div>

</div><ix:nonNumeric contextRef="c5" name="us-gaap:StockholdersEquityReverseStockSplit"><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_62" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_61"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2020, a total
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_63" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_62"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period from January 1, 2022 to March
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</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_64" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_63"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cancellation of Common Stock</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_65" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_64"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended March 31, 2022,&#160;<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations" scale="0" unitRef="shares">132,320</ix:nonFraction>&#160;shares
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_66" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_65"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock-Based Compensation</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_66"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three months ended March 31, 2022 for
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_EarningsPerShareTextBlock-c0_cont_1" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 14 &#8211; (LOSS) PER SHARE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

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</div><div>

</div><ix:continuation id="_EarningsPerShareTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 15 &#8211; COMMITMENTS AND CONTINGENCIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">Leases</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s current executive offices
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Logiq Inc (Nevada) leases approximately&#160;<ix:nonFraction contextRef="c232" decimals="0" format="ixt:num-dot-decimal" name="lgiq:LeaseSpace" scale="0" unitRef="sqm">12,422</ix:nonFraction>&#160;square
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The&#160;operating lease is listed as separate
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_6" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the rate implicit in the lease is not
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_7" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information related to the Group&#8217;s operating
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_8" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:OperatingLeaseLeaseIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_9" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future minimum lease payments under the non-cancellable
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_10" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="lgiq:ScheduleOfFutureMinimumLeasePaymentForCapitalLeasesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_11" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">Legal proceedings</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</p></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 16 &#8211; SEGMENT INFORMATION</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_3" id="_SegmentReportingDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The DataLogiq reportable segment is comprised
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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_4" id="_SegmentReportingDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Lovarra reportable segment is comprised of
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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_5" id="_SegmentReportingDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Logiq reportable segment is not a business
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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_6" id="_SegmentReportingDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents the segment information
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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_7" id="_SegmentReportingDisclosureTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_8" id="_SegmentReportingDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Significant Customers</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SegmentReportingDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No revenues from any single customer exceeded <ix:nonFraction contextRef="c3" decimals="2" format="ixt:num-dot-decimal" name="lgiq:PercentageOfNetRevenue" scale="-2" unitRef="pure">10</ix:nonFraction>% of total net revenues
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_GeographicInformationTextBlock-c0_cont_1" escape="true" name="lgiq:GeographicInformationTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 17 &#8211; GEOGRAPHICAL INFORMATION</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_GeographicInformationTextBlock-c0_cont_2" id="_GeographicInformationTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue by geographical region for the three months
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</div><div>

</div><ix:continuation id="_GeographicInformationTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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 March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_2" id="_BusinessCombinationDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Push Holdings Inc.</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

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</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_3" id="_BusinessCombinationDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 8, 2020, the Company acquired substantially
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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_4" id="_BusinessCombinationDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The acquisition of substantially all the assets
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Combinations</i> (&#8220;ASC 805&#8221;), with the results of Logiq Inc (Nevada)&#8217;s operations included in the Company&#8217;s consolidated
financial statements from January 9, 2020. Goodwill has been measured as the excess of the total consideration over the amounts assigned
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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_5" id="_BusinessCombinationDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2020, the Company,
through its wholly-owned subsidiary, Logiq Inc (Nevada) acquired substantially all of the assets of Push Holdings, Inc. The fair values
of assets acquired and liabilities assumed were as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_6" id="_BusinessCombinationDisclosureTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_7" id="_BusinessCombinationDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair valuation methods used for the identifiable
net assets acquired in the acquisition make use of quoted prices in active markets, discounted cash flows and risk adjusted weighted cost
of capital. The methods used in determining fair value of the intangible assets included consideration of the three traditional approaches
to value: market, income, and cost. Accordingly, after due consideration of other appropriate and generally accepted valuation methodologies,
the value of intangible assets acquired from Push has been developed primarily on the basis of the income approach. Under the income approach,
the Company evaluated revenue projections derived from the software technology and the appropriate royalty rate that Push Holdings would
have paid if Push Holdings did not own the software technology.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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</div><div>

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</div><div>

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to value: market, income, and cost. Accordingly, after due consideration of other appropriate and generally accepted valuation methodologies,
the value of intangible assets acquired from Fixel has been developed primarily on the basis of the income approach. Under the income
approach, the Company evaluated revenue projections derived from the software technology and the appropriate royalty rate that Fixel would
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_18" id="_BusinessCombinationDisclosureTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company incurred some accounting and legal
fees related to the acquisition of the assets of Fixel. The amount attributable to the Company has been included in general and administrative
expenses in the accompanying consolidated statement of operations for the three months ended March 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_19" id="_BusinessCombinationDisclosureTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the consolidated statements of operations,
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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_20" id="_BusinessCombinationDisclosureTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebel AI Inc.</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_21" id="_BusinessCombinationDisclosureTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 29, 2021, the Company acquired Rebel
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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_22" id="_BusinessCombinationDisclosureTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Closing Date, the Company issued&#160;<ix:nonFraction contextRef="c261" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings" scale="0" unitRef="shares">1,032,056</ix:nonFraction>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_23" id="_BusinessCombinationDisclosureTextBlock-c0_cont_22"><ix:continuation continuedAt="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c0_cont_3" id="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

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to value: market, income, and cost. Accordingly, after due consideration of other appropriate and generally accepted valuation methodologies,
the value of intangible assets acquired from Rebel has been developed primarily on the basis of the income approach. Under the income
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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p><div>

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some accounting and legal fees related to the acquisition of the assets of Rebel. The amount attributable to the Company has been included
in general and administrative expenses in the accompanying consolidated statement of operations for the period ended March 31, 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

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statements of operations, revenues and expenses include the operations of Rebel AI, Inc. since March 29, 2021, which is the day after
the acquisition date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

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</div><div>

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2022, the Company sold substantially all the assets of CreateApp to Lovarra, a fully reporting majority owned subsidiary of the Company,
in exchange for <ix:nonFraction contextRef="c263" decimals="0" format="ixt:num-dot-decimal" name="lgiq:CommonStockSharesAcquired" scale="0" unitRef="shares">26,350,756</ix:nonFraction> of Lovarra&#8217;s common stock at a price per share of $<ix:nonFraction contextRef="c264" decimals="6" format="ixt:num-dot-decimal" name="lgiq:CommonStockPricePerShares" scale="0" unitRef="usdPershares">1.195411</ix:nonFraction> (of par value $<ix:nonFraction contextRef="c264" decimals="3" format="ixt:num-dot-decimal" name="lgiq:CommonStockPriceParValue" scale="0" unitRef="usd">0.001</ix:nonFraction>). The fair value of
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by Lovarra of substantially all the assets of CreateApp was accounted for as a business combination in accordance with Accounting Standards
Codification Topic 805, Business Combinations (&#8220;ASC 805&#8221;), with the results of Lovarra&#8217;s operations included in the
Company&#8217;s consolidated financial statements from January 1, 2022. Goodwill has been measured as the excess of the total consideration
over the amounts assigned to identifiable assets acquired and liabilities assumed.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

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ended March 31, 2022, Lovarra acquired substantially all of the assets of CreateApp. The fair value of assets acquired assumed were as
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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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valu</span><span>ation methods used for the identifiable net assets acquired in the acquisition make
use of quoted prices in active markets, discounted cash flows and risk adjusted weighted cost of capital. The methods used in determining
fair value of the intangible assets included consideration of the three traditional approaches to value: market, income, and cost. Accordingly,
after due consideration of other appropriate and generally accepted valuation methodologies, the value of intangible assets acquired
from Logiq, Inc. has been developed primarily on the basis of the income approach. Under the income approach, the Company evaluated revenue
projections derived from the software technology and the appropriate royalty rate that Lovarra would have paid if Lovarra did not own
the software technology.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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platform enables SMBs to create a mobile app for their business without the need of technical knowledge, high investment, or background
in IT by utilizing &#8220;CreateApp,&#8221; which is a platform that is offered as a Platform as a Service (&#8220;PaaS&#8221;) to our
customers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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competes primarily with credit card and debit card service providers, banks with payment processing offerings, other offline payment options
and other electronic payment system operators. AtozGo is our PaaS platform that provides mobile payment capabilities for the local food
delivery service industry.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_37" id="_BusinessCombinationDisclosureTextBlock-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Company
incurred some accounting and legal fees related to the acquisition of the assets of CreateApp. The amount attributable to the Company
has been included in general and administrative expenses in the accompanying consolidated statement of operations for the quarter ended
March 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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statements of operations, revenues and expenses include the operations of CreateApp since January 27, 2022, which is the day after the
acquisition date.</span></p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p><div>

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</div><div>

</div><ix:continuation id="_SubsequentEventsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 133; Value: 29 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INFORMATION NOT REQUIRED IN PROSPECTUS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 13. Other Expenses of Issuance and Distribution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the costs and expenses, other than underwriting discounts and commissions, to be paid by the Registrant in connection with the issuance
and distribution of the securities being registered. All amounts other than the SEC registration fees and FINRA fees are estimates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 9%; text-align: right"><span style="font-size: 10pt">867.68</span></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">FINRA Filing Fee</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Printing Fees and Expenses*</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">Accounting Fees and Expenses*</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">10,000.00</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Legal Fees and Expenses*</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">15,000.00</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">Transfer Agent and Registrar Fees</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Miscellaneous Fees and Expenses*</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">1,000</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
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    <td style="padding-bottom: 4pt">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Estimated expenses.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 14. Indemnification of Directors and Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated Bylaws,
effective January 25, 2022, as amended (the &#8220;A&amp;R Bylaws&#8221;) contains provisions that limit the liability of our directors
for monetary damages to the fullest extent permitted by Delaware law. Consequently, our directors will not be personally liable to us
or our stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify">any act related to unlawful stock repurchases, redemptions, or other distributions or payment of
dividends; or</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our A&amp;R Bylaws provides that we are required to indemnify our directors
and officers, in each case to the fullest extent permitted by Delaware law. Our A&amp;R Bylaws also provides that we are obligated to
advance expenses incurred by a director or officer in advance of the final disposition of any action or proceeding, and permit us to secure
insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her actions in that capacity
regardless of whether we would otherwise be permitted to indemnify him or her under the provisions of Delaware law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The limitation of liability and indemnification provisions in our A&amp;R
Bylaws may discourage stockholders from bringing a lawsuit against our directors and officers for breach of their fiduciary duty. They
may also reduce the likelihood of derivative litigation against our directors and officers, even though an action, if successful, might
benefit us and other stockholders. Further, a stockholder&#8217;s investment may be adversely affected to the extent that we pay the costs
of settlement and damage awards against directors and officers as required by these indemnification provisions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in the future, we may enter into indemnification agreements
with our directors and officers and other employees or agents that may contain certain indemnification and advancement rights arising
under their agreements with us. These indemnification agreements may require us, among other things, to indemnify our directors and officers
for some expenses, including attorneys&#8217; fees, judgments, fines and settlement amounts incurred by a director or officer in any action
or proceeding arising out of his or her service as one of our directors or officers, or any of our subsidiaries or any other company or
enterprise to which the person provides services at our request. We may also grant certain indemnification and advancement rights to other
employees or agents, or other persons providing services at our request that may be equivalent to, or greater or less than those indemnification
and advancement rights as set forth in our A&amp;R Bylaws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; "></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The above discussion of our A&amp;R Bylaws and Delaware law is not
intended to be exhaustive and is respectively qualified in its entirety by such A&amp;R Bylaws and applicable Delaware law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These indemnification provisions
and the indemnification agreements may be sufficiently broad to permit indemnification of our officers and directors for liabilities,
including reimbursement of expenses incurred, arising under the Securities Act. We have been advised that, in the opinion of the SEC,
indemnification of directors or officers for liabilities arising under the Securities Act is against public policy and, therefore, such
indemnification provisions may be unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain a general liability
insurance policy that covers certain liabilities of directors and officers of our corporation arising out of claims based on acts or omissions
in their capacities as directors or officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 15. Recent Sales of Unregistered Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2019, the Company engaged in the following sales and issuances of unregistered securities:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In between January 16, 2019
and May 10, 2019, the Company completed a private placement pursuant to which it sold 3,706,000 shares of its common stock to individuals
at a price of $0.10 per share resulting in proceeds of $370,600 to the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 28, 2019, February
12, 2019, May 6, 2019, June 5, 2019, and June 20, 2019, the Company issued 661,202 shares of its common stock to advisor for services
provided to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 14, 2019, the
Company issued 820,000 shares of its common stock to legal consultant in exchange for services provided to the Company; and 605,000 shares
in connection with advisory on the Myanmar initiative.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 12, 2019, the Company
issued 250,000 shares of its common stock to legal consultant in exchange for services provided to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 30, 2019, the Company
issued 250,000 shares of its common stock to financial advisor in exchange for services provided to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 10, 2019, the Company
issued 875,000 shares of its common stock to finder and consultant in exchange for services provided to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 5, 2019, the Company
issued 1,086,000 shares of its common stock to legal consultant, technology consultants and strategy consultant in exchange for services
provided to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 14, 2019, the Company
issued 325,500 shares of its common stock to strategy consultants and up listing consultant in exchange for services provided to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 14, 2019, the Company
completed a private placement pursuant to which it sold 500,000 shares of its common stock to an individual at a price of $0.20 per share
resulting in proceeds of $100,000 to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 20, 2019, the Company
issued 3,329,940 shares of its common stock with a two-year lock-up from the date of issuance, as part of a legal settlement. On 9 July,
2019, 3,550,000 shares of the Company&#8217;s common stock were returned to treasury as part of the legal settlement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 12, 2019, July 16,
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services provided to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 12, 2019, the Company
issued 250,000 shares of its common stock to board advisor in exchange for services provided to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 16, 2019, the Company
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July&#8239;16, 2019, the
Company completed a private placement pursuant to which it sold 500,000 shares of its common stock to an individual at a price of $0.20
per share resulting in proceeds of $100,000 to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 22, 2019, the Company
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 22, 2019, the Company
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 22, 2019, the Company
completed a private placement pursuant to which it sold 270,000 shares of its common stock to individuals at a price of $0.15 per share
resulting in proceeds of $40,500 to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 23, 2019, the Company
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 13, 2019, the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 21, 2019, the
Company issued 6,000,000 shares of its common stock to senior management, directors and operational staff in exchange for services provided
to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 21, 2019, the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 4, 2019, the Company
completed a private placement pursuant to which it sold 40,000 shares of its common stock to an individual at the price of $0.10 per share
resulting in proceeds of $4,000 to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 5, 2019, the Company
issued 160,000 shares of its common stock to consultant in exchange for services provided to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 19, 2019 and November
15, 2019, the Company completed private placements pursuant to which it sold 45,511,676 shares of its common stock to individuals at prices
of $0.15 and $0.25 per share resulting in proceeds of $7,023,350.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 31, 2019, the
Company partially completed a private placement pursuant to which it sold 6,251,162.67 shares of its common stock to individuals at prices
of $$0.30 and $0.15 per share resulting in proceeds of $1,808,350 to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2020, the Company engaged in the following sales and issuances of unregistered securities:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2021, the Company engaged in the following sales and issuances of unregistered securities:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 6, 2021, the Company
issued warrants (each, a &#8220;Warrant&#8221;) to purchase up to 1,668,042 shares of Common Stock. Each Warrant is a cash warrant and
is exercisable at any time after August 6, 2021, and prior to August 6, 2024, with an exercise price of $2.85 per share (subject to a
contractual 8% discount for one holder).&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 29, 2021, the Company
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the nine months ended
September 30, 2021, a total of 2,292,135 shares with par value of $0.0001 per share were issued for consultancy services received including
shares issued to Senior Management, Directors, Operational Staff, Legal Consultants, Strategy Advisors and Technology Consultants received,
and 6,418,707 shares with par value of $0.0001 per share were issued to various stockholders and 1,976,434 shares with par value of $0.0001
per share were issued to various stockholders of the IPO on NEO Exchange in Canada on June 21, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subsequent to the year ended
December 31, 2021, the Company engaged in the following sales and issuances of unregistered securities:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 31, 2022, the Company
issued 2,912,621 shares of the Company&#8217;s common stock in connection with its acquisition of the Battle Bridge Labs assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No underwriters were involved
in the transactions described above. All of the securities issued in the foregoing transactions were issued by the Company in reliance
upon the exemption from registration available under Section 4(a)(2) of the Securities Act, including Regulation D and/or Regulation S
promulgated thereunder, in that the transactions involved the issuance and sale of the Company&#8217;s securities to financially sophisticated
individuals or entities that were aware of the Company&#8217;s activities and business and financial condition, and took the securities
for investment purposes and understood the ramifications of their actions. The Company did not engage in any form of general solicitation
or general advertising in connection with the transactions. The individuals or entities represented that they were each an &#8220;accredited
investor&#8221; as defined in Regulation D at the time of issuance of the securities, and that each of such individuals or entities was
acquiring such securities for their own account and not for distribution. All certificates representing the securities issued have a legend
imprinted on them stating that the shares have not been registered under the Securities Act and cannot be transferred until properly registered
under the Securities Act or an exemption applies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 16. Exhibits and Financial Statement Schedules</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#160;<b>Exhibits</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed the exhibits listed on the accompanying
Exhibit Index of this registration statement and below in this Item 16:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
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    <td style="white-space: nowrap; vertical-align: top; border-bottom: black 1.5pt solid; text-align: justify; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
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  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
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    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390019026394/f8k121619ex2-1_weylandtech.htm">Asset
    Purchase Agreement by and among Logiq, Inc. and its wholly-owned subsidiary, Origin8, Inc., Push Holdings, Inc. and ConversionPoint
    Technologies, Inc., dated as of December 16, 2019 (3)</a></span></td></tr>
  <tr>
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    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390020035315/ea129324ex10-1_logiqinc.htm">Agreement
    and Plan of Merger by and among Fixel AI Inc., Logiq, Inc., Logiq Merger Sub, Inc., Etgar Shpivak, Hadar Shpivak and Elad Levy, dated
    as of October 30, 2020 (7)</a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></td>
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    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021013735/ea137081ex2-1_logiqinc.htm">Agreement
    and Plan of Merger by and among Logiq, Inc., RAI Acquisition Sub, Inc., Rebel AI, Inc, and Emmanuel Puentes, dated as of March 3,
    2021 (9)</a></span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</span></td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021035056/ea143592ex2-1_logiqinc.htm">Amendment
    No. 1 to Agreement and Plan of Merger, dated June 30, 2021 (13)</a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</span></td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021065704/ea152482ex2-1_logiqinc.htm">Master
    Distribution Agreement by and between Logiq, Inc. and Lovarra, dated December 15, 2021 (16)</a></span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</span></td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021065704/ea152482ex2-2_logiqinc.htm">Separation
    Agreement by and between Logiq, Inc. and Lovarra, dated December 15, 2021 (16)</a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</span></td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390022017017/f10k2021ex2-7_logiqinc.htm">Binding
    Letter of Intent, dated February 16, 2022 by and between Logiq, Inc., Battle Bridge Labs LLC, and Section 2383 LLC. (18)</a></span></td></tr>

<tr>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; width: 9%"><span style="font-size: 10pt">2.8</span></td>
    <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 1%">&#160;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 90%"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390022018422/ea158112ex2-1_logiqinc.htm">Asset Purchase Agreement, dated March 31, 2022, by and among Logiq, Inc., Battle Bridge Acquisition Co, LLC, Section 2383 LLC, Travis Phipps and Robb Billy (19)</a></span></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1335112/000114420405029119/v025064_ex3-1.txt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Incorporation, filed November 18, 2004 (1)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021018884/f10k2020ex3-2_logiqinc.htm">Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed March 1, 2007 (4)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021018884/f10k2020ex3-3_logiqinc.htm">Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed August 2, 2011(4)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021018884/f10k2020ex3-4_logiqinc.htm">Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed January 14, 2013(4)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021018884/f10k2020ex3-5_logiqinc.htm">Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed April 10, 2013(4)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021018884/f10k2020ex3-6_logiqinc.htm">Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed May 10, 2013(4)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021018884/f10k2020ex3-7_logiqinc.htm">Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed September 18, 2013(4)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021018884/f10k2020ex3-8_logiqinc.htm">Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed December 5, 2013(4)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021018884/f10k2020ex3-9_logiqinc.htm">Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed August 5, 2015(4)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021018884/f10k2020ex3-10_logiqinc.htm">Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed February 25, 2020(4)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.11</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021018884/f10k2020ex3-11_logiqinc.htm">Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed July 31, 2020 (4)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.12</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000114420405029119/v025064_ex3-2.txt">Bylaws
    (1)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.13</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390022003642/ea154496ex3-1_logiqinc.htm">First
    Amended and Restated Bylaws, dated January 25, 2022 (11)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021033310/ea142975ex4-1_logiqinc.htm">Form
    of Warrant Indenture, dated June 21, 2021 (12)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021040774/ea145346ex10-2_logiqinc.htm">Form
    of Warrant to Purchase Common Stock (14)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021050299/ea147734ex4-2_logiqinc.htm">Form
    of Indenture (15)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390022016551/ea157650ex4-1_logiq.htm">Warrant
    to Purchase Common Stock, dated March 30, 2022. (17)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Procopio, Cory,
Hargreaves &amp; Savitch LLP</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000146970919000178/ex10_3apg2.htm">Consultancy
    Service Agreement by and between the Company and Falcon Capital Partners Limited, dated June 7, 2019 (2)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390020025288/ea126401ex10-1_logiqinc.htm">Executive
    Employment Agreement with Tom Furukawa, dated as of September 1, 2020 (5)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390020036069/ea129507ex10-1_logiqinc.htm">Executive
    Employment Agreement by and between Logiq, Inc. and Steven J. Hartman, dated as of November 4, 2020 (8)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390020029478/ea127622ex10-1_logiqinc.htm">Logiq,
    Inc. 2020 Equity Incentive Plan and related form agreements (6)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021023051/ea139941ex10-1_logiqinc.htm">Logiq,
    Inc. Amended and Restated 2020 Equity Incentive Plan and related form agreements (10)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390022003642/ea154496ex10-1_logiqinc.htm">Second
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021065704/ea152482ex10-1_logiqinc.htm">Transition
    Services Agreement by and between Logiq, Inc. and Lovarra, dated December 15, 2021 (16)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390021065704/ea152482ex10-2_logiqinc.htm">Tax
    Sharing Agreement by and between Logiq, Inc. and Lovarra, dated December 15, 2021 (16)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390022016551/ea157650ex10-1_logiq.htm">Purchase
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  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390022016551/ea157650ex10-2_logiq.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">Registration
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</span></td>
    <td style="text-align: justify">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1335112/000121390022017017/f10k2021ex21-1_logiqinc.htm">Subsidiaries
    of the Company (18)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ea158282ex23-1_logiqinc.htm">Consent of Centurion ZD CPA &amp; Co.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Procopio, Cory, Hargreaves &amp; Savitch
LLP (included in Exhibit 5.1)</span></td></tr>

<tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS</span>*</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Instance Document</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH</span>*</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Schema Document</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL</span>*</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase
    Document</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF</span>*</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase
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  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB</span>*</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE</span>*</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Presentation Linkbase
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  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span>*</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted as Inline
    XBRL and contained in Exhibit 101)</span></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 9%">107*</td>
    <td style="text-align: justify; width: 1%">&#160;</td>
    <td style="width: 90%"><a href="ea158282ex-fee_logiqinc.htm">Calculation of Filing Fee</a></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.3in; text-align: justify"><span style="font-size: 10pt">*</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Filed herewith</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">**</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">To be filed by amendment.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Incorporated by reference to Form SB-2 of the Company filed with the Securities and Exchange Commission on September 19, 2005</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">(2)</span></td>
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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>(b) Financial Statement Schedules.</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All schedules have been omitted because either
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 17. Undertakings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned registrant hereby undertakes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="width: 0.25in"><span style="font-size: 10pt">(i)</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; <i>provided, however,</i>&#160;that paragraphs (1)(i), (1)(ii)
and (1)(iii) do not apply if the registration statement is on Form S-1 and the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section&#160;13
or 15(d) of the Exchange Act that are incorporated by reference in the registration statement.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    <td style="width: 0.25in"><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</span></td></tr>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</span></td></tr>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">(4)</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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    <td style="text-align: justify"><p style="margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for purposes
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13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report
pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof..</span></p></td></tr>
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    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>(6)</td>
    <td style="text-align: justify"><p style="margin: 0pt 0">Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in
Item 14 above, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against
public policy as expressed in the Securities Act of 1993 and will be governed by the final adjudication of such issue.</p></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York, in the State of New York, on July 18, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
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    <td style="width: 60%">&#160;</td>
    <td style="width: 5%">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates
indicated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: center"><span style="font-size: 10pt">July 18, 2022&#160;</span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
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    <td style="text-align: center"><span style="font-size: 10pt">July 18, 2022&#160;</span>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></p><div>

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As filed with the Securities
and Exchange Commission on July 18, 2022
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-1
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
Logiq,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware
7389
46-5057897
(State of
Incorporation)
(Primary Standard Industrial
Classification Number)
(IRS Employer
Identification Number)
Brent
Y. Suen
Chief
Executive Officer
Logiq,
Inc.
85
Broad Street, 16-079
New
York, NY 10004
(808)
829-1057
(Address,
including zip code, and telephone number, including area code,
of
registrant's principal executive offices)
Please
send copies of all communications to:
Christopher
L. Tinen, Esq.
Procopio,
Cory, Hargreaves & Savitch LLP
12544
High Bluff Drive, Suite 400
San
Diego, California 92130
(858)
720-6320
(Address,
including zip code, and telephone, including area code)
Approximate
date of proposed sale to the public: From time to time after the effective date of this registration statement.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. ☐
If
this Form is a post-effective amendment filed pursuant to rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company"
and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☐
If
an emerging growth company, indicate by checkmark if the registrant has not elected to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
PROSPECTUS
SUBJECT TO COMPLETION DATED JULY 18, 2022
The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not
soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.
6,000,000
Shares of Common Stock as Primary Settlement Shares
20,000,000 Shares of Common Stock as Purchase Shares
Logiq,
Inc.
This registration statement relates to the offering and resale by the
Selling Stockholder identified herein of (i) up to 6,000,000 shares of common stock, par value $0.0001 per share ("Common Stock"),
of Logiq, Inc. (the "Company") as "Primary Settlement Shares" and (ii) up to 20,000,000 shares of the Company's
Common Stock as "Purchase Shares". All such securities represent shares that are issuable to Ionic Ventures, LLC ("Ionic")
under a Purchase Agreement dated as of March 30, 2022, between the Company and Ionic, which we refer to herein as the "Purchase
Agreement".
The Selling Stockholder has advised us that they
will sell the Common Stock from time to time in the open market, on the OTCQX Market, in privately negotiated transactions, at market
prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices or a combination of those
methods. See also "Plan of Distribution" on page 36 for more information.
We are not selling any securities under this registration
statement and will not receive any of the proceeds from the sale of Common Stock by the Selling Stockholder. Additionally, we will not
receive any gross proceeds from the sale of Primary Settlement Shares to Ionic under the Purchase Agreement, as such shares serve as a
"true-up" of Primary Shares previously sold to Ionic on March 31, 2022. However, we may receive gross proceeds of up to $37,000,000
from the sale of Purchase Shares to Ionic under the Purchase Agreement, from time to time in our discretion after the date the registration
statement of which this prospectus is a part is declared effective and after the other conditions in the Purchase Agreement have been
satisfied. Depending on the market prices of our Common Stock at the time we elect to issue and sell Purchase Shares to Ionic under the
Purchase Agreement, we may need to register additional Common Stock in order to receive aggregate gross proceeds equal to the $37,000,000
in remaining total commitment available to us under the Purchase Agreement.
Ionic is an "underwriter" within the
meaning of Section 2(a)(11) of the Securities Act of 1933, as amended, or the Securities Act. For more information, please see the section
of this prospectus titled "Plan of Distribution" beginning on page 36.
Our shares of Common Stock are quoted on the OTCQX Market under the
symbol, "LGIQ", and on the NEO Exchange in Canada under the same symbol, "LGIQ". On July 12, 2022, the last reported
sales price for our common stock on the OTCQX Market was $0.34 per share, and C$0.44 per share on the NEO Exchange. This price will fluctuate
based on the demand for our Common Stock.
This
prospectus provides a general description of the securities being offered. You should read this prospectus and the registration statement
of which it forms a part before you invest in any securities.
Investing
in our securities involves a high degree of risk. See "Risk Factors" beginning on page 14 of this prospectus for a discussion
of information that should be considered in connection with an investment in our securities.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
You
should rely only on the information contained in this prospectus or any prospectus supplement or amendment hereto. We have not authorized
anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely
upon it. This prospectus is not an offer to sell, nor is the selling stockholder seeking an offer to buy, securities in any state where
such offer or solicitation is not permitted. The information in this prospectus is complete and accurate only as of the date on the front
cover of this prospectus, regardless of the time of delivery of this prospectus or any sale of shares of our common stock. Our business,
financial condition, results of operations and prospects may have changed since that date.
The
date of this prospectus is         , 2022.
TABLE
OF CONTENTS
Prospectus Summary
1
Risk Factors
14
Cautionary Note Regarding Forward-Looking Statements
29
Use of Proceeds
29
The Offering
30
Selling Stockholder
35
Plan of Distribution
36
Market for Our Common Stock and Related Stockholder Matters
38
Management's Discussion and Analysis of Financial Condition and Results of Operations
39
Directors, Executive Officers and Corporate Governance
59
Executive Compensation
67
Transactions with Related Persons, Promoters and certain Control Persons and Director Independence
71
Security Ownership of Certain Beneficial Owners and Management
71
Description of Capital Stock
73
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
76
Incorporation of Certain Information by Reference
76
Where You Can Find More Information
77
Index to Consolidated Financial Statements
F-1
Logiq,
Inc., the Logiq logo, and other trademarks or service marks of Logiq appearing in this prospectus are the property of Logiq, Inc. This
prospectus also includes trademarks, tradenames and service marks that are the property of other organizations. Solely for convenience,
trademarks and tradenames referred to in this prospectus appear without the ® and ™ symbols, but those references are not intended
to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or that the applicable owner
will not assert its rights, to these trademarks and tradenames.
You
should rely only on the information contained in this prospectus or in any related free writing prospectus filed by us with the Securities
and Exchange Commission (the "SEC"). We have not authorized anyone to provide you with any information or to make any representation
not contained in this prospectus or incorporated by reference. We do not take any responsibility for, and can provide no assurance as
to the reliability of, any information that others may provide to you. This prospectus is not an offer to sell or an offer to buy securities
in any jurisdiction where offers and sales are not permitted. The information in this prospectus is accurate only as of its date, regardless
of the time of delivery of this prospectus or any sale of securities. You should not assume that the information contained in this prospectus
or any prospectus supplement or free writing prospectus is accurate as of any date other than the date on the front cover of those documents,
or that the information contained in any document incorporated by reference is accurate as of any date other than the date of the document
incorporated by reference, regardless of the time of delivery of this prospectus or any sale of a security. Our business, financial condition,
results of operations and prospects may have changed since those dates.
We
have not done anything that would permit a public offering of the securities or possession or distribution of this prospectus in any
jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into
possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities
and the distribution of this prospectus outside of the United States.
i
PROSPECTUS
SUMMARY
The
following summary highlights information contained elsewhere or incorporated by reference in this prospectus and does not contain all
of the information you should consider in making your investment decision. You should read this summary together with the more detailed
information, including our consolidated financial statements and the related notes included in this prospectus, contained or incorporated
by reference in this prospectus. You should carefully consider, among other things, the matters discussed under the headings "Risk
Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in our
consolidated financial statements, before making an investment decision. You should also read and consider the information in the documents
to which we have referred you in "Where You Can Find Additional Information."
As
used in this prospectus, unless the context otherwise requires, references to "we," "us," "our,"
"our Company," the "Company" and "Logiq" refer to Logiq, Inc. and all its subsidiaries that may exist
from time to time.
Our
Company
The Company offers solutions
that help small-to-medium-sized businesses ("SMBs") to provide access to and reduce transaction friction of e-commerce for
their clients globally. The Company's solutions are provided through (i) its "AppLogiq" business segment (operated as
CreateApp (https://www.createapp.com/), allows SMBs to establish their point-of-presence on the web, and (ii) its "DataLogiq"
business segment, a digital marketing analytics business unit that offers proprietary data management, audience targeting and other digital
marketing services that improve an SMB's discovery and branding within the vast e-commerce landscape.
The Company enables SMBs to
create a mobile app for their business without the need of technical knowledge, high investment, or background in IT by utilizing AppLogiq's
CreateApp platform that is offered as a Platform as a Service ("PaaS") to the Company's customers. The Company's
DataLogiq business segment offers online marketing solutions on a performance marketing and self-serve, Software as a Service ("SaaS")
basis.
We
provide our PaaS and digital marketing to SMBs in a wide variety of industry sectors. We believe that SMBs can increase their sales,
reach more customers, and promote their products and services using our affordable and cost-effective solutions. We recognize revenue
on a pay to use subscription basis when our customers use our PaaS platform to create mobile apps for their business and on our SaaS
platform when provisioning services for their marketing campaigns. We also recognize revenue on CPL and other metrics for engagements
undertaken on a performance marketing basis.
The
Company continues to expand its portfolio of offerings and the industries they serve:
●
In
May 2018, the Company expanded its portfolio to fintech applications with the launch of its PayLogiq mobile payments platform in Indonesia.
●
In the fall of 2019, the
    Company expanded its portfolio to short-distance food delivery service with the launch of GoLogiq, a PaaS platform that provides
    mobile payment capabilities for the local food delivery service industry in Indonesia.
●
In January 2020, the
    Company completed the acquisition of substantially all of the assets of Push Holdings, Inc. This acquired business, which the
    Company has rebranded as its DataLogiq division, operates a consumer data management platform powered by lead generation, online
    marketing, and multichannel reengagement strategies through its owned and operated brands. DataLogiq has developed a proprietary
    data management platform and integrated with several third-party service providers to optimize the return on its marketing efforts.
    DataLogiq focuses on consumer engagement and enrichment to maximize its return on acquisition through repeat monetization of each
    consumer. DataLogiq also licenses its software technology and provides managed technology services to various other e-commerce
    companies. DataLogiq is located in Minneapolis, Minnesota, USA.
1
●
On November 2, 2020, the
Company completed the acquisition of Fixel AI Inc. ("Fixel"), thereby acquiring its self-serve MarTech Audience Targeting
platform as a further expansion of its DataLogiq product suite.
●
On March 29, 2021, the
Company completed the acquisition of Rebel AI, Inc., a Delaware corporation ("Rebel"). By acquiring Rebel and its platform,
the Company enables brands and agencies to securely transact media and activate first-party data.
●
On June 21, 2021, the Company completed its Canadian IPO offering of
1,976,434 units of its securities, consisting of shares warrants to purchase shares of common stock, on the NEO exchange in Canada.
●
On March 31, 2022, the Company, Battle Bridge
Acquisition Co, LLC, a company beneficially owned entirely by the Company (the "Buyer"), Section 2383 LLC, a Wyoming limited
liability company ("Seller"), Travis Phipps, an individual ("Phipps") and Robb Billy ("Billy" and,
together with Phipps, the "Founders") and Travis Phipps, as Representative, entered into an asset purchase agreement (the
"Battle Bridge Purchase Agreement") whereby the Buyer agreed to purchase from Seller and Seller agreed to sell to Buyer substantially
all of the assets of Seller which represents the "Battle Bridge Labs" business (the "Battle Bridge Assets") (collectively,
the "Transaction"). The consummation of the Transaction (the "Closing") occurred simultaneously with execution
of the Battle Bridge Purchase Agreement on March 31, 2022.
As consideration for the Buyer's acquisition
of the Battle Bridge Assets, the Company agreed to pay $3,250,000 (the "Purchase Price"), which consisted of $250,000 in cash
(the "Cash Consideration") and the issuance of 2,912,621 shares of restricted common stock of the Company at $1.03 per share
(the "Stock Consideration") (representing $3,000,000 in Stock Consideration), which was the volume weighted average price
("VWAP") of the Company's Common Stock as reported by Bloomberg LP for the twenty (20) trading days immediately prior
to Closing. $500,000 in Stock Consideration was retained by the Company at the Closing and held as partial security to satisfy indemnification
claims for a period of 12 months following the Closing.
In addition, the recipients of the Stock Consideration agreed to sign
lock-up and leak-out agreements which provide that, following a 6-month lock-period and ending 18 months after Closing, any sales of the
Company's Common Stock by such recipients do not exceed one percent (1%) of the then applicable thirty (30) day trading average
volume of the Company's Common Stock as of such date.
Corporate
History
Logiq,
Inc., formerly known as Weyland Tech, Inc., is a Delaware corporation that incorporated in 2004. Logiq is headquartered in New York,
with offices in New York City, Singapore, Minneapolis, MN and Jakarta, Indonesia.
On
September 25, 2020, the Company commenced trading under the Company's new name, Logiq, Inc., under its new symbol: "LGIQ".
The Company's common stock is quoted on the OTCQX Market.
On December 15, 2021, we entered
into various agreements with GoLogiq, Inc. (then known as Lovarra), a Nevada corporation ("GoLogiq") and public reporting
subsidiary of the Company, pursuant to which the Company agreed to transfer its AppLogiq business to GoLogiq, subject to customary conditions
and approvals and completion of requisite financial statement audits (the "Separation"). GoLogiq is a fully reporting U.S.
public company, which, as of December 15, 2021, was approximately 78.5% owned by the Company's wholly owned subsidiary GoLogiq LLC.
In connection with the Separation, the Company intends to distribute, on a pro rata basis, 100% of the Company's ownership interests
in GoLogiq to the Company's shareholders of record as of December 30, 2021 (the "Distribution").
On January 27, 2022, we completed
the transfer of our AppLogiq business to GoLogiq. In connection with the completion of the transfer of AppLogiq to GoLogiq, GoLogiq issued
26,350,756 shares of its common stock to the Company (the "GoLogiq Shares"). The Company will hold the GoLogiq Shares until
it distributes 100% of the GoLogiq Shares to the Company's stockholders of record as of December 30, 2021 on a 1-for-1 basis (i.e.
for every 1 share of Logiq held on December 30, 2021, the holder thereof will receive 1 share of GoLogiq), which the Company intends
to complete in the near terms, subject to customary conditions and approvals.
Until
such time as the Distribution is complete, we will consolidate and report the financials of the AppLogiq business as a consolidated subsidiary
of Logiq.
Products
General
Since 2017, we have been focused on enabling mobile commerce via our
enhanced platform offered on a PaaS basis, and the Company's e-wallet initiative. Product launches with our strategic partners DPEX
Worldwide Express (S) PTE. Ltd. (Indonesia), BGT Corp Public Company Limited (Thailand), and Augicom Telecom SA (France) are representative
of the PaaS platform strategy and product offering. As of the date of this prospectus, we offer the following products (each of which
is described below): (i) APPLogiq; (ii) PAYLogiq; (iii) GOLogiq; and (iv) the DATALogiq branded consumer data management platform.
AppLogiq
APPLogiq,
the Company's core product and PaaS, allows SMBs to create mobile apps for their business without the need of technical knowledge,
high investment, or background in IT.
2
APPLogiq
has evolved over the course of 2017, 2018 and 2019 to capitalize on the immediate opportunity for developing a larger network of valuable
users and merchants by developing services that will enable the adoption of mobile commerce across Greater South East Asia and the United
States. The platform enhancements have taken the Company's technology from a standalone "do-it-yourself" ("DIY")
app builder to an enhanced platform built to enable mobile commerce by empowering users to create their own e-commerce and mobile-commerce
ecosystem.
In
2019, the Company focused on scaling this business model by continuing to develop and expand strategic partnerships that would increase
the number of users, and the merchants available to users, of the Company's products on a PaaS basis. These efforts expanded on
the success of recent product launches representative of the PaaS platform strategy and product offerings with our strategic partners,
and after extensive discussions with our partners, management believes that supporting these initiatives through deeper engagement, interaction,
and co-marketing/sales substantially benefited the Company in 2018 and 2019. As a result, our year-over-year revenues increased by 45%
in 2018 and by 52% in 2019. For 2020 over 2019, in spite of COVID-19, the Company worked to improve gross profit margins while reducing
older, white-label partnership revenues and although year-over-year revenues decreased by 34%, the gross profits margins improved to
approximately 25.8% due to a loss of customers as a result of adverse effects of the on-set of Covid-19 in March 2020 and the provision
of complimentary services in an effort to retain customers.
In
2020 and 2021, we revamped Version 4 of our CreateApp platform with the following added functionalities: E-Store Multiple Product
Variations & Options, Food-Ordering Self Pickup & Delivery options, Google Maps Autocomplete Address Integration, Google Fonts
Integration, Dynamic Global Font Size, Line Integration, Lazy Load& Shimmer Effect Implementation and a customer focused Support
Service Desk Widget dashboard.
We
are planning to introduce a data warehousing project. This project will enhance browsing speed by reconstruct & restructure our platform
to handle big data in chunks dynamically. We plan to implement SPA (Single Page Applications) to rewrite the pages dynamically to the
current web page with new data from the webserver instead of loading entire new pages. We also process the data and store it as an object
array in the server's memory for faster data fetching. The overall browsing experience will feel more like a native app.
PayLogiq
Launched
in late 2017 as the Company's e-wallet initiative, PAYLogiq is a 'consumer facing' product offering that supports the
PaaS strategy developed by the enhancements to the AppLogiq platform providing payment capabilities to users of our platform. Moreover,
PAYLogiq is designed to be a robust and universal payment platform, and its growth is therefore not limited to the Company's PaaS
customers alone.
Since
its launch, PAYLogiq has surpassed the Company's expectations as it has achieved stronger than anticipated customer traction with
limited marketing expense. In 2020, PAYLogiq's total gross mobile transaction volume totaled $16.4 million.
GOLogiq
GOLogiq
is our PaaS platform that provides mobile payment capabilities for the local food delivery service industry. We launched GOLogiq in the
fall of 2019 in Jakarta, Indonesia, and as of December 31, 2020, GOLogiq has reached a registered customer base of 166,000 mobile users.
The Company plans to continue to reinvest in GOLogiq in order to increase user growth and regional expansion with its unique pedestrian-powered
approach to urban food delivery.
DATALogiq
Consumer Data Management Platform
DATALogiq
operates a consumer data management platform powered by lead generation, online marketing, and multichannel reengagement strategies through
its owned and operated brands.
3
DATALogiq
has developed a proprietary data management platform and integrates with several third-party service providers to optimize the return
on its marketing efforts. DATALogiq focuses on consumer engagement and data enrichment to maximize its return on acquisition through
repeat monetization of each consumer. DATALogiq also licenses its software technology and provides managed technology services to various
other e-commerce companies. DATALogiq is located in Minneapolis, Minnesota, USA.
Product
Development
DATALogiq
is developing an end-to-end marketing technology platform utilizing big data and artificial intelligence ("AI") for enterprise
and SMB clients that will allow clients to develop desired target audiences, activate campaigns, insert creative content and broadcast
through a cost-effective advertising channel for the campaign.
Development
of our software is focused on expanding product lines, designing enhancements to our core technologies, and integrating existing and
new products into our principal software architecture and platform technologies. We intend to continue to offer regular updates to our
products and to continue to look for opportunities to expand our existing suite of products and services.
To
date, we have primarily developed products internally, sometimes also licensing or acquiring products, or portions of products, from
third parties. These arrangements sometimes require that we pay royalties to third parties. We intend to continue to license or otherwise
acquire technology or products from third parties when it makes business sense to do so.
In
the third quarter of 2020, we rebranded under the Logiq name. Our offerings now extend from mobile commerce and fintech solutions for
SMBs, to AI-powered, SaaS-based digital marketing solutions for enterprises and major brands. We believe the Logiq branding better reflects
the use of data analytics that underlies both of our business segments.
Our
customer relationships now range from hundreds of thousands of SMBs around the world to publicly traded Fortune 1000 companies. Among
our notable customers are QuinStreet (a marketing technology company), Purple (the creator of the renowned Purple mattress) and Sunrun
(a solar company).
These
new major clients reflect our transformation, which began with the completion of our acquisition of the assets of Push. This
has led to the streamlining during the third quarter of 2020 of our various brands and business units into two business segments:
DataLogiq
and
AppLogiq
.
DATALogiq
's
data engine uses proprietary methodologies and AI systems to deliver valuable consumer insights that can dramatically enhance the effectiveness,
reach, and return on investment of online marketing spend for enterprises and major brands. Alongside
DataLogiq
is our new Fixel
subsidiary that offers simplified online marketing with critical privacy features.
Our
APPLogiq
mobile commerce PaaS enables SMBs worldwide to easily create and deploy a native mobile app for their business without
technical knowledge or background.
APPLogiq
empowers businesses to reach more customers, increase sales, manage logistics, and
promote their products and services in an easy and affordable way. Our
APPLogiq
mobile platform now also includes our
PAYLogiq
fintech and
GOLogiq
delivery services that have garnered great interest from potential partners due to the deep consumer data
both have been acquiring since their inception.
The
combination of
APPLogiq
's mobile platform and
DATALogiq
's data engines offers a uniquely powerful e-commerce
and m-commerce platform for many types of businesses and brands. We have and will continue to integrate, existing and new, cutting-edge
services with the aim of providing a comprehensive and differentiated e-commerce and m-commerce offering for our existing and interested,
new customers.
Soon
after the close of the Push asset acquisition, the impact of the COVID-19 pandemic quickly emerged, with global lockdowns and the corresponding
impact on SMBs. Fortunately, due to the diversification of our revenue sources we have thus far been able to weather the storm. While
our
APPLogiq
m-commerce business, targeted at distributors and SMB end users, has been adversely affected by the lockdown of traditional
commercial businesses, our
DATALogiq
e-commerce data-driven digital marketing business has benefited by shifting to the many solely
online businesses that have experienced an uptick in demand due to the pandemic.
4
Importantly,
for
DATALogiq
, the recent acquisition of Fixel and its audience targeting solution has meant the introduction of a new SaaS revenue
stream. Audience targeting is the ability to take the full audience of prospective customers and segment it into groups based on different
criteria, including online behavioral characteristics, demographics, interests, and intent. The acquisition reflects our ability to adapt
to the substantial industry shift that the end of the third party cookies represents. Fixel provides a timely solution to the loss of
third party data that addresses the consumer privacy concerns that gave rise to the coming decline in third party cookies.
Our
Competitive Strengths
Logiq
has an AI-driven, first party data, privacy compliant targeting solution that does not rely on third party cookie solutions. Our proprietary
technology does not use any personally identifiable information or third party cookie information. Rather, it relies only on first party
data collected on an advertiser's or publisher's website. The AI engine has the unique ability to determine the "most
engaged visitors" to a website and then use that information to target them on Google, Facebook, Yahoo, Bing, LinkedIn, TradeDesk
and other major platforms. At the heart of our data solution lies the value – the AI engine that analyzes and makes judgements
about all visitors to a site.
By
segmenting site visitors into Baseline, Medium and High categories, these designations can be leveraged when creating campaigns on any
of these destinations. These segments are touted to give our customers the best insight into who are the most engaged audiences in the
90 to 95% of site visitors who don't convert.
Across
advertisers, publishers, agencies and tech platforms (such as demand side platforms that allow buyers of digital advertising inventory
to manage multiple advertising exchange and data exchange accounts through one interface), the Logiq solution is viewed by existing customers
(through their feedback to Logiq) to be a solution that can gain rapid adoption, as the industry trend is one where ecosystem constituents
look to move away from their current third party cookie targeting initiatives. Our solution is not only for advertising purposes but
could also be applied to a marketer's analytics stack to gain deeper insights and understanding of their visitors' behavior.
Today,
Logiq uses its proprietary advertising and marketing technology platform to provide direct-to-consumer marketing services to advertisers.
Our technology platform has proven to find in-market audiences and convert them to paying customers. Today, our technology is being used
by enterprise brands such as Purple Mattress, Sunrun, and QuinStreet. A key next phase of the Company is to go downstream to small to
medium size e-commerce agencies and brands by providing a new kind of marketing solution that delivers enterprise level capabilities
via a simplified, do-it-yourself, automated platform.
Our
Strategy
Our
growth strategy is a multi-pronged approach, consisting of the following:
●
Development of an end-to-end
    unified SaaS offering
. We expect to unify all of our technology platforms into one framework to provide a streamlined user experience
    for customers to leverage all of our applications through a SaaS model.
●
Expand our customer
    base and business relationships.
Today, we are already installed in major media companies and technology platforms. We intend
    to increase the usage of our technology and deepen technology relationships to drive increased revenue.
●
Expand salesforce to
    acquire new brands and online advertisers
. We intend to increase our salesforce to expand our existing business relationships
    with leading media networks and advertising agencies and to aggressively activate new brand advertiser relationships and business
    joint ventures.
●
Focus on SMBs
. We
    believe that there is a significant opportunity for an end-to-end advertising and marketing technology solution for SMBs seeking
    to grow their online sales without dealing with the many challenges of integrating multiple point solutions. We intend to heavily
    market our platforms to SMBs.
●
Maintain innovation
.
    We continue to develop and introduce new features and improved functionality to our platforms. Key initiatives include development
    of easy to use self serve platforms for SMBs, and continued development of AI-driven marketing technologies.
5
Sales
and Marketing
Our
sales and marketing efforts are focused on promoting sales, producing expert content and brand awareness. The Company believes that our
resellers agreements signed in 2015, 2016, and 2017 created a large enough addressable market opportunity to generate sales and profits
in a scalable manner, grow the Company's business and enhance shareholder value. Given the nature of DIY mobile apps and the primary
target market of SMBs, a typical go-to-market strategy would have a direct sales force or resellers approach SMBs directly to drive our
revenue.
The
Company has further evolved our PaaS platform with two distinct market paths to drive recurring revenue business model:
A)
Cooperation agreements in countries/regions where our partners are responsible for targeting SMBs either through an installed base of
customers or groups of direct sellers with a sales and marketing team focusing on end customers. The 2020 partnership with KMSB is representative
of this revised path.
B)
Digital wallet or e-wallet solutions. A distinguishing characteristic of Greater South East Asia ("GSEA") compared to the
United States is the substantially lower percentage of the population in GSEA with bank accounts, credit cards, or debit cards. This
creates the need for alternative payment methods, specifically e-wallets according to the International Data Corporation ("IDC"). GSEA
is poised for its own payments transformation in much the same way that China has shifted to online payments. Online payments in GSEA
is divided into four broad payment modes: e-wallets (such as our PayLogiq platform), credit cards, debit cards and online banking. Of
these IDC experts, the e-wallet mode is expected to grow the fastest over the next five years. Drivers for GSEA's e-wallet industry
include the mismatch between internet penetration and banking penetration (which creates a structural opportunity for e-wallet), the
increasing integration of e-wallets with use cases such as online games and e-commerce, and the opportunity to offer broader digital
financial services using e-wallets as a foundation.
With
the above strategy, we believe that the Company will be able to maintain a lower capital expenditure base due to the 'level-two'
customer support vs. 'level-one' customer support, smaller sales and marketing teams, and the need to provide hosting services.
The
Company's APPLogiq platform operates as a PaaS allowing users to develop their own applications supplying the infrastructure and
IT services, which users can access anywhere via a web or desktop browser. The Company recognizes revenue on a pay to use subscription
basis when our customers use our platform.
We
do not compensate resellers and distributors. Instead, the end user pays the reseller/distributor directly as well as paying for our
services, for which we or our reseller/distributor in licensed territories bill the end user separately.
Markets,
Geography, and Seasonality
Our
products and services are predominantly sold in North America and the Southeast Asian markets. Based on our current and historical balance
sheets and statement of operations, it does not appear that our business or operations experience any seasonality with respect to our
sales as any such seasonality appears to be unpredictable. Although we believe our customers' historical buying patterns and budgetary
cycles may be a factor that impacts our quarterly sales results, we are not able to reliably predict our sales based on seasonality because
outside factors (timing, introduction of new products and services, and other economic factors impacting our industry) can also substantially
impact our revenues during the year.
6
Major
Customers
No
single customer represented significant concentration risk during 2021 APPLogiq's continued shift in focus away from bulk white
label distributors to direct marketing end users.
For
the DATALogiq business segment in the year ended December 31, 2021, there is no significant customer concentration risk based on our
total consolidated revenues.
Research
and Development
Our
R&D strategy is to offer cutting edge financial, marketing, and advertising technology to the Company's present and future
customers. The Company continues to invest in website, e-commerce platform and mobile app development. In addition, the Company continues
to develop its system support knowledge base and other internal systems.
The
Company's commercial and corporate-strategy functions collaborate closely with the R&D team on the Company's priorities.
The R&D strategy determines what capabilities and technologies the Company must have in place to bring the desired solutions to market.
R&D capabilities are the technical abilities to discover, develop, or scale marketable solutions. Capabilities are unlocked by a
combination of technologies and assets, and focus on the outcomes.  The choices of operating model and organizational design will
ultimately determine how well the R&D strategy is executed.
Competition
Our
business is rapidly evolving and highly competitive. Our current and potential competitors include: (i) advertising companies, web design
firms and, more recently, mobile app makers; (ii) other DIY mobile app companies; (iii) a number of indirect competitors, including media
companies, web portals, comparison shopping websites, and web search engines, either directly or in collaboration with SMBs; (iv) companies
that provide e-commerce and e-wallet services, including website/app development; and (v) companies that provide infrastructure web and
mobile services. We believe that the principal competitive factors in our mobile apps business include ease of use, affordability and
broad range of functionality. Many of our current and potential competitors have greater resources, longer histories, more customers,
and greater brand recognition. They may adopt more aggressive pricing and devote more resources to technology, functionality and ease
of use and marketing. Other companies also may enter into business combinations or alliances that strengthen their competitive positions.
E-commerce
We
face competition principally from regional players that operate across several markets in the U.S., Europe, and Asia. We also face competition
from single-market players in those regions. We compete to attract, engage and retain buyers based on the variety and value of products
and services listed on our marketplaces, overall user experience and convenience, online communication tools, integration with mobile
and networking applications and tools, quality of mobile applications, and availability of payment settlement and logistics services.
We also compete to attract and retain sellers based on the number and engagement of buyers, the effectiveness and value of the marketing
services we offer, commission rates and the usefulness of the services we provide including data and analytics for potential buyer targeting,
cloud computing services and the availability of support services, including payment settlement and logistics services.
E-wallet Platforms
PAYLogiq
competes primarily with credit card and debit card service providers, banks with payment processing offerings, other offline payment
options and other electronic payment system operators. PAYLogiq competes with these companies primarily on the basis of transaction processing
speed, convenience, network size, accessibility, reliability and price. We believe the combination of PAYLogiq's numerous physical
merchant locations and the PAYLogiq App is a significant competitive advantage because of the strong demand in GSEA for convenient forms
of payment processing.
7
Intellectual
Property
The
Company has, under a software purchase agreement, the eWallet platform currently operating under the brand names AtozPay and AtozGo in
Indonesia (PAYLogiq and GOLogiq respectively), and the global rights to market and operate in other countries worldwide.
In
addition, the Company has acquired the rights to the following United States trademarks through its acquisition of the Push assets:
1.
United
States Trademark "Astrology Nova" (Registration Number 5631852), registered under Push Holdings, Inc.
2.
United
States Trademark "BlueDrone" (Registration Number 5528307), registered under Comiseo, Inc.
The
Company is in the process of registering transfers of these trademarks with the United States Patent and Trademark Office into the name
of the Company.
The
Company has three trademarks pending for registration in the United States for the word mark "Logiqx" under serial numbers
8885602, 88856050 and 88856033.
Employees
We
believe that our future success will depend, in part, on our ability to continue to attract, hire, and retain qualified personnel.
The
Company currently has thirty-seven full-time contracted personnel in Singapore, Myanmar, Hong Kong and the United States. None of our
employees are represented by a union or covered by a collective bargaining agreement.
Government
Approval
Because
our core business is to provide a PaaS platform that allows SMBs to build their presence on mobile devices, we do not believe that any
government agency approval is required for the products and services that we provide to our customers.
Government
Regulations
We
and our clients currently use pseudonymous data about Internet and mobile app users on our platform to manage and execute digital advertising
campaigns in a variety of ways, including delivering advertisements to end users based on their geographic locations, the type of device
they are using, their interests as inferred from their web browsing or app usage activity, or their relationships with our clients. Such
data is passed to us from third parties, including original equipment manufacturers, application providers, and publishers. We do not
use this data to discover the identity of individuals, and we currently prohibit clients, data providers and inventory suppliers from
importing data that directly identifies individuals onto our platform.
Our
ability, like those of other advertising technology companies, to collect, augment, analyze, use and share data relies upon the ability
to uniquely identify devices across websites and applications, and to collect data about user interactions with those devices for purposes
such as serving relevant ads and measuring the effectiveness of ads. The processes used to identify devices and similar and associated
technologies are governed by U.S. and foreign laws and regulations and dependent upon their implementation within the industry ecosystem.
Such laws, regulations, and industry standards may change from time to time, including those relating to the level of consumer notice,
consent and/or choice required when a company employs cookies or other electronic tools to collect data about interactions with users
online.
8
In
the U.S., both federal and state legislation govern activities such as the collection and use of data, and privacy in the advertising
technology industry has frequently been subject to review by the Federal Trade Commission (the "FTC"), U.S. Congress, and
individual states. Much of the federal oversight on digital advertising in the U.S. currently comes from the FTC, which has primarily
relied upon Section 5 of the Federal Trade Commission Act, which prohibits companies from engaging in "unfair" or "deceptive"
trade practices, including alleged violations of representations concerning privacy protections and acts that allegedly violate individuals'
privacy interests. However, there is increasing consumer concern over data privacy in recent years, which has led to a myriad of proposed
legislation and new legislation both at the federal and state levels, some of which has affected and will continue to affect our operations
and those of our industry partners. For example, the California Consumer Privacy Act of 2018 (the "CCPA"), which went into
effect January 1, 2020, defines "personal information" broadly enough to include online identifiers provided by individuals'
devices, applications, and protocols (such as IP addresses, mobile application identifiers and unique cookie identifiers) and individuals'
location data, if there is potential that individuals can be identified by such data.
The
CCPA creates individual data privacy rights for consumers in the State of California (including rights to deletion of and access to personal
information), imposes special rules on the collection of consumer data from minors, creates new notice obligations and new limits on
and rules regarding the "sale" of personal information (interpreted by many observers to include common advertising practices),
and creates a new and potentially severe statutory damages framework for violations of the CCPA and for businesses that fail to implement
reasonable security procedures and practices to prevent data breaches. The CCPA also offers the possibility to a consumer to recover
statutory damages for certain violations and could open the door more broadly to additional risks of individual and class-action lawsuits
even though the statute's private right of action is limited in scope. There have been many class action lawsuits filed invoking
the CCPA outside of the private right of action provided for by the law. It is unclear at this point whether any of these claims will
be accepted by the courts. In addition, the California Privacy Rights Act, or CPRA, recently passed, which will impose additional notice
and opt out obligations on the digital advertising space, including an obligation to provide an opt out for behavioral advertising. When
the CPRA goes into full effect in January 2023, it will impose additional restrictions on us and on our industry partners; it is difficult
to predict with certainty the full effect of the CPRA and its implementing regulations on the industry.
As
our business is global, our activities are also subject to foreign legislation and regulation. In the European Union (including the European
Economic Area (the "EEA") and the countries of Iceland, Liechtenstein and Norway), or EU, separate laws and regulations (and
member states' implementations thereof) govern the processing of personal data, and these laws and regulations continue to impact
us. The General Data Protection Regulation ("GDPR"), which applies to us, came into effect on May 25, 2018. Like the CCPA,
the GDPR defines "personal data" broadly, and it enhances data protection obligations for controllers of such data and for
service providers processing the data. It also provides certain rights, such as access and deletion, to the individuals about whom the
personal data relates. The digital advertising industry has collaborated to create a user-facing framework for establishing and managing
legal bases under the GDPR and other EU privacy laws including ePrivacy (discussed below). Although the framework is actively in use,
it is under attack by the Belgian Data Protection Authority and others and we cannot predict its effectiveness over the long term.  European
regulators have questioned the framework's viability and activists have filed complaints with regulators of alleged non-compliance
by specific companies that employ the framework. Continuing to maintain compliance with the GDPR's requirements, including monitoring
and adjusting to rulings and interpretations that affect our approach to compliance, requires significant time, resources and expense,
and may lead to significant changes in our business operations, as will the effort to monitor whether additional changes to our business
practices and our backend configuration are needed, all of which may increase operating costs, or limit our ability to operate or expand
our business.
Additionally,
in the EU, EU Directive 2002/58/EC (as amended by Directive 2009/136/EC), commonly referred to as the ePrivacy or Cookie Directive, directs
EU member states to ensure that accessing information on an Internet user's computer, such as through a cookie and other similar
technologies, is allowed only if the Internet user has been informed about such access, and provided consent. A recent ruling by the
Court of Justice of the European Union clarified that such consent must be reflected by an affirmative act of the user, and European
regulators are increasingly agitating for more robust forms of consent. These developments may result in decreased reliance on implied
consent mechanisms that have been used to meet requirements of the Cookie Directive in some markets. A replacement for the Cookie Directive
is currently under discussion by EU member states to complement and bring electronic communication services in line with the GDPR and
force a harmonized approach across EU member states. Although it remains under debate, the proposed ePrivacy Regulation may further raise
the bar for the use of cookies, and the fines and penalties for breach may be significant. We cannot yet determine the impact such future
laws, regulations, and standards may have on our business.
9
As
the collection and use of data for digital advertising has received media attention over the past several years, some government regulators,
such as the FTC, and privacy advocates have suggested creating a "Do Not Track" standard that would allow Internet users
to express a preference, independent of cookie settings in their browser, not to have their online browsing activities tracked. The CPRA
similarly contemplates the use of technical opt outs for the sale and sharing of personal information for advertising purposes as well
as to opt out of the use of sensitive information for advertising purposes, and allows for AG rulemaking to develop these technical signals.
If a "Do Not Track," "Do Not Sell," or similar control is adopted by many Internet users or if a "Do Not
Track" standard is imposed by state, federal, or foreign legislation (as it arguably is to some degree under the CCPA regulations),
or is agreed upon by standard setting groups, we may have to change our business practices, our clients may reduce their use of our platform,
and our business, financial condition, and results of operations could be adversely affected.
Furthermore,
additional governmental regulations, including foreign governmental regulations, may affect our business. For more information, see the
section "Risk Factors".
Environmental
Matters
No
significant pollution or other types of hazardous emission result from the Company's operations, and it is not anticipated that
our operations will be materially affected by federal, state or local provisions concerning environmental controls. Our costs of complying
with environmental health and safety requirements have not been material.
Furthermore,
compliance with federal, state and local requirements regulating the discharge of materials into the environment, or otherwise relating
to the protection of the environment, have not had, nor are they expected to have, any material effect on the capital expenditures, earnings
or competitive position of the Company. However, we will continue to monitor emerging developments in this area.
Three
Year History
2019
On
August 19, 2019, the Company entered into subscription agreements with a total of 157 subscribers for an aggregate of 42,745,675 Common
Shares of the Company's for an aggregate purchase price of $6,411,851. The Company used the net proceeds from the offering (after
deducting consulting fees and expenses related to the offering in the aggregate amount of approximately $775,000) for working capital
and general corporate purposes.
On
December 16, 2019, the Company and its wholly-owned subsidiary, Origin8, entered into the asset purchase agreement for the Push Transaction
(as defined below).
On
November 15, 2019, the Company's shareholders approved the proposal to grant the Board discretionary authority to amend the Company's
Certificate of Incorporation to effectuate a reverse stock split of the Company's common stock, $0.0001 par value, by a ratio of
no less than 1-for-5 and no more than 1-for-20, with such ratio to be determined by the Board in its sole discretion (the "Reverse
Split"), and with such Reverse Split to be effective at such time and date, if at all, as determined by the Board in its sole discretion.
2020
On
January 8, 2020, the Company' completed the acquisition of substantially all of the assets of Push (the "Push Transaction").
At closing, the Company issued 28,571,428 Common Shares to ConversionPoint (Push's parent company) and a further 7,142,857 Common
Shares were issued and placed in an independent third-party escrow where such Common Shares will be released to ConversionPoint if the
acquired Push business achieves certain performance milestone requirements, subject to offset for indemnification purposes. The Company
obtained an independent valuation opinion with respect to the acquired business.
10
On
February 25, 2020, the Board filed a Certificate of Amendment to the Certificate of Incorporation with the Secretary of State of the
State of Delaware to effectuate the Reverse Split. The Reverse Split became effective on February 27, 2020. Immediately following the
Reverse Split, the total number of the Common Shares held by each stockholder was converted automatically into the number of whole Common
Shares equal to the number of issued and outstanding Common Shares held by such stockholder immediately prior to the Reverse Split, divided
by 13. The Reverse Split did not change the authorized capital stock of the Company. The Company continues to be authorized to issue
up to 250,000,000 Common Shares.
On
August 11, 2020, the Company, entered into a binding letter of intent to acquire Fixel AI Inc. ("Fixel"). Founded in July
of 2017, Fixel has a fully automated audience segmentation software suite that ranks audiences according to their level of engagement.
Fixel's software helps e-commerce and digital agency marketers to create and retarget high return on ad spend audiences using cutting
edge A.I. and big data technology. Fixel technology solutions enables automated audience segmentation for the purpose of creating lookalike
audiences and remarketing to highly engaged visitors that otherwise failed to convert in the sales funnel. Fixel allows clients to run
Data Driven marketing campaigns efficiently improving Return on add spend and sales conversions while still exceeding other corporate
KPIs.
On
October 30, 2020, the Company and Fixel entered into an Agreement and Plan of Merger (the "Fixel Merger Agreement") pursuant
to which Logiq Merger Sub, Inc., a wholly-owned subsidiary of the Company formed solely for the purpose of this transaction, merged with
Fixel (the "Merger"). Following the Merger, the surviving entity continued its existence as a wholly-owned subsidiary of
the Company, and the shareholders of Fixel received 564,467 Common Shares (the "Consideration Shares") at a deemed issue
price of US$8.86 per share, for an aggregate purchase price of approximately US$5,000,000. Pursuant to the Agreement and Plan of Merger,
112,868 Consideration Shares were placed in escrow with a third party escrow agent in order to establish a holdback mechanism with respect
to $1,000,000 worth of the Consideration Shares to secure the Fixel shareholders' obligations under the Agreement and Plan of Merger
for a period of 18 months following the closing of the Merger. On November 2, 2020, the Merger occurred.
2021
On
March 3, 2021, the Company, RAI Acquisition Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company ("Merger
Sub"), Rebel AI, Inc., a Delaware corporation ("Rebel AI"), and Emmanuel Puentes, on behalf of the stockholders of
Rebel AI (in such capacity, the "Stockholders' Agent"), entered into an Agreement and Plan of Merger (the "Merger
Agreement"), pursuant to which, upon consummation of the transactions contemplated by the Merger Agreement (the "Closing"),
the parties intend to effect a merger of Merger Sub with and into Rebel AI, whereby the separate existence of Merger Sub will cease and
Rebel AI will become a wholly-owned subsidiary of the Company (the "Merger"). The Merger closed on March 29, 2021 and Rebel
AI became a wholly-owned subsidiary of the Company. As consideration for the Merger, at the Closing, the Company delivered to those persons
set forth in the Merger Agreement an aggregate cash payment of $1,126,000 (the "Cash Consideration"), and an aggregate number
of restricted shares of the Company's common stock, par value $0.0001 per share ("Common Stock"), equal to (i) (x)
$7,000,000, divided by (ii) the volume weighted average closing price of the Company's Common Stock for the twenty consecutive
trading days prior to Closing (the "Stock Consideration," and together with the Cash Consideration, the "Merger Consideration"),
subject in each case to adjustment as provided in the Merger Agreement. Notwithstanding the foregoing, pursuant to the terms of the Merger
Agreement, (i) a portion of the Cash Consideration, in an amount equal to the outstanding balance of that PPP Loan made to Rebel AI in
January 2021, shall be withheld at Closing and placed into an escrow account, pending forgiveness or repayment of the PPP Loan, as applicable,
and (ii) $2,000,000 of Common Stock shall be withheld from the Stock Consideration and deposited into an escrow account, pending release
in accordance with the terms of the Merger Agreement.
11
On
June 9, 2021, the Company entered into an Agency Agreement (the "Agency Agreement") with Research Capital Corporation (the
"Agent") relating to a Canadian initial public offering (the "Offering") by the Company of a minimum of 1,666,667
units of securities (each, a "Unit"), and a maximum of 3,333,333 Units, at a price of C$3.00 per Unit (the "Offering
Price"), for minimum gross proceeds of C$5,000,000, and maximum gross proceeds of C$10,000,000. Each Unit consists of (i) one share
of common stock of the Company, par value $0.0001 per share ("Common Stock", and the Common Stock included in a Unit being
a "Unit Share"), and (ii) one Common Stock purchase warrant (each, a "Warrant"), where each Warrant entitles
the holder thereof to acquire one share of Common Stock (each, a "Warrant Share") at an exercise price of C$3.50 per Warrant
Share, subject to adjustment, at any time before the third anniversary (the "Warrant Expiry Date") of June 17, 2021 (the
"Closing Date"). The Warrants will be governed by a warrant indenture (the "Warrant Indenture") between the Company
and Odyssey Trust Company (the "Warrant Agent"). No Units will be issued, however, as the Units will be immediately separated
and purchasers will receive only shares of Common Stock and Warrants. Furthermore, the Company agreed to issue 83,333 units of securities
(the "Advisory Fee Units") to the Agent as compensation for certain strategic advisory and support services rendered. This
number was determined by dividing C$250,000 by the Offering Price. Each Advisory Fee Unit is comprised of (i) one share of Common Stock,
and (ii) one warrant exercisable to purchase one share of Common Stock at an exercise price of C$3.50 for a period of 36 months from
the Closing Date. On June 21, 2021, the Offering closed whereby the Company sold 1,976,434 Units for aggregate gross proceeds of C$5,929,302
before deducting offering expenses. The Company also issued 83,333 units of securities (the "Advisory Fee Units"), and 158,115
non-transferrable compensation options (the "Agent Options") to the Agent as compensation for certain strategic advisory
and support services rendered to the Company in connection with the Offering. Each Advisory Fee Unit is comprised of (i) one share of
Common Stock, and (ii) one Warrant. Each Agent Option is exercisable for one Unit at an exercise price of C$3.00 per Unit. On June 21,
2021, the Company's common stock began trading on the NEO Exchange under the symbol "LGIQ". The Company's common
stock continues to trade in the United States on the OTCQX under the same symbol.
On December 15, 2021, we entered
into various agreements with GoLogiq (then known as Lovarra), public reporting subsidiary of the Company, pursuant to which the Company
agreed to transfer its AppLogiq business to GoLogiq, subject to customary conditions and approvals and completion of requisite financial
statement audits. GoLogiq is a fully reporting U.S. public company, which, as of December 15, 2021, was approximately 78.5% owned by the
Company's wholly owned subsidiary GoLogiq LLC. In connection with the Separation, the Company intends to distribute, on a pro rata
basis, 100% of the Company's ownership interests in GoLogiq to the Company's shareholders of record as of December 30, 2021.
On January 27, 2022, we completed the transfer of our AppLogiq business to GoLogiq. In connection with the completion of the transfer
of AppLogiq to GoLogiq, GoLogiq issued the 26,350,756 GoLogiq Shares to the Company. The Company will hold the GoLogiq Shares until it
distributes 100% of the GoLogiq Shares to the Company's stockholders of record as of December 30, 2021 on a 1-for-1 basis (i.e.
for every 1 share of Logiq held on December 30, 2021, the holder thereof will receive 1 share of GoLogiq), which the Company intends to
complete in the near term, subject to customary conditions and approvals. Until such time as the Distribution is complete, we will consolidate
and report the financials of the AppLogiq business as a consolidated subsidiary of Logiq.
Corporate
Information
Our
principal executive offices are located at 85 Broad Street, 16-079, New York, NY 10004 and our telephone number is (808) 829-1057.
Available
Information
Copies of our Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q, Current Reports on Form 8-K and other documents that we will file with or furnish to the SEC will be available free of charge by
sending a written request to our Corporate Secretary at our corporate headquarters. The SEC maintains a website that contains reports,
proxy and information statements and other information regarding registrants that file electronically with the SEC. The SEC's website
is
www.sec.gov
.
We
maintain a corporate website at
www.logiq.com
. You will be able to access our Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q, Current Reports on Form 8-K and amendments to those reports, proxy statements and other information to be filed or furnished
pursuant to Section 13(a) or 15(d) of the Exchange Act with the SEC free of charge at our website as soon as reasonably practicable after
such material will be electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through,
our website is not part of this prospectus.
Unless
expressly noted, none of the information on our website is part of this prospectus or any prospectus supplement. Our common stock is
quoted on the OTCQX market operated by the OTC Markets Group, Inc., or "OTCQX," under the ticker symbol "LGIQ."
12
Offering
Summary
Common Stock registered in this offering
The Selling Stockholder is offering up to (i) 6,000,000 Primary Settlement Shares and (ii) up to 20,000,000 Purchase Shares.
Common Stock outstanding
33,401,334(1)
Selling Stockholder
Ionic Ventures, LLC
Use of proceeds
We are not selling any securities under this prospectus and will not receive any of the proceeds from the sale of Common Stock by the Selling Stockholder. Additionally, we will not receive any gross proceeds from the sale of Primary Settlement Shares to Ionic under the Purchase Agreement, as such shares serve as a "true-up" of Primary Shares previously sold to Ionic on March 31, 2022. However, we may receive proceeds of up to $37,000,000 from the sale of Purchase Shares to Ionic under the Purchase Agreement, from time to time in our discretion after the date this registration statement is declared effective and the other conditions in the Purchase Agreement have been satisfied. The proceeds received from Ionic under the Purchase Agreement for the sale of Purchase Shares will be used to for general corporate and working capital purposes. We may also use a portion of the net proceeds to acquire or invest in complementary businesses, products and technologies. Although we have no specific agreements, commitments or understandings with respect to any acquisition, we evaluate acquisition opportunities and engage in related discussions with other companies from time to time. See "Use of Proceeds."
Risk factors
Investing in our securities is highly speculative and involves a high degree of risk. You should carefully consider the information set forth in the "Risk Factors" section beginning on page 14 before deciding to invest in our securities.
Trading symbol
Our common stock is currently quoted on the OTCQX under the trading symbol "LGIQ" and in Canada on the NEO Exchange under the trading symbol "LGIQ."
(1)
Reflects shares issued and outstanding as of July 12, 2022.
13
RISK
FACTORS
Investing
in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information
in this prospectus, including our consolidated financial statements and the related notes and "Management's Discussion and
Analysis of Financial Condition and Results of Operations," before deciding whether to invest in our common stock. The occurrence
of any of the events or developments described below could harm our business, financial condition, operating results, and growth prospects.
In such an event, the market price of our common stock could decline, and you may lose all or part of your investment. Additional risks
and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations.
RISKS
RELATED TO THIS OFFERING
The sale or issuance of Common Stock
under
the Purchase Agreement and Warrant to Ionic may cause dilution, and the sale of Common Stock acquired by Ionic, or the perception that
such sales may occur, could cause the price of our Common Stock to fall.
On
March 30, 2022, we entered into the Purchase Agreement with Ionic pursuant to which Ionic has committed to purchase up to $40,000,000
of our Common Stock.
On March 31, 2022, the Company
effected an initial purchase of $3,000,000 in shares of Common Stock (the "Primary Shares") under the Purchase Agreement
at the Regular Purchase Price, and was issued 2,926,000 pre-settlement shares, which reflects an estimated value equal to the product
of (A) the quotient of (y) the purchase amount (i.e., $3,000,000) divided by (z) the Pre-Settlement Regular Purchase Price (defined below),
multiplied by (B) 125% (which Ionic may increase at its discretion). The "Pre-Settlement Regular Purchase Price" is equal
to 80% of the closing price of the Common Stock on the OTCQX Market on the date immediately preceding the Company's receipt of
a purchase notice under the Purchase Agreement. The Regular Purchase Price for the Purchase Shares shall equal 97% (the "RPP Percentage")
of the arithmetic average of the five (5) lowest VWAPs during the period starting on the date that Ionic received the Primary Shares
(March 31, 2022) and ending on such date that the aggregate dollar volume of our common stock traded on our Principal Market equals five
(5) times the Purchase Amount, in the aggregate, subject to a five (5) Trading Day minimum (provided, however, that each day on which
Investor has requested Purchase Shares which cannot be delivered to Investor shall be excluded from such calculation); provided, however,
that in the event an Event of Default (as defined in the Purchase Agreement) occurs between the date that the investor receives notice
from the Company of a Regular Purchase under the Purchase Agreement and the Regular Purchase Settlement Date (as defined in the Purchase
Agreement), then the RPP Percentage shall be automatically adjusted to 80% for so long as such Event of Default remains uncured. This
is a forward pricing mechanism based on an estimate and true up and as of the date of this prospectus, the Regular Purchase Price has
yet to be calculated.
The Company failed to timely file this registration statement in accordance
with the terms of the Purchase Agreement and Registration Rights Agreement entered into with Ionic. As a result, an Event of Default occurred,
and the applicable RPP Percentage for the initial purchase only is now 80%, rather than 97%.
The Company also
issued a Warrant to
purchase 631,579 shares of Common Stock (1.5% of the total $40,000,000 commitment amount) to Ionic for no consideration as a commitment
fee. The Warrant may be exercised for cash, but will more likely be exercised on a cashless exercise basis, which means the Company may
not receive any proceeds from such cashless exercise. Under the Warrant, the Company does not have the right to control the timing and
amount of any Warrant exercises by Ionic, except that there is a 9.99% ownership limitation blocker in the Warrant. Ionic may ultimately
decide to exercise all, some or none of the Warrant.
The Primary Shares and the shares issuable upon exercise of the Warrant
were registered pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-259851) (the "S-3 Registration
Statement"), and the related base prospectus included in the S-3 Registration Statement dated October 8, 2021, as supplemented by
a prospectus supplement to be filed on or about March 31, 2022 (the "Prospectus Supplement").
Additionally, we are registering hereunder up to 6,000,000 Primary Settlement Shares which may cover the true-up
pricing mechanism under the Primary Shares described above.
Of the remaining $37,000,000 in Purchase Shares which remain issuable under
the Purchase Agreement, we are registering 20,000,000 Purchase Shares hereunder, which may be sold for cash and issued to Ionic under
the Purchase Agreement at our discretion from time to time commencing after the satisfaction of certain conditions set forth in the Purchase
Agreement. The purchase price for the Purchase Shares that we may sell to Ionic under the Purchase Agreement will fluctuate based on the
price of Common Stock. Depending on market liquidity at the time, sales of such Primary Shares may cause the trading price of our Common
Stock to fall.
We generally have the right to control the timing and amount of any future sales of
Purchase
Shares to Ionic under the Purchase Agreement. Sales of Purchase Shares, if any, to Ionic will depend upon market conditions and other
factors to be determined by us. We may ultimately decide to sell to Ionic all, some or none of the additional Purchase Shares that may
be available for us to sell pursuant to the Purchase Agreement. Therefore, sales to Ionic by us could result in substantial dilution to
the interests of other holders of our Common Stock. Additionally, the sale of a substantial number of Purchase Shares to Ionic, or the
anticipation of such sales, could make it more difficult for us to sell equity or equity-related securities in the future at a time and
at a price that we might otherwise wish to effect sales. If and when we do sell Purchase Shares to Ionic, after Ionic has acquired the
Purchase Shares, Ionic may resell all, some or none of those Purchase Shares at any time or from time to time in its discretion.
14
We
may not have access to the full amount available under the Purchase Agreement with Ionic.
Under the Purchase Agreement, from and after the Commencement Date,
the Company has the right, from time to time in its sole discretion and subject to certain conditions and limitations set forth in the
Purchase Agreement, to direct the Investor to purchase not less than $200,000 and not greater than $300,000 in Purchase Shares per regular
purchase notice. The Company may effect a regular purchase at the Regular Purchase Price equal to the applicable RPP Percentage (97%,
or 80% in the event of the occurrence of an uncured Event of Default) of the arithmetic average of the five (5) lowest volume weighted
average prices ("VWAP") calculated for the period starting on the date that the Investor receives the shares under regular
purchase notice and ending on such date that the aggregate dollar volume of the Common Stock traded on the OTCQX Market equals five (5)
times said purchase amount, in the aggregate, subject to a five (5) Trading Day minimum, based on an estimate and true-up.
Although the Purchase Agreement provides that we may sell up to $40,000,000 of our Common Stock to Ionic, depending
on the market prices of our Common Stock, we may not be able to nor desire to sell the
remaining
$37,000,000 commitment amount contemplated by the Purchase Agreement and such sales may require us to file additional registration statements
as only 20,000,000 Purchase Shares are registered hereunder. In addition, the issuance and sale of such additional Purchase Shares could
cause substantial dilution to our stockholders.
The extent to which we rely on Ionic as a source of funding through March 2024 will depend on a number of factors,
including the prevailing market price of our Common Stock and the extent to which we are able to secure working capital from other sources.
Even if we sell a significant amount of
Purchase Shares under
the Purchase Agreement to Ionic, we may still need additional capital to fully implement our business, operating and development plans.
Should the financing we require to sustain our working capital needs be unavailable or prohibitively expensive when we require it, the
consequences could be a material adverse effect on our business, operating results, financial condition and prospects.
Ionic
will pay less than the then-prevailing market price for our Common Stock, which could cause the price of our Common Stock to decline.
The purchase price of Common Stock sold to Ionic under the Purchase
Agreement is derived from the market price of our Common Stock on the OTCQX Market. The Purchase Shares to be sold to Ionic pursuant to
the Purchase Agreement will be purchased at a discounted price. The Company may effect a regular purchase at the Regular Purchase Price
equal to the applicable RPP Percentage (97%, or 80% in the event of the occurrence of an uncured Event of Default) of the arithmetic average
of the five (5) lowest VWAPs calculated for the starting on the date that the Investor receives the shares under regular purchase notice
and ending on such date that the aggregate dollar volume of the Common Stock traded on the OTCQX Market equals five (5) times said purchase
amount, in the aggregate, subject to a five (5) Trading Day minimum, based on an estimate and true-up. As a result of this pricing structure,
Ionic may sell the Purchase Shares it receives immediately after receipt of the Purchase Shares, which could cause the price of our Common
Stock to decrease. These sales may have a further impact on the price of our Common Stock.
RISKS
RELATED TO OUR COMMON STOCK
Our
quarterly and annual operating results fluctuate and may continue to fluctuate in the future, and if we fail to meet the expectations
of analysts or investors, our stock price and the value of your investment could decline substantially
.
We
believe that operating results for any particular quarter are not necessarily a meaningful indication of future results. Nonetheless,
fluctuations in our quarterly operating results could negatively affect the market price of our common stock. Our results of operations
in any quarter or annual period have varied in the past, and may vary from quarter to quarter or year to year and are influenced by such
factors as:
●
changes in the general
    global economy;
●
changes in customer budget
    cycles;
15
●
the number and scope of
    ongoing customer engagements;
●
changes in the mix of our
    products and services;
●
competitive pricing pressures;
●
the extent of cost overruns;
●
buying patterns of our
    customers;
●
the timing of new product
    releases by us or our competitors;
●
general economic factors,
    including factors relating to disruptions in the world credit and equity markets and the related impact on our customers' access
    to capital;
●
our earnings releases,
    actual or anticipated changes in our earnings, fluctuations in our operating results or our failure to meet the expectations of financial
    market analysts and investors;
●
changes in financial estimates
    by us or by any securities analysts who might cover our stock;
●
speculation about our business
    in the press or the investment community;
●
significant developments
    relating to our relationships with our customers or suppliers;
●
stock market price and
    volume fluctuations of other publicly traded companies and, in particular, those that are in our industry;
●
customer demand for our
    business solutions;
●
investor perceptions of
    our industry in general and our Company in particular;
●
the operating and stock
    performance of comparable companies;
●
announcements by us or
    our competitors of new products, significant acquisitions, strategic partnerships or divestitures;
●
the timing and charges
    associated with completed acquisitions, divestitures, and other events;
●
changes in accounting standards,
    policies, guidance, interpretation or principles;
●
changes in tax laws, rules,
    regulations, and tax rates in the locations in which we operate;
●
exchange rate fluctuations;
●
loss of external funding
    sources;
●
sales of our common stock,
    including sales by our directors, officers or significant stockholders; and
●
addition or departure of
    key personnel.
Securities
class action litigation is often instituted against companies following periods of volatility in their stock price. Should this type
of litigation be instituted against us, it could result in substantial costs to us and divert our management's attention and resources.
16
Moreover,
securities markets may from time to time experience significant price and volume fluctuations for reasons unrelated to the operating
performance of particular companies. These market fluctuations may adversely affect the price of our common stock and other interests
in our Company at a time when you may want to sell your interest in our common stock.
If
securities or industry analysts issue an adverse opinion regarding our stock or do not publish research or reports about our company,
our stock price and trading volume could decline.
The
trading market for our common stock will depend in part on the research and reports that equity research analysts publish about us and
our business. We anticipate having limited analyst coverage and we may continue to have inadequate analyst coverage in the future. Even
if we obtain adequate analyst coverage, we would have no control over such analysts or the content and opinions in their reports. Securities
analysts may elect not to provide research coverage of our company and such lack of research coverage may adversely affect the market
price of our common stock. The price of our common stock could also decline if one or more equity research analysts downgrade our common
stock or if those analysts issue other unfavorable commentary or cease publishing reports about us or our business. If one or more equity
research analysts cease coverage of our company, we could lose visibility in the market, which in turn could cause our stock price to
decline.
Substantial
future sales of shares of our common stock could cause the market price of our common stock to decline.
The market price of shares of our common stock could decline as a result
of substantial sales of our common stock, particularly sales by our directors, executive officers and significant stockholders, a large
number of shares of our common stock becoming available for sale or the perception in the market that holders of a large number of shares
intend to sell their shares. As of July 12, 2022, we had 33,401,334 shares of our common stock outstanding.
Moreover,
we may enter into agreements with certain holders of our common stock which could give such holders certain rights, subject to some conditions,
to require us to file registration statements covering their shares or to include their shares in registration statements that we may
file for ourselves or our stockholders.
Anti-takeover
provisions in our charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders,
more difficult and may prevent attempts by our stockholders to replace or remove our current management and limit the market price of
our common stock.
Provisions
in our certificate of incorporation and bylaws, as may be amended from time to time, may have the effect of delaying or preventing a
change of control or changes in our management. Some of these provisions:
●
authorize our board of
    directors to issue up to 250,000,000 shares of authorized common stock;
●
specify that special meetings
    of our stockholders can be called only by the Chairman of our board of directors, President, or Vice President; and
●
provide that stockholders
    will not be allowed to vote cumulatively in the election of directors;
In
addition, we are subject to the provisions of Section 203 of the Delaware General Corporation Law, which limits the ability of stockholders
owning in excess of 15% of our outstanding voting stock to merge or combine with us, unless such transaction satisfies certain conditions.
These
anti-takeover provisions and other provisions in our certificate of incorporation and bylaws, as may be amended from time to time, make
it more difficult for stockholders or potential acquirers to obtain control of our board of directors or initiate actions that are opposed
by the then-current board of directors and could also delay or impede a merger, tender offer or proxy contest involving our company.
These provisions could also discourage proxy contests and make it more difficult for you and other stockholders to elect directors of
your choosing or cause us to take other corporate actions you desire. Any delay or prevention of a change of control transaction or changes
in our board of directors could cause the market price of our common stock to decline.
17
Our
inability to raise additional capital on acceptable terms in the future may limit our ability to develop and commercialize new solutions
and technologies and expand our operations.
If
our available cash balances and anticipated cash flow from operations are insufficient to satisfy our liquidity requirements, due to
lower demand for our products as a result of other risks described in this "Risk Factors" section, we may seek to raise additional
capital through equity offerings, debt financings, collaborations or licensing arrangements. We may also consider raising additional
capital in the future to expand our business, pursue strategic investments, take advantage of financing opportunities, develop and exploit
existing and new products, expand into new markets, or other reasons.
Additional
funding may not be available to us on acceptable terms, or at all. If we raise funds by issuing equity securities, dilution to our stockholders
could result. Any equity securities issued also may provide for rights, preferences or privileges senior to those of holders of our common
stock. The terms of debt securities issued or borrowings could impose significant restrictions on our operations. The incurrence of indebtedness
or the issuance of certain equity securities could result in increased fixed payment obligations and could also result in restrictive
covenants, such as limitations on our ability to incur additional debt or issue additional equity, limitations on our ability to acquire
or license intellectual property rights, and other operating restrictions that could adversely affect our ability to conduct our business.
In addition, the issuance of additional equity securities by us, or the possibility of such issuance, may cause the market price of our
common stock to decline. If we do not have, or are not able to obtain, sufficient funds, we may have to delay development or commercialization
of our products or license to third parties the rights to commercialize products or technologies that we would otherwise seek to commercialize.
If we raise additional funds through collaboration and licensing arrangements with third parties, it may be necessary to relinquish some
rights to our technologies or our products, or to grant licenses on terms that are not favorable to us. If we are unable to raise adequate
funds, we may have to liquidate some or all of our assets, or delay, reduce the scope of or eliminate some or all of our development
programs. We also may have to reduce marketing, customer support or other resources devoted to our products or cease operations. Any
of these actions could harm our business, operating results, and financial condition.
We
do not intend to pay cash dividends for the foreseeable future.
For
the foreseeable future, we intend to retain any earnings to finance the development and expansion of our business, and we do not anticipate
paying any cash dividends on our common stock. Accordingly, investors must be prepared to rely on sales of their common stock after price
appreciation to earn an investment return, which may never occur. Investors seeking cash dividends should not purchase our common stock.
Any determination to pay dividends in the future will be made at the discretion of our board of directors and will depend on our results
of operations, financial condition, contractual restrictions, restrictions imposed by applicable law and other factors our board deems
relevant.
RISKS
RELATED TO OUR BUSINESS
Negative Operating Cash Flow
The Company has negative cash
flow from operating activities. There is no assurance that sufficient revenues will be generated in the near future. To the extent that
the Company has negative operating cash flows in future periods, it may need to deploy a portion of its existing working capital to fund
such negative cash flows.
We
are subject to risks associated with changing technologies in the mobile apps industry, which could place us at a competitive disadvantage.
The
successful implementation of our business strategy requires us to continuously evolve our existing solutions and introduce new solutions
to meet customers' needs. We believe that our customers rigorously evaluate our solution and service offerings on the basis of
a number of factors, including, but not limited to: quality; price competitiveness; technical expertise and development capability;
innovation; reliability and timeliness of delivery; operational flexibility; customer service; and overall management.
Our
success depends on our ability to continue to meet our customers' changing requirements and specifications with respect to these
and other criteria. There can be no assurance that we will be able to address technological advances or introduce new offerings that
may be necessary to remain competitive within the mobile apps industry.
18
Systems
failures could cause interruptions in our services or decreases in the responsiveness of our services which could harm our business.
If
our systems fail to perform for any reason, we could experience disruptions in operations, slower response times, or decreased customer
satisfaction. Our ability to host mobile apps successfully and provide high quality customer service depends on the efficient and uninterrupted
operation of our hosting company's computer and communications hardware and software systems. Although unlikely, our hosting company's
systems are vulnerable to damage or interruption from human error, natural disasters, power loss, telecommunication failures, break-ins,
sabotage, computer viruses, intentional acts of vandalism, and similar events. Any systems failure that causes an interruption in our
services or decreases the responsiveness of our services could impair our reputation, damage our brand name, and materially adversely
affect our business, financial condition and results of operations and cash flows.
If
our security is breached, our business could be disrupted, our operating results could be harmed, and customers could be deterred from
using our products and services.
Our
business relies on the secure electronic transmission, storage, and hosting of sensitive information, including financial information,
and other sensitive information relating to our customers, company, and workforce. As a result, we face some risk of a deliberate or
unintentional incident involving unauthorized access to our computer systems (including, among other methods, cyber- attacks or social
engineering) that could result in misappropriation or loss of assets or sensitive information, data corruption, or other disruption of
business operations. In light of this risk, we have devoted significant resources to protecting and maintaining the confidentiality of
our information, including implementing security and privacy programs and controls, training our workforce, and implementing new technology.
We have no guarantee that these programs and controls will be adequate to prevent all possible security threats. We believe that any
compromise of our electronic systems, including the unauthorized access, use, or disclosure of sensitive information or a significant
disruption of our computing assets and networks, would adversely affect our reputation and our ability to fulfill contractual obligations,
and would require us to devote significant financial and other resources to mitigate such problems, and could increase our future cyber
security costs. Moreover, unauthorized access, use, or disclosure of such sensitive information could result in contractual or other
liability. In addition, any real or perceived compromise of our security or disclosure of sensitive information may result in lost revenues
by deterring customers from using or purchasing our products and services in the future or prompting them to use competing service providers.
Delays
in the release of new or enhanced products or services or undetected errors in our products or services may result in increased cost
to us, delayed market acceptance of our products, and delayed or lost revenue.
To
achieve market acceptance, new or enhanced products or services can require long development and testing periods, which may result in
delays in scheduled introduction. Any delays in the release schedule for new or enhanced products or services may delay market acceptance
of these products or services and may result in delays in new or existing customers from using these new or enhanced products or services
or the loss of new or existing customers. In addition, new or enhanced products or services may contain a number of undetected errors
or "bugs" when they are first released. Although we extensively test each new or enhanced product or service before it is
released to the market, there can be no assurance that significant errors will not be found in existing or future releases. As a result,
in the months following the introduction of certain releases, we may need to devote significant resources to correct these errors. There
can be no assurance, however, that all of these errors can be corrected.
Defects
or errors in our applications could harm our reputation, result in significant cost to us and impair our ability to market our products
and services.
Our
applications may contain defects or errors, some of which may be material. Errors may result from our own technology or from the interface
of our cloud-based solutions with legacy systems and data, which we did not develop. The risk of errors is particularly significant when
a new product is first introduced or when new versions or enhancements of existing products are released. The likelihood of errors is
increased when we do more frequent releases of new products and enhancements of existing products. We have, from time to time, found
defects in our applications. Although these past defects have not resulted in any litigation against us to date, we have invested significant
capital, technical, managerial, and other resources to investigate and correct these past defects and we have needed to divert these
resources from other development efforts. In addition, material performance problems or defects in our applications may arise in the
future. Material defects in our cloud-based solutions could result in a reduction in sales, delay in market acceptance of our applications,
or credits or refunds to our customers. In addition, such defects may lead to the loss of existing customers and difficulty in attracting
new customers, diversion of development resources, or harm to our reputation. Correction of defects or errors could prove to be impossible
or impractical. The costs incurred in correcting any defects or errors or in responding to resulting claims or liability may be substantial
and could adversely affect our operating results.
19
If
we are not able to reliably meet our data storage and management requirements, or if we experience any failure or interruption in the
delivery of our services over the Internet, customer satisfaction and our reputation could be harmed and customer contracts may be terminated.
As
part of our current business model, we deliver our applications over the Internet and store and manage hundreds of terabytes of data
for our customers, resulting in substantial information technology infrastructure and ongoing technological challenges, which we expect
to continue to increase over time. If we do not reliably meet these data storage and management requirements, or if we experience any
failure or interruption in the delivery of our services over the Internet, customer satisfaction and our reputation could be harmed,
leading to reduced revenues and increased expenses. Our hosting services are subject to service-level agreements and, in the event that
we fail to meet guaranteed service or performance levels, we could be subject to customer credits or termination of these customer contracts.
If the cost of meeting these data storage and management requirements increases, our results of operations could be harmed.
Upgrading
our products and services could result in implementation issues and business disruptions.
We
update our products and services on a periodic basis. In doing so, we face the possibility that existing customers will find the updated
product and/or service unacceptable, or new customers may not be as interested as they have been in the past versions. Furthermore, translation
errors might introduce new software and/or technical bugs that will not be caught.
New
entrants and the introduction of other platforms in our markets may harm our competitive position.
The
markets for development, distribution, and sale of offering SMBs a platform to create mobile apps for their business are rapidly evolving.
New entrants seeking to gain market share by introducing new technology, new products, and new platforms may make it more difficult for
us to sell our products which could create increased pricing pressure, reduced profit margins, increased sales and marketing expenses,
or the loss of market share or expected market share, any of which may significantly harm our business, operating results and financial
condition.
Our
future success depends on our ability to develop and successfully introduce new and enhanced products that meet the needs of our customers.
Our
sales depend on our ability to anticipate our existing and prospective customers' needs and develop products that address those
needs. Our future success will depend on our ability to design new products, anticipate technological improvements and enhancements,
and to develop products that are competitive in the rapidly changing mobile apps industry. Introduction of new products and product enhancements
will require coordination of our efforts with our customers to develop products that offer performance features desired by our customers
and performance and functionality superior or more cost effective than solutions offered by our competitors. If we fail to coordinate
these efforts, develop product enhancements or introduce new products that meet the needs of our customers as scheduled, our operating
results will be materially and adversely affected, and our business and prospects will be harmed. We cannot assure that product introductions
will meet our anticipated release schedules or that our products will be competitive in the market. Furthermore, given the rapidly changing
nature of the mobile apps market, there can be no assurance our products and technology will not be rendered obsolete by alternative
or competing technologies.
Our
cost structure is partially fixed. If our revenues decline and we are unable to reduce our costs, our profitability will be adversely
affected.
Our
cost structure is partially fixed, and if our revenues decrease, these fixed costs will not be reduced. We base our cost structure on
historical and expected levels of demand for our services, as well as our fixed operating infrastructure, such as computer hardware,
software, and staffing levels. If demand for our services declines, and as a result, our revenues decline, we may not be able to adjust
our cost structure on a timely basis and our profitability may be materially adversely affected.
20
There can be no assurance that we will be successful
in maintaining our existing contractual relationships with our customers.
Our customers have in the past,
and may in the future, negotiate agreements that are short-term and subject to renewal, non-exclusive and/or terminable at the option
of the customer on relatively short notice or no notice and without penalty. In the event that such contracts are terminated, the customer
is generally required to pay the Company costs associated with any work completed as of the date of the termination. While contract termination
is rare, there can be no assurance that long-term contractual relationships will not be terminated, which could adversely affect the Company.
Attrition
of customers and failure to attract new customers could have a material adverse effect on our business, financial condition and results
of operations, and cash flows.
Although
we offer mobile apps designed to support and retain our customers, our efforts to attract new customers or prevent attrition of our existing
customers may not be successful. If we are unable to retain our existing customers or acquire new customers in a cost-effective manner,
our business, financial condition and results of operations, and cash flows would likely be adversely affected. Although we have spent
significant resources on business development and related expenses and plan to continue to do so, these efforts may not be cost-effective
at attracting new customers.
Our
ability to sustain or increase revenues will depend upon our success in entering new markets, continuing to increase our customer base,
and in deriving additional revenues from our existing customers.
One
component of our overall business strategy is to derive more revenues from our existing customers by expanding their use of our products
and services. Such strategy would have our customers utilize our PaaS platforms and our tools and components to leverage vast amounts
of information stored in both corporate databases and public data sources in order to make informed business decisions during the research
and development process. In addition, we seek to expand into new markets, and new areas within our existing markets, by potentially acquiring
businesses in these markets, attracting and retaining personnel knowledgeable in these markets, identifying the needs of these markets,
and developing marketing programs to address these needs. If successfully implemented, these strategies could increase the usage of our
PaaS platforms from SMBs operating within our existing customer base, as well as by new customers in other industries. However, if our
strategies are not successfully implemented, our products and services may not achieve market acceptance or penetration in targeted new
departments within our existing customers or in new industries. As a result, we may incur additional costs and expend additional resources
without being able to sustain or increase revenue.
Some of our products and services utilize open
source software, and any failure to comply with the terms of one or more of these open source licenses could adversely affect our business.
Some of our products utilize software
covered by open source licenses. Open source software is typically freely accessible, usable and modifiable, and is used by our development
team in an effort to reduce development costs and speed up the development process. Certain open source software licenses require a user
who intends to distribute the open source software as a component of the user's software to disclose publicly part or all of the
source code to the user's software. In addition, certain open source software licenses require the user of such software to make
any derivative works of the open source code available to others on unfavorable terms or at no cost. This can subject previously proprietary
software to open source license terms. While we monitor the use of all open source software in our products, processes and technology,
in some areas of our business we do not have written policies and procedures for managing against the risks of potential copyright or
other intellectual property infringement claims made by third parties. Enforcement of such intellectual property rights may have an adverse
effect on our business, such as, for example, following inadvertent use of open source software that requires us to disclose or make available
the source code to related products.
A
pandemic, epidemic or outbreak of an infectious disease in the United States or elsewhere may adversely affect our business.
If
a pandemic, epidemic or outbreak of an infectious disease occurs in the United States or elsewhere, our business may be adversely affected.
COVID-19
has spread worldwide and has resulted in government authorities implementing numerous measures to try to contain it, such as travel bans
and restrictions, quarantines, shelter-in-place orders and shutdowns. These measures have impacted, and may further impact, our workforce
and operations, the operations of our customers and our partners, and those of our respective vendors and suppliers. Our critical business
operations, including our headquarters, are located in regions which have been impacted by COVID-19. Our customers worldwide have
also been affected and may continue to be affected by COVID-19 related restrictions and closures.
The
spread of COVID-19 has caused us to modify our business practices as the Company complies with state mandated requirements for safety
in the workplace to ensure the health, safety and well-being of our employees. These measures include personal protective equipment,
social distancing, cleanliness of the facilities and daily monitoring of the health of employees in our facilities, as well as modifying
our policies on employee travel and the cancellation of physical participation in meetings, events and conferences. We may take further
actions as required by government authorities or that we determine are in the best interests of our employees, customers, partners and
suppliers. However, we have not developed a specific and comprehensive contingency plan designed to address the challenges and risks
presented by the COVID-19 pandemic and, even if and when we do develop such a plan, there can be no assurance that such plan will be
effective in mitigating the potential adverse effects on our business, financial condition and results of operations.
21
In
addition, while the extent and duration of the COVID-19 pandemic on the global economy and our business in particular is difficult
to assess or predict, the pandemic has resulted in, and may continue to result in, significant disruption of global financial markets,
which may reduce our ability to access capital or our customers' ability to pay us for past or future purchases, which could negatively
affect our liquidity. A recession or financial market correction resulting from the lack of containment and spread of COVID-19 could
impact overall technology spending, adversely affecting demand for our products, our business and the value of our common stock.
The
ultimate impact of the COVID-19 pandemic or a similar health epidemic is highly uncertain and subject to change. The extent of the
impact of the COVID-19 pandemic on our operational and financial performance, including our ability to execute our business strategies
and initiatives in the expected time frame, will depend on future developments, including, but not limited to, the duration and continued
spread of the pandemic, its severity, the actions to contain the disease or treat its impact, further related restrictions on travel,
and the duration, timing and severity of the impact on customer spending, including any recession resulting from the pandemic, all of
which are uncertain and cannot be predicted. An extended period of economic disruption as a result of the COVID-19 pandemic could
have a material negative impact on our business, results of operations, access to sources of liquidity and financial condition, though
the full extent and duration is uncertain.
If
we are not successful in selecting and integrating the businesses and technologies we acquire, or in managing our current and future
divestitures, our business may suffer.
Over
the years, we have expanded our business through acquisitions. We continue to search to acquire businesses and technologies and form
strategic alliances. However, businesses and technologies may not be available on terms and conditions we find acceptable. We risk spending
time and money investigating and negotiating with potential acquisition or alliance partners, but not completing transactions. Even if
completed, acquisitions and alliances involve numerous risks which may include: difficulties in achieving business and continuing financial
success; difficulties and expenses incurred in assimilating and integrating operations, services, products, technologies, or pre-existing
relationships with our customers, distributors, and suppliers; challenges with developing and operating new businesses, including those
which are materially different from our existing businesses and which may require the development or acquisition of new internal capabilities
and expertise; challenges of maintaining staffing at the acquired entities, including loss of key employees; potential losses resulting
from undiscovered liabilities of acquired companies that are not covered by the indemnification we may obtain from the seller(s); the
presence or absence of adequate internal controls and/or significant fraud in the financial systems of acquired companies; diversion
of management's attention from other business concerns; acquisitions could be dilutive to earnings, or in the event of acquisitions
made through the issuance of our common stock to the shareholders of the acquired company, dilutive to the percentage of ownership of
our existing shareholders; new technologies and products may be developed which cause businesses or assets we acquire to become less
valuable; and risks that disagreements or disputes with prior owners of an acquired business, technology, service, or product may result
in litigation expenses and distribution of our management's attention. In the event that an acquired business or technology or
an alliance does not meet our expectations, our results of operations may be adversely affected.
Some
of the same risks exist when we decide to sell a business, site, product line, or division. In addition, divestitures could involve additional
risks, including the following: difficulties in the separation of operations, services, products, and personnel; and the need to agree
to retain or assume certain current or future liabilities in order to complete the divestiture. We evaluate the performance and strategic
fit of our businesses. These and any divestitures may result in significant write-offs, including those related to goodwill and other
intangible assets, which could have an adverse effect on our results of operations and financial condition. In addition, we may encounter
difficulty in finding buyers or alternative exit strategies at acceptable prices and terms and in a timely manner. We may not be successful
in managing these or any other significant risks that we encounter in divesting a business, site, product line, or division, and as a
result, we may not achieve some or all of the expected benefits of the divestitures.
22
If
we are unable to manage our growth and expand our operations successfully, our business and operating results will be harmed and our
reputation may be damaged.
We
have expanded our operations significantly since inception and anticipate that further significant expansion will be required to achieve
our business objectives. The growth and expansion of our business and product offerings places a continuous and significant strain on
our management, operational, and financial resources. Any such future growth would also add complexity to and require effective coordination
throughout our organization. To manage any future growth effectively, we must continue to improve and expand our information technology
and financial infrastructure, our operating and administrative systems and controls, and our ability to manage headcount, capital and
processes in an efficient manner. We may not be able to successfully implement improvements to these systems and processes in a timely
or efficient manner, which could result in additional operating inefficiencies and could cause our costs to increase more than planned.
If we do increase our operating expenses in anticipation of the growth of our business and this growth does not meet our expectations,
our operating results may be negatively impacted. If we are unable to manage future expansion, our ability to provide high quality products
and services could be harmed, which could damage our reputation and brand and may have a material adverse effect on our business, operating
results, and financial condition.
We
may be unable to respond to customers' demands for new mobile app solutions and service offerings, and our business, financial
condition and results of operations, and cash flows may be materially adversely affected.
Our
customers may demand new mobile app solutions and service offerings. If we fail to identify these demands from customers or update our
offerings accordingly, new offerings provided by our competitors may render our existing solutions and services less competitive. Our
future success will depend, in part, on our ability to respond to customers' demands for new offerings on a timely and cost-effective
basis and to adapt to address the increasingly sophisticated requirements and varied needs of our customers and prospective customers.
We may not be successful in developing, introducing or marketing new offerings. In addition, our new offerings may not achieve market
acceptance. Any failure on our part to anticipate or respond adequately to customer requirements, or any significant delays in the development,
introduction or availability of new offerings or enhancements of our current offerings could have a material adverse effect on our business,
financial condition and results of operations and cash flows.
Increasing
competition and increasing costs within our customers' industries may affect the demand for our products and services, which may
affect our results of operations and financial condition
.
Our
customers' demand for our products is impacted by continued demand for their products and by our customers' research and
development costs, budget costs, and capital expenditures. Demand for our customers' products could decline, and prices charged
by our customers for their products may decline, as a result of increasing competition that our customers face in their respective industries.
In addition, our customers' expenses could continue to increase as a result of increasing costs of complying with government regulations
and other factors. A decrease in demand for our customers' products, pricing pressures associated with the sales of these products,
and additional costs associated with product development could cause our customers to reduce their research and development costs, budget
costs, and capital expenditures. Although we believe our products can help our customers increase productivity, generate additional sales,
and reduce costs in many areas, because our products and services depend on such research and development, budget, and capital expenditures,
our revenues may be significantly reduced.
We
are subject to pricing pressures in some of the markets we serve.
The
market for PaaS for the SMB industry is intensely competitive. In response to increased competition and general adverse economic conditions
in this market, we may be required to modify our pricing practices. Changes in our pricing model could adversely affect our revenue and
earnings.
We
may be unable to respond to the evolving industry practices and technology solutions, and our business, financial condition and results
of operations and cash flows may be materially adversely affected.
To
remain competitive as a mobile app provider, we must continue to invest in research and development of new technology solutions in order
to keep up with the ever-evolving industry practices and enhancements to our existing solutions. The process of developing new technologies,
products and services is complex and expensive. The introduction of new solutions by our competitors, the market acceptance of competitive
solutions based on new or alternative technologies or the emergence of new industry practices could render our solutions less competitive.
23
We
derive a significant percentage of our revenues from a concentrated group of customers and the loss of more than one of our major
customers could materially and adversely affect our business, results of operations or financial condition. With the
new business segment of DATALogiq, on a consolidated revenue basis, there is no significant customer concentration in FY2021.
No single customer represented significant concentration risk during fiscal
year 2021 and 2020. Three (3) customers accounted for 13.05%, 9.23% and 7.99% of net sales for fiscal year 2019. Three (3) customers accounted
for 16.43%, 6.15% and 5.38% of net sales for fiscal year 2018. Three (3) customers accounted for 14.78%, 7.18% and 5.34% of net sales
for fiscal year 2017. The loss of any of our major customers could have a material adverse effect on our results of operations and financial
condition. We may not be able to maintain our customer relationships, and our customers may delay payment under, or fail to renew, their
agreements with us, which could adversely affect our business, results of operations, or financial condition. Any reduction in the amount
of revenues that we derive from these customers, without an offsetting increase in new sales to other customers, could have a material
adverse effect on our operating results. A significant change in the liquidity or financial position of our customers could also have
a material adverse effect on the collectability of our accounts receivable, our liquidity, and our future operating results.
Our
insurance coverage may not be sufficient to avoid material impact on our financial position or results of operations resulting from claims
or liabilities against us, and we may not be able to obtain insurance coverage in the future.
We
maintain insurance coverage for protection against many risks of liability. The extent of our insurance coverage is under continuous
review and is modified as we deem it necessary. Despite this insurance, it is possible that claims or liabilities against us may have
a material adverse impact on our financial position or results of operations. In addition, we may not be able to obtain any insurance
coverage, or adequate insurance coverage, when our existing insurance coverage expires.
We
depend on key personnel and may not be able to retain these employees or recruit additional qualified personnel, which could harm our
business.
Our
success depends to a significant extent on the continued services of our senior management and other members of management. We have contractual
agreements with our CEO, CFO, and COO.
If
our CEO, CFO, COO, or other members of senior management do not continue in their present positions, our business may suffer. Because
of the nature of our business, we are highly dependent upon attracting and retaining qualified personnel. While we have a strong record
of employee retention, there is still significant competition for qualified personnel in our industry. Therefore, we may not be able
to attract and retain the qualified personnel necessary for the development of our business. The loss of the services of existing personnel,
as well as the failure to recruit additional key technical, UX, and managerial personnel in a timely manner, could harm our business.
We
are subject to risks associated with the operation of a global business.
We
derive a significant portion of our total revenue from our operations in international markets. During the years ended December 31, 2019,
2018, and 2017, 100%, of our total revenue was derived from our international operations. In 2021, 38% was derived from our international
operations. In 2020, 57% was derived from our international operations. Our global business may be affected by local economic conditions,
including inflation, recession, and currency exchange rate fluctuations. In addition, political and economic changes, including international
conflicts, including terrorist acts, throughout the world may interfere with our or our customers' activities in particular locations
and result in a material adverse effect on our business, financial condition, and operating results. Potential trade restrictions, exchange
controls, adverse tax consequences, and legal restrictions may affect the repatriation of funds into the U.S. Also, we could be subject
to unexpected changes in regulatory requirements, the difficulties of compliance with a wide variety of foreign laws and regulations,
potentially negative consequences from changes in or interpretations of U.S. and foreign tax laws, import and export licensing requirements,
and longer accounts receivable cycles in certain foreign countries. These risks, individually or in the aggregate, could have an adverse
effect on our results of operations and financial condition.
24
Potential
changes in U.S. and international tax law.
Tax
proposals to reform corporate tax law are constantly being considered. Proposals include both increasing and reducing the corporate statutory
tax rate, broadening the corporate tax base through the elimination or reduction of deductions, exclusions, and credits, implementing
a territorial regime of taxation, limiting the ability of U.S. corporations to deduct interest expense associated with offshore earnings,
modifying the foreign tax credit rules, and reducing the ability to defer U.S. tax on offshore earnings. These or other changes in the
U.S. tax laws could increase our effective tax rate, which would affect our profitability.
Changes
in government regulation or in practices relating to mobile apps and e-wallet industries could decrease the need for the products and
services we provide.
Governmental
agencies throughout the world, including but not limited to the U.S., regulate mobile apps, e-wallets, and the products and services
we offer to our customers. Changes in regulations, such as a relaxation in regulatory requirements, or an increase in regulatory requirements
that we have difficulty satisfying or that make our products and services less competitive, could eliminate or substantially reduce the
demand for our products and services.
Any
negative commentaries made by any regulatory agencies or any failure by us to comply with applicable regulations and related guidance
could harm our reputation and operating results, and compliance with new regulations and guidance may result in additional costs.
Any
negative commentaries made by any regulatory agencies or any failure on our part to comply with applicable regulations could result in
the termination of customers using our products and services. This could harm our reputation, our prospects for generating future revenue,
and our operating results. If our operations are found to violate any applicable law or other governmental regulations, we might be subject
to civil and criminal penalties, damages, and fines. Any action against us for violation of these laws, even if we successfully defend
against it, could cause us to incur significant legal expenses, divert our management's attention from the operation of our business,
and damage our reputation.
Current
and future litigation against us, which may arise in the ordinary course of our business, could be costly and time consuming to defend.
We
are subject to claims that arise in the ordinary course of business, such as claims brought by our customers in connection with commercial
disputes and employment claims made by our current or former employees. Third parties may in the future assert intellectual property
rights to technologies that are important to our business and demand back royalties or demand that we license their technology. Litigation
may result in substantial costs and may divert management's attention and resources, which may seriously harm our business, overall
financial condition, and operating results. Insurance may not cover such claims, may not be sufficient for one or more such claims, and
may not continue to be available on terms acceptable to us. A claim brought against us that is uninsured or underinsured could result
in unanticipated costs, negatively affecting our business, results of operations, and financial condition.
We
could incur substantial costs resulting from product liability claims relating to our products or services or our customers' use
of our products or services.
Any
failure or errors caused by our products or services could result in a claim for substantial damages against us by our customers, regardless
of our responsibility for the failure. Although we are generally entitled to indemnification under our customer contracts against claims
brought against us by third parties arising out of our customers' use of our products, we might find ourselves entangled in lawsuits
against us that, even if unsuccessful, may divert our resources and energy and adversely affect our business. Further, in the event we
seek indemnification from a customer, a court may not enforce our indemnification right if the customer challenges it or the customer
may not be able to fund any amounts for indemnification owed to us. In addition, our existing insurance coverage may not continue to
be available on reasonable terms or may not be available in amounts sufficient to cover one or more large claims, or the insurer may
disclaim coverage as to any future claim.
25
As
a public company, we may incur significant administrative workload and expenses in connection with new and changing compliance requirements
.
As
a public company with common stock quoted on OTCQX Market, we must comply with various laws, regulations and requirements. New laws and
regulations, as well as changes to existing laws and regulations affecting public companies, including the provisions of the Sarbanes-Oxley
Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and rules adopted by the SEC, may result in increased
general and administrative expenses and a diversion of management's time and attention as we respond to new requirements.
RISKS
RELATED TO INTELLECTUAL PROPERTY
We
may be unable to adequately enforce or defend our ownership and use of our intellectual property and other proprietary rights
.
Part
of our success is dependent upon our intellectual property and other proprietary rights. We rely upon a combination of trademark, trade
secret, copyright, unpatented know-how, and unfair competition laws, as well as license and access agreements and other contractual provisions,
to protect our intellectual property and other proprietary rights. In addition, we attempt to protect our intellectual property and proprietary
information by requiring certain of our employees and consultants to enter into confidentiality, non-competition, and assignment-of-inventions
agreements. The steps we take to protect these rights may not be adequate to prevent misappropriation of our technology by third parties,
or may not be adequate under the laws of some foreign countries, which may not protect our intellectual property rights to the same extent
as do the laws of the United States. Our attempts to protect our intellectual property may be challenged by others or invalidated through
administrative process or litigation, and agreement terms that address non-competition are difficult to enforce in many jurisdictions
and may not be enforceable in any particular case. In addition, there remains the possibility that others will "reverse engineer"
our products in order to introduce competing products, or that others will develop competing technology independently. If we resort to
legal proceedings to enforce our intellectual property rights or to determine the validity and scope of the intellectual property or
other proprietary rights of others, the proceedings could be burdensome and expensive, even if we were to prevail. The failure to adequately
protect our intellectual property and other proprietary rights may have a material adverse effect on our business, results of operations
or financial condition.
Claims
by others that we infringe their intellectual property or trade secret rights could harm our business.
Our
industry is characterized by vigorous protection and pursuit of intellectual property rights, which has resulted in protracted and expensive
litigation for many companies. Third parties may in the future assert claims of infringement of intellectual property rights against
us or against our customers or channel partners for which we may be liable. As the number of products and competitors in our market increases
and overlaps occur, infringement claims may increase.
Intellectual
property or trade secret claims against us, and any resulting lawsuits, may result in our incurring significant expenses and could subject
us to significant liability for damages and invalidate what we currently believe are our proprietary rights. Our involvement in any patent
dispute or other intellectual property dispute or action to protect trade secrets and know-how could have a material adverse effect on
our business. Adverse determinations in any litigation could subject us to significant liabilities to third parties, require us to seek
licenses from third parties and prevent us from developing and selling our products. Any of these situations could have a material adverse
effect on our business. These claims, regardless of their merits or outcome, would likely be time consuming and expensive to resolve
and could divert management's time and attention.
Some
of our products and services utilize open source software, and any failure to comply with the terms of one or more of these open source
licenses could adversely affect our business.
Some of our products utilize software covered by open source licenses.
Open source software is typically freely accessible, usable and modifiable, and is used by our development team in an effort to reduce
development costs and speed up the development process. Certain open source software licenses require a user who intends to distribute
the open source software as a component of the user's software to disclose publicly part or all of the source code to the user's
software. In addition, certain open source software licenses require the user of such software to make any derivative works of the open
source code available to others on unfavorable terms or at no cost. This can subject previously proprietary software to open source license
terms. While we monitor the use of all open source software in our products, processes and technology, in some areas of our business we
do not have written policies and procedures for managing against the risks of potential copyright or other intellectual property infringement
claims made by third parties. Enforcement of such intellectual property rights may have an adverse effect on our business, such as, for
example, following inadvertent use of open source software that requires us to disclose or make available the source code to related products.
26
RISKS
RELATED TO OUR INTERNATIONAL OPERATIONS
Our
international sales and operations subject us to additional risks that can adversely affect our operating results and financial condition.
Our
international operations subject us to a variety of risks and challenges, including: exposure to fluctuations in foreign currency exchange
rates, increased management, travel, infrastructure and legal compliance costs associated with having international operations; reliance
on channel partners; increased financial accounting and reporting burdens and complexities; compliance with foreign laws and regulations;
compliance with U.S. laws and regulations for foreign operations; and reduced protection for intellectual property rights in some countries
and practical difficulties of enforcing rights abroad. Any of these risks could adversely affect our international operations, reduce
our international sales or increase our operating costs, adversely affecting our business, operating results and financial condition
and growth prospects.
We
may be exposed to liabilities under the Foreign Corrupt Practices Act, and any determination that we violated the Foreign Corrupt Practices
Act could have a material adverse effect on our business.
We
are subject to the Foreign Corrupt Practice Act, or FCPA, and other laws that prohibit improper payments or offers of payments to foreign
governments and their officials and political parties by U.S. persons and issuers as defined by the statute for the purpose of obtaining
or retaining business. We have operations, agreements with third parties and make sales in Asia, which may experience corruption. Our
activities in Asia create the risk of unauthorized payments or offers of payments by one of the employees, consultants or agents of our
company, because these parties are not always subject to our control. It is our policy to implement safeguards to discourage these practices
by our employees. Also, our existing safeguards and any future improvements may prove to be less than effective, and the employees, consultants,
sales agents or distributors of our Company may engage in conduct for which we might be held responsible. Violations of the FCPA may
result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could negatively affect our business,
operating results and financial condition. In addition, the government may seek to hold our Company liable for successor liability FCPA
violations committed by companies in which we invest or that we acquire.
The audit report
included in this prospectus is prepared by an auditor who has been identified by the PCAOB as not being able to be inspected by the PCAOB
and, as such, our investors may be deprived of the benefits of such inspection. In addition, the adoption of any rules, legislations or
other efforts to increase U.S. regulatory access to audit information could cause uncertainty, and if we are unable to meet the PCAOB
inspection requirement in time frame provided by the HFCAA, our securities may be restricted from trading on a U.S. securities exchange
or over-the-counter market.
As
a public company with securities quoted on the OTCQX marketplace, we are required to have our financial statements audited by an independent
registered public accounting firm registered with the PCAOB. A requirement of being registered with the PCAOB is that if requested by
the SEC or PCAOB, such accounting firm is required to make its audits and related audit work papers available for regular inspections
to assess its compliance with the applicable professional standards. Because our auditor is located in Hong Kong, a jurisdiction where
the PCAOB has been unable to conduct inspections because of positions taken by the authorities in that jurisdiction, including an approval
requirement by such authorities, the PCAOB has indicated that it currently does not have free access to inspect the work of our auditor.
The lack of access to the PCAOB inspection in Hong Kong prevents the PCAOB from fully evaluating audits and quality control procedures
of our auditors based in Hong Kong. As a result, our investors may be deprived of the benefits of such PCAOB inspections. The inability
of the PCAOB to conduct inspections of our auditor in Hong Kong makes it more difficult to evaluate the effectiveness of its audit procedures
or quality control procedures as compared to auditors outside of Hong Kong and certain other foreign jurisdictions that are subject to
the PCAOB inspections.
On
December 18, 2020, the HFCAA, was enacted. In essence, the HFCAA requires the SEC to restrict trading of securities on U.S. securities
exchanges or OTC markets if the company retains a foreign accounting firm that cannot be inspected by the PCAOB, of which the restrictions
shall occur for three consecutive years, unless otherwise terminated before the conclusion of such three year period, beginning in 2021.
Our independent registered public accounting firm is located in and organized under the laws of Hong Kong, a jurisdiction where the PCAOB
has indicated that it is currently unable to conduct inspections in without the approval of the necessary authorities.
27
On
June 22, 2021, the U.S. Senate passed the AHFCAA, which as of December 14, 2021, the AHFCAA remains before the House of Representatives
for review.
On
November 5, 2021, the SEC approved PCAOB Rule 6100, Board determination under the HFCAA, effective immediately. The rule establishes "a
framework for the PCAOB's determinations under the HFCAA that the PCAOB is unable to inspect or investigate completely registered
public accounting firms located in a foreign jurisdiction because of a position taken by an authority in that jurisdiction."
On
December 2, 2021, SEC announced the adoption of interim final rules implementing the submission and disclosure requirements in the HFCAA.
The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate ("Commission-Identified
Issuers"). The final amendments require Commission-Identified Issuers to submit documentation to the SEC establishing that, if true,
it is not owned or controlled by a governmental entity in the public accounting firm's foreign jurisdiction. The amendments also
require that a Commission-Identified Issuer that is a "foreign issuer," as defined in Exchange Act Rule 3b-4, provide certain
additional disclosures in its annual report for itself and any of its consolidated foreign operating entities. Further, the adopting release
provides notice regarding the procedures the SEC has established to identify issuers and to impose trading prohibitions on the securities
of certain Commission-Identified Issuers, as required by the HFCAA. A Commission-Identified Issuer will be required to comply with the
submission and disclosure requirements in the annual report for each year in which it was identified. If a registrant is identified as
a Commission-Identified Issuer based on its annual report for the fiscal year ended December 31, 2021, the registrant will be required
to comply with the submission or disclosure requirements in its annual report filing covering the fiscal year ended December 31, 2022.
On
December 16, 2021, the PCAOB issued a report on its determinations that the PCAOB is unable to inspect or investigate completely PCAOB-registered
public accounting firms headquartered in certain foreign jurisdictions, including those firms headquartered in Hong Kong,
because
of positions taken by the authorities in those foreign jurisdictions. The PCAOB made these determinations pursuant to PCAOB Rule 6100,
which provides a framework for how the PCAOB fulfills its responsibilities under the HFCAA. The report further listed in its Appendix
B, Registered Public Accounting Firms Subject to the Hong Kong Determination. The audit report included in this registration statement
for the year ended December 31, 2021, was issued by Centurion, an audit firm headquartered in Hong Kong, a jurisdiction that the PCAOB
has determined that the PCAOB is unable to conduct inspections or investigate auditors in. Our auditor, Centurion, is among those registered
public accounting firms listed by the PCAOB Hong Kong Determination, a determination announced by the PCAOB on December 16, 2021, which
the PCAOB is unable to inspect or investigate completely due to the fact it is headquartered in Hong Kong, a Special Administrative Region
of the PRC, and because of a position taken by one or more authorities in Hong Kong. As a result, our investors may be deprived of the
benefits of such PCAOB inspections. The inability of the PCAOB to conduct inspections of auditors in Hong Kong makes it more difficult
to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures as compared to auditors
outside of Hong Kong and certain other foreign jurisdictions that are subject to the PCAOB inspections.
The HFCAA requires, among other things, for the SEC to identify public
companies that that have retained a registered public accounting firm to issue an audit report where the firm has a branch or office that:
(i) is located in a foreign jurisdiction, and (ii) PCAOB has determined that it is unable to inspect or investigate completely because
of a position taken by an authority in the foreign jurisdiction. On April 12, 2022, the Company was provisionally identified by the SEC
as a Commission-Identified Issuer under the HFCAA, and given 15 business days (until May 3, 2022) to contact the SEC with evidentiary
proof claiming that we have been incorrectly identified under the HFCAA. Because the Company's auditors are located in Hong Kong,
the Company did not have a claim that it was incorrectly identified under the HFCAA, and as a result, it has been placed on the conclusive
list. Due to the fact that we have been placed on the conclusive list,
our securities may be subject
to prohibitions on trading on a U.S. securities exchange or OTC
trading market in the U.S. if we do not engage a new auditor or
our auditor is not inspected by the PCAOB for three consecutive years (or two years if the AHFCAA is enacted), which would make it difficult
for you to sell your securities. Additionally, the Company will be required to provide certain information to the SEC establishing that
it is not owned or controlled by a governmental entity in Hong Kong on or before the filing deadline for the Company's Annual Report
on Form 10-K for the year ended December 31, 2022. The Company has not yet submitted such information to the SEC, but intends to do so
prior to the deadline. There can be no assurances that the SEC will remove the Company from the list of issuers identified under the HFCAA,
either now or in the future.
In
addition, the SEC may propose additional rules or guidance that could impact us if our auditor is not subject to PCAOB inspection. For
example, on August 6, 2020, the President's Working Group on Financial Markets, or the PWG, issued the Report on Protecting United
States Investors from Significant Risks from Chinese Companies to the then President of the United States. This report recommended that
the SEC implement five recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to
fulfil its statutory mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCAA. However,
some of the recommendations were more stringent than the HFCAA.
The enactment of the HFCAA
and the implications of any additional rulemaking efforts to increase U.S. regulatory access to audit information in Hong Kong could cause
investor uncertainty for affected SEC registrants, including us, and the market price of our common stock could be materially adversely
affected. Additionally, whether the PCAOB will be able to conduct inspections of our auditor in the next three years (or two years if
the AHFCAA is enacted), or at all, is subject to substantial uncertainty and depends on a number of factors out of our control. If our
auditor is unable to meet the PCAOB inspection requirement in time or we do not engage a different auditor that complies with the relevant
PCAOB inspection requirements, our securities may be restricted from trading on the OTC markets. Such restriction would substantially
impair your ability to sell your securities when you wish to do so, and the risk and uncertainty associated with such restrictions on
trading would have a negative impact on the price of our securities.
***
The risks above do not
necessarily comprise of all those associated with an investment in our Company. This registration statement contains forward looking statements
that involve unknown risks, uncertainties and other factors that may cause our actual results, financial condition, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.
Factors that might cause such a difference include, but are not limited to, those set out above.
28
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus may contain certain "forward-looking" statements as such term is defined by the SEC in its rules, regulations
and releases, which represent the registrant's expectations or beliefs, including but not limited to, statements concerning our
operations, economic performance, financial condition, growth and acquisition strategies, investments, and future operational plans.
For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements.
Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "intent," "could," "would," "should," "estimate,"
"might," "plan," "predict" or "continue" or the negative or other variations thereof
or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks
and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important
factors, including protection of our intellectual property, governmental regulation, the operations of our Company and our subsidiaries,
managing and maintaining growth, volatility of our stock price, and any other factors discussed in this and our other filings with the
SEC.
These
risks and uncertainties and other factors include, but are not limited to those set forth under the section captioned
"Risk
Factors"
of this prospectus. Given these risks and uncertainties, readers are cautioned not to place undue reliance on
our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or to persons acting on
our behalf are expressly qualified in their entirety by these cautionary statements. Except as otherwise required by applicable law,
we undertake no obligation to publicly update or revise any forward-looking statements or the risk factors described in this prospectus
or in the documents we incorporate by reference, whether as a result of new information, future events, changed circumstances or any
other reason after the date of this prospectus.
This
prospectus contains forward-looking statements, including statements regarding, among other things:
●
our ability to raise capital,
    which in turn is related to the performance of our stock price and liquidity;
●
dependence on key personnel;
●
industry competition;
●
continued
    growth of mobile app markets;
●
the operation
    of our business; and
●
general
    economic conditions in the ASEAN, Asia-Pacific Region, and in the United States.
Actual
events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including,
without limitation, the risks, uncertainties and other factors outlined in the section captioned "
Risk Factors
" of
this prospectus and matters described in this prospectus generally. In light of these risks and uncertainties, there can be no assurance
that the forward-looking statements contained in this prospectus will in fact occur. We caution you not to place undue reliance on these
forward-looking statements. In addition to the information expressly required to be included in this prospectus, we will provide such
further material information, if any, as may be necessary to make the required statements, in light of the circumstances under which
they are made, not misleading. All subsequent written and oral forward-looking statements attributable to our Company or to persons acting
on our behalf are expressly qualified in their entirety by these cautionary statements. Except as required by law, we do not intend to
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
USE
OF PROCEEDS
We
are not selling any securities under this prospectus and will not receive any of the proceeds from the sale of Common Stock by the Selling
Stockholder. Additionally, we will not receive any gross proceeds from the sale of Primary Settlement Shares to Ionic under the Purchase
Agreement as such shares serve as a "true-up" of Primary Shares previously sold to Ionic on March 31, 2022. However, we may
receive proceeds of up to $37,000,000 from the sale of Purchase Shares to Ionic under the Purchase Agreement, from time to time in our
discretion after the date hereof and the other conditions in the Purchase Agreement have been satisfied.
We currently intend to use the net proceeds received
from Ionic under the Purchase Agreement for working capital and general corporate purposes. We may also use a portion of the net proceeds
to invest in or acquire businesses or technologies that we believe are complementary to our own, although we have no current plans, commitments
or agreements with respect to any acquisitions as of the date of this prospectus, except as previously disclosed.
Our
management will retain broad discretion over the use of proceeds, and we may ultimately use the proceeds for different purposes than
what we currently intend.
29
THE
OFFERING
General
On March 30, 2022, the Company
entered into the Purchase Agreement with Ionic (also herein referred to as the "Investor") whereby we have the right, but
not the obligation, to sell to Ionic, and Ionic is obligated to purchase up to in the aggregate $40,000,000 worth of Common Stock. Sales
of Common Stock by the Company, if any, will be subject to certain limitations, and may occur from time to time, at the Company's
sole discretion, over the 24-month period commencing on March 31, 2022 ("Primary Commencement Date"). We have agreed to register
the shares of Common Stock which may be issued and sold to Ionic under the Purchase Agreement pursuant to a Registration Rights Agreement
("RRA") executed in connection with the Purchase Agreement.
We also issued to Ionic a
Warrant to purchase 631,579 shares of Common Stock (1.5% of the total commitment amount) for no consideration as a commitment fee. The
Warrant may be exercised for cash but may also be exercised on a cashless exercise basis, which means we may not receive any proceeds
from such cashless exercise. We do not have the right to control the timing and amount of any Warrant exercises by Ionic under the Warrant,
except there is a 9.99% ownership limitation blocker in the Warrant. We may ultimately decide to exercise all, some or none of the Warrant.
Therefore, exercises by Ionic could result in substantial dilution to the interests of other holders of our common stock. Ionic will likely
not exercise for cash, but will rather exercise on a cashless exercise basis.
We also agreed to register the shares which may
be issued upon exercise by Ionic of the Warrant, from time to time, pursuant to the RRA.
On March 31, 2022, we effected the initial purchase of $3,000,000 in
shares of Common Stock to Ionic under the Purchase Agreement at the Regular Purchase Price and issued Ionic 2,926,000 pre-settlement shares
(the "Primary Shares"), which reflects an estimate equal to the product of (A) the quotient of (y) the Purchase Amount (i.e.,
$3,000,000) divided by (z) the Pre-Settlement Regular Purchase Price, multiplied by (B) 125 (Ionic may increase at its discretion). The
"Pre-Settlement Regular Purchase Price" means 80% of the Closing Price on the date immediately preceding the Regular Purchase
Notice Date. The Regular Purchase Price for the Purchase Shares shall equal the applicable RPP Percentage (97%, or 80% in the event of
the occurrence of an uncured Event of Default) of the arithmetic average of the five (5) lowest VWAPs during the period starting on the
date that Ionic receives Pre-Settlement Regular Purchase Shares and ending on such date that the aggregate dollar volume of our common
stock traded on our Principal Market equals five (5) times the Purchase Amount, in the aggregate, subject to a five (5) Trading Day minimum
(provided, however, that each day on which Investor has requested Purchase Shares which cannot be delivered to Investor shall be excluded
from such calculation). This is a forward pricing mechanism based on an estimate and true up of additional shares and as of the date of
this prospectus, the Regular Purchase Price has yet to be calculated.
Pursuant to the Purchase Agreement, if an Event of Default occurs between
the Regular Purchase Notice Date and any time through the Regular Purchase Settlement Date (in each case, as defined in the Purchase Agreement),
then (i) the RPP Percentage shall be automatically adjusted to 80% for so long as such Event of Default remains uncured and (ii) Ionic
shall be entitled to all the rights under the Purchase Agreement as if such Event of Default occurred immediately prior to such Regular
Purchase Notice Date.
We failed to timely file this registration statement in accordance
with the terms of the Purchase Agreement and RRA. As a result, an Event of Default (as defined in the Purchase Agreement) occurred, and
the applicable RPP Percentage for the initial purchase only is now 80%, rather than 97%.
We previously registered the
issuance of the Primary Shares, and the resale of the shares issuable upon exercise of the Warrant were registered pursuant to the Company's
shelf registration statement on Form S-3 (File No. 333-259851) (the "S-3 Registration Statement"), and the related base prospectus
included in the S-3 Registration Statement dated October 8, 2021, as supplemented by a prospectus supplement filed on March 31, 2022 (the
"Prospectus Supplement").
We are registering an aggregate
of 26,000,000 shares of our common stock for resale by Ionic, of which up to 20,000,000 may be issued and sold as Purchase Shares upon
purchase by Ionic of up to $37,000,000 remaining under the Purchase Agreement and 6,000,000 which may be issued as additional true up
shares under the Primary Commencement (referred to herein as the "Primary Settlement Shares").
Actual sales of Primary Shares
to Ionic under the Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including,
among others, satisfaction of certain conditions including, without limitation, the effectiveness of this resale registration statement,
market conditions, the trading price of the Common Stock and determinations by the Company as to the appropriate sources of funding for
the Company and its operations. We expect that any net proceeds received by the Company from such sales to Ionic will be used for working
capital and general corporate purposes.
The
purchase price of the Primary Shares purchased by the Investor under the Purchase Agreement will be derived from prevailing market prices
of the Company's Common Stock immediately preceding the time of sale. The Company will control the timing and amount of future
sales, if any, of Purchase Shares to the Investor. The Investor has no right to require the Company to sell any Purchase Shares to the
Investor, but the Investor is obligated to make purchases as the Company directs, subject to certain conditions.
30
The
Purchase Agreement and the RRA each contain representations, warranties, covenants, closing conditions and indemnification and termination
provisions by, between and for the benefit of the parties which are customary of transactions of this nature. Additionally, sales to
the Investor under the Purchase Agreement may be limited, to the extent applicable, by OTCQX and SEC rules.
Ionic
may not assign or transfer its rights and obligations under the Purchase Agreement.
Purchase of Purchase Shares
under the Purchase Agreement
Under the Purchase Agreement, from and after the date upon which certain
conditions have been satisfied including, without limitation, the effectiveness of this registration statement (the "Secondary Commencement
Date"), the Company has the right, from time to time in its sole discretion and subject to certain conditions and limitations set
forth in the Purchase Agreement, to direct Ionic to purchase not less than $200,000 and not greater than $300,000 in Common Stock per
regular purchase notice as Purchase Shares. The Company may effect a regular purchase at the Regular Purchase Price equal to the applicable
RPP Percentage (97%%, or 80% in the event of the occurrence of an uncured Event of Default) of the arithmetic average of the five (5)
lowest VWAPs calculated for the period starting on the date that the Investor receives the shares under regular purchase notice and ending
on such date that the aggregate dollar volume of the Common Stock traded on the OTCQX Market equals five (5) times said purchase amount,
in the aggregate, subject to a five (5) Trading Day minimum, based on an estimate and true-up as described above.
The
Company may deliver a notice to the Investor for a regular purchase as often as every business day, so long as (i) on any such notice
date, the closing sale price of the Common Stock is not below the Floor Price (initially set at $0.25 per share, subject to customary
adjustments), (ii) shares for all prior regular purchases have theretofore been received by the Investor in accordance with the Purchase
Agreement, and (iii) no current Regular Purchase Measurement Period is running (unless the Company and the Investor mutually agree otherwise
in writing). Notwithstanding the foregoing, the Company shall not deliver a regular purchase to the Investor if an Event of Default has
occurred and is continuing, or if any event which, after notice and/or lapse of time, would become an Event of Default, has occurred
and is continuing.
In
all instances, the Company may not sell Common Stock to the Investor under the Purchase Agreement if it would result in the Investor
beneficially owning more than 9.99% of the outstanding Common Stock.
Other
than as summarized above, there are no trading volume requirements or restrictions under the Purchase Agreement, and we will control
the timing and amount of any sales of Common Stock to Ionic.
Primary
Shares
In
connection with the execution of the Purchase Agreement, the Company delivered an initial regular purchase notice for an amount equal
to $3,000,000 in shares of Common Stock which were purchased and sold in a primary offering registered under the previously filed Prospectus
Supplement as described above. Such amount has reduced the $40,000,000 in available amounts under the Purchase Agreement down to $37,000,000.
Primary Settlement Shares
The Company is registering
up to 6,000,000 shares of Common Stock as Primary Settlement Shares as additional true up shares under the Primary Commencement. As described
above, the Primary Shares were sold with a forward pricing mechanism based on an estimate and true up of additional shares and as of the
date of this Registration Statement, the Regular Purchase Price has yet to be calculated. In the event that a true-up is required, the
Company will issue the Primary Settlement Shares to Ionic for no additional cash consideration.
Commitment
Warrant
In
connection with the execution of the Purchase Agreement, the Company issued to Ionic a Warrant to purchase a fixed number of shares of
Common Stock (the "Warrant Shares") equal to the product of (x) the $40,000,000 in shares of Common Stock being committed
to purchase by Ionic and (y) 1.5% (i.e., 631,579 shares), as a commitment fee for no additional consideration. The Warrant Shares were
registered under the previously filed Prospectus Supplement as described above.
31
Our
Termination Rights
We have the right in our sole
discretion, at any time, for any reason, to give notice to Ionic to terminate the Purchase Agreement. The Purchase Agreement shall also
terminate automatically (i) on the date the full $40,000,000 available hereunder is sold 24 months from March 31, 2022 has passed or (ii)
the Secondary Commencement shall not have occurred on or before December 31, 2022.
Events
of Default
Events
of default under the Purchase Agreement include the following:
●
the effectiveness of the registration statement lapses for any reason (including, without limitation, the issuance of a stop order or similar order) or this prospectus is unavailable to the Investor for resale of any or all of the Common Stock issuable under the Purchase Agreement registered hereunder, and such lapse or unavailability continues for a period of ten (10) consecutive business days or for more than an aggregate of thirty (30) business days in any 365-day period;
●
the suspension of our Common Stock from trading on the OTCQX Market for a period of one (1) business day, provided that the Company may not direct the Investor to purchase any Common Stock during any such suspension;
●
the delisting of the Common Stock from the OTCQX Market, provided, however, that the Common Stock are not immediately thereafter trading on the OTC Markets, New York Stock Exchange, The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market, the NYSE American, or the NYSE Arca (or nationally recognized successor to any of the foregoing);
●
the failure for any reason by Company or its transfer agent to deliver, as DWAC shares, (i) the pre-settlement purchase shares to the Investor within two (2) trading days after the regular purchase notice date, or (ii) the settlement regular purchase shares to the Investor within two (2) trading days after the Regular Purchase Measurement Period,
●
the Company
    breaches any representation or warranty in any material respect, or breaches any covenant or other term or condition under any Transaction
    Document (as defined in the Purchase Agreement), and except in the case of a breach of a covenant which is reasonably curable, only
    if such breach continues for a period of at least three (3) consecutive business days;
●
if any person commences
    a proceeding against the Company pursuant to or within the meaning of any bankruptcy law for so long as such proceeding is not dismissed;
●
if the Company is at any
    time insolvent, or, pursuant to or within the meaning of any bankruptcy law, (i) commences a voluntary case, (ii) consents to the
    entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a custodian of it or for all
    or substantially all of its property, (iv) makes a general assignment for the benefit of its creditors or (v) the Company is generally
    unable to pay its debts as the same become due;
●
a court of competent jurisdiction
    enters an order or decree under any bankruptcy law that (i) is for relief against the Company in an involuntary case, (ii) appoints
    a custodian of the Company for all or substantially all of its property, or (iii) orders the liquidation of the Company or any subsidiary
    for so long as such order, decree or similar action remains in effect; or
●
if at any time the Company
    is not eligible to transfer its Common Stock as DWAC shares.
32
As noted above, if an Event
of Default occurs between the Regular Purchase Notice Date and any time through the Regular Purchase Settlement Date (in each case, as
defined in the Purchase Agreement), then (i) the RPP Percentage shall be automatically adjusted to 80% for so long as such Event of Default
remains uncured and (ii) Ionic shall be entitled to all the rights under the Purchase Agreement as if such Event of Default occurred immediately
prior to such Regular Purchase Notice Date.
In
addition to any other rights and remedies under applicable law and the Purchase Agreement, so long as an Event of Default has occurred
and is continuing, or if any event which, after notice and/or lapse of time, would become an Event of Default, has occurred and is continuing,
the Company shall not deliver to the Investor any regular purchase notice.
No
Short-Selling or Hedging by Ionic
The
Investor agrees that beginning on the date of the Purchase Agreement and ending on the date of termination of this Agreement, the Investor
and its agents, representatives and affiliates shall not in any manner whatsoever enter into or effect, directly or indirectly, any (i)
"short sale" (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock (excluding transactions
properly marked "short exempt") or (ii) hedging transaction, which establishes a net short position with respect to the Common
Stock.
Prohibitions
on Variable Rate Transactions
There are no restrictions
on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement or RRA
other than a prohibition on entering into a "Variable Rate Transaction" as defined in the Purchase Agreement, which restriction
will terminate on the earlier of (i) 24 months from March 31, 2022 or (ii) such time as the Company has purchased $10,000,000 in Common
Stock under the Purchase Agreement.
Dilutive
Effect of Performance of the Purchase Agreement on Our Stockholders
All 26,000,000 shares of Common
Stock registered in this offering which may be issued or sold by us to Ionic under the Purchase Agreement and RRA are expected to be freely
tradable. It is anticipated that the Common Stock registered in this offering will be sold by us to Ionic over a period of up to 24 months
from March 31, 2022. The sale by Ionic of a significant amount of Common Stock registered in this offering at any given time could cause
the market price of our Common Stock to decline and to be highly volatile. Sales of Common Stock to Ionic, if any, will depend upon market
conditions and other factors to be determined by us. We may ultimately decide to sell to Ionic all, some or none of the up to 20,000,000
Purchase Shares that may be available for us to sell pursuant to the Purchase Agreement (i.e., up to $37,000,000 in shares of Common Stock).
Ionic may require us to sell the 6,000,000 Primary Settlement Shares as additional true up shares under the Primary Commencement. As described
above, the Primary Shares were sold with a forward pricing mechanism based on an estimate and true up of additional shares and as of the
date of this registration statement, the Regular Purchase Price has yet to be calculated. In the event that a true-up is required, the
Company will issue all or a portion of the Primary Settlement Shares to Ionic for no additional cash consideration.
Issuances of our Common Stock
in this offering will not affect the rights or privileges of our existing stockholders, except that the economic and voting interests
of each of our existing stockholders will be diluted as a result of any such issuance. Although the number of Common Stock that our existing
stockholders own will not decrease, the shares owned by our existing stockholders will represent a smaller percentage of our total outstanding
shares after any such issuance to Ionic. If and when we do sell Common Stock to Ionic, after Ionic has acquired those shares, Ionic may
resell all, some or none of such shares at any time or from time to time in its discretion. Therefore, issuances to Ionic by us under
the Purchase Agreement may result in substantial dilution to the interests of other holders of Common Stock. In addition, if we sell a
substantial number of Common Stock to Ionic under the Purchase Agreement, or if investors expect that we will do so, the actual sales
of Common Stock or the mere existence of our arrangement with Ionic may make it more difficult for us to sell equity or equity-related
securities in the future at a time and at a price that we might otherwise wish to effect such sales. However, we have the right to control
the timing and amount of any additional sales of Purchase Shares to Ionic and the Purchase Agreement may be terminated by us at any time
at our discretion (see subsection entitled Our Termination Rights above). As described above, we do not have discretion on the issuance
of the Primary Settlement Shares; depending on the applicable Regular Purchase Price, as determined in accordance with the Purchase Agreement,
we may be contractually required to issue all or a portion of the Primary Settlement Shares to Ionic for no additional cash consideration
as part of the terms of the Primary Commencement previously issued.
33
The following table sets forth
the amount of gross proceeds we would receive from Ionic from our sale of the 20,000,000 Purchase Shares to Ionic under the Purchase Agreement
registered hereunder at varying purchase prices:
Assumed Purchase
Price
Per Purchase Share (3)
Number of Common
Stock to be Issued if
Full Purchase (1)
Percentage of
Outstanding Common
Stock After Giving
Effect to the Issuance to
Ionic (2)
Proceeds from the Sale
of Common Stock to
Ionic Under the
Purchase Agreement
$
0.10
20,000,000
59.8%
$
2,000,000
$
0.25
20,000,000
59.8%
$
5,000,000
$
0.34
(4)
20,000,000
59.8%
$
6,800,000
$
0.50
20,000,000
59.8%
$
10,000,000
$
1.00
20,000,000
59.8%
$
20,000,000
$
1.50
20,000,000
59.8%
$
30,000,000
$
1.85
20,000,000
59.8%
$
37,000,000
(1)
We are registering up to 26,000,000,000 in shares of Common Stock which may be issued and sold to Ionic in the future under the Purchase Agreement, of which (i) 6,000,000 are Primary Settlement Shares which may be issuable as required as a true up on the Primary Commencement for which we will receive no additional cash consideration and (ii) 20,000,000 are Purchase Shares which we have the discretion to issue and sell to Ionic as described in this section. As a result, we have included in this column only those shares of Common Stock that we are registering under this prospectus, without regard for the beneficial ownership cap of 9.99%.
(2)
The denominator is based on 33,401,334 shares outstanding as of July 12, 2022, adjusted to include the issuance of the number of Common Stock set forth in the adjacent column which we would have issued to Ionic based on the applicable assumed average purchase price per Purchase Share.
(3)
For the avoidance of any doubt, this price would reflect the Regular Purchase Price after calculation (i.e., after discounts to the market price of our shares) in accordance with the terms of the Purchase Agreement.
(4)
The closing sale price of our Common Stock on the OTCQX Market on July 12, 2022.
34
SELLING
STOCKHOLDER
This registration statement
relates to the possible resale by the Selling Stockholder of up to 26,000,000 Common Stock that may be issued to Ionic pursuant to the
Purchase Agreement, of which 6,000,000 are Primary Settlement Shares and 20,000,000 are Purchase Shares which may be issued and sold from
time to time pursuant to the Purchase Agreement. For additional information regarding this transaction, see "The Offering"
above. We are registering Common Stock in order to permit the Selling Stockholder to offer such shares for resale from time to time.
Except for the ownership of
the shares offered hereby pursuant to the transactions summarized herein, the Selling Stockholder has not held a position or office or
had any material relationship with us or any of our predecessors or affiliates.
The
Selling Stockholder may sell some, all, or none of their Common Stock being registered hereunder. We do not know how long the Selling
Stockholder will hold their Common Stock before selling them, and we currently have no agreements, arrangements or understandings with
the Selling Stockholder regarding the resale of any of the Common Stock being registered hereunder. The following table assumes that
all shares will be sold by the Selling Stockholder and no other shares will be held after the offering.
The following table presents
information regarding the Selling Stockholder and the number of Common Stock that they may offer and sell from time to time under this
prospectus. The table is prepared based on information supplied to us by the Selling Stockholder and reflects their holdings as of July
12, 2022. Beneficial ownership is determined in accordance with Rule 13d-3(d) promulgated by the SEC under the Exchange Act.
Selling Stockholder
Common Stock
Beneficially
Owned
Before this
Offering
(2)
Percentage of
Outstanding
Common Stock
Beneficially
Owned Before
this Offering
(3)
Common Stock to
be Sold in this Offering
Assuming the Company
issues the Maximum
Number of Common Stock
Registered Hereunder
(4)
Percentage
of
Outstanding
Common Stock
Beneficially
Owned
After this
Offering
Ionic Ventures, LLC
(1)
2,977,129
8.9
%
26,000,000
5.0
%
(5)
(1)
Ionic Ventures, LLC ("Ionic") is the record and beneficial owner of the securities set forth in the table. Brendan O'Neil and Keith Coulston are the managers of Ionic and in such capacity have joint voting and dispositive power over shares held by Ionic. Mr. O'Neil and Mr. Coulston each disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein. Ionic Ventures, LLC is not a licensed broker dealer or an affiliate of a licensed broker dealer. The address of Ionic Ventures, LLC is 3053 Fillmore Street, Ste. 256, San Francisco, CA 94123.
(2)
We have excluded from the number of Common Stock beneficially owned prior to the offering: (i) all of the Common Stock that Ionic may be required to purchase under the Purchase Agreement, because the issuance and sale of such Common Stock to Ionic is solely at our discretion and is subject to satisfaction of the conditions set forth in the Purchase Agreement that are outside of Ionic's control, including the registration statement of which this prospectus is a part being declared effective by the SEC, and (ii) an additional 631,579 shares of Common Stock issuable upon full exercise of the Warrants held by Ionic due to a 9.99% beneficial ownership limitation (the "Blocker"). Due to the Blocker, Ionic is prohibited from exercising the Warrants into shares of Common Stock if, as a result of such exercise, the holder, together with its affiliates and any persons acting as a group together with such holder or any of such affiliates, would beneficially own more than 9.99% of the total number of shares of Common Stock then issued and outstanding immediately after giving effect to the exercise. As a result of the Blocker, beneficial ownership of Ionic is capped at 9.99% of the outstanding Common Stock of the Registrant.
(3)
Based on 33,401,334 outstanding shares of Common Stock as of July 12,
    2022.
(4)
Includes 26,000,000 shares of Common Stock registered hereunder that may be issued to Ionic Ventures pursuant to the Purchase Agreement, of which 6,000,000 are Primary Settlement Shares and 20,000,000 are Purchase Shares.
(5)
Assumes all shares registered hereunder will be sold by the Selling Stockholder in this offering.
35
PLAN
OF DISTRIBUTION
The
Common Stock listed in the table appearing under "Selling Stockholder" are being registered to permit the resale of Common
Stock by the Selling Stockholder from time to time after the date of this prospectus. There can be no assurance that the Selling Stockholder
will sell any or all of the Common Stock offered hereby. We will not receive any of the proceeds from the sale of the Common Stock by
the Selling Stockholder.
The
Selling Stockholder may sell all or a portion of the Common Stock offered hereby from time to time directly to purchasers or through
one or more underwriters, broker-dealers or agents, at market prices prevailing at the time of sale, at prices related to such market
prices, at a fixed price or prices subject to change or at negotiated prices, by a variety of methods including the following:
●
on any national
    securities exchange or over-the-counter market on which the Common Stock may be listed or quoted at the time of sale;
●
ordinary brokerage transactions
    and transactions in which the broker-dealer solicits purchasers;
●
block trades in which a
    broker-dealer may attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate
    the transaction;
●
purchases by a broker-dealer,
    as principal, and a subsequent resale by the broker-dealer for its account;
●
in "at the market"
    offerings to or through market makers into an existing market for Common Stock;
●
an exchange distribution
    in accordance with the rules of the applicable exchange;
●
privately negotiated transactions;
●
in transactions otherwise
    than on such exchanges or in the over-the-counter market;
●
through a combination of
    any such methods; or
●
through any other method
    permitted under applicable law.
We
will pay the expenses incident to the registration and offering of the Common Stock offered hereby. We have agreed to indemnify the Selling
Stockholder and certain other persons against certain liabilities in connection with the offering of shares offered hereby, including
liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts required to be paid in respect
of such liabilities. Ionic has agreed to indemnify us against liabilities under the Securities Act that may arise from certain written
information furnished to us by Ionic specifically for use in this prospectus or, if such indemnity is unavailable, to contribute amounts
required to be paid in respect of such liabilities.
Ionic
has represented to us that at no time prior to the Purchase Agreement has Ionic or its agents, representatives or affiliates engaged
in or effected, in any manner whatsoever, directly or indirectly, any short sale (as such term is defined in Rule 200 of Regulation SHO
of the Exchange Act) of our Ionic or any hedging transaction, which establishes a net short position with respect to our Common Stock.
Ionic agreed that during the term of the Purchase Agreement, it, its agents, representatives or affiliates will not enter into or effect,
directly or indirectly, any of the foregoing transactions.
36
We
have advised the Selling Stockholder that they are required to comply with Regulation M promulgated under the Exchange Act. With certain
exceptions, Regulation M precludes a selling shareholder, any affiliated purchasers, and any broker-dealer or other person who participates
in the distribution from bidding for or purchasing, or attempting to induce any person to bid for or purchase any security which is the
subject of the distribution until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order
to stabilize the price of a security in connection with the distribution of that security. All of the foregoing may affect the marketability
of the securities offered by this prospectus.
Ionic
has informed us that it intends to use an unaffiliated broker-dealer to effectuate all sales, if any, of the common stock that it may
purchase from us pursuant to the Purchase Agreement. Such sales will be made at prices and at terms then prevailing or at prices related
to the then current market price. Each such unaffiliated broker-dealer will be an underwriter within the meaning of Section 2(a)(11)
of the Securities Act. Ionic has informed us that each such broker-dealer will receive commissions from Ionic that will not exceed customary
brokerage commissions.
The
Selling Stockholder may also sell Common Stock under Rule 144 promulgated under the Securities Act of 1933, as amended, if available,
rather than under this prospectus.
In
effecting sales, brokers-dealers engaged by the Selling Stockholder may arrange for other brokers-dealers to participate. If the Selling
Stockholder effect such transactions by selling Common Stock to or through underwriters, broker-dealers or agents, such underwriters,
broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the Selling Stockholder or
commissions from purchasers of Common Stock for whom they may act as agent or to whom they may sell as principal. Underwriters may sell
securities to or through dealers, and dealers may receive compensation in the form of discounts, concessions or commissions from the
underwriters and/or commissions from the purchasers for whom they may act as agent. The compensation paid to a particular broker-dealer
may be less than or in excess of customary commissions. Neither we nor Ionic can presently estimate the amount of compensation that any
agent will receive.
Ionic
is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act. Any underwriters, brokers, dealers or agents
that participate in such distribution may be deemed to be "underwriters" within the meaning of the Securities Act, and any
discounts, commissions or concessions received by any underwriters, brokers, dealers or agents might be deemed to be underwriting discounts
and commissions under the Securities Act. Any Selling Stockholder who is an "underwriter" within the meaning of the Securities
Act will be subject to the prospectus delivery requirements of the Securities Act and the provisions of the Exchange Act and the rules
thereunder relating to stock manipulation.
In
order to comply with the securities laws of some states, Common Stock sold in those jurisdictions may only be sold through registered
or licensed brokers or dealers. In addition, in some states, Common Stock may not be sold unless the Common Stock have been registered
or qualified for sale in that state or an exemption from registration or qualification is available and is complied with.
37
MARKET
PRICE OF AND DIVIDENDS ON OUR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Market
Information
Our
common stock, par value $0.0001 per share, is traded on the OTCQX under the symbol "LGIQ". Our common stock is also traded
and quoted on the NEO Exchange in Canada under the symbol "LGIQ".
Trading
of securities on the OTCQX is often sporadic and investors may have difficulty buying and selling or obtaining market quotations. Any
OTCQX market quotations reflect inter-dealer quotations, without adjustment for retail mark-up, mark-down or commission and may not necessarily
represent actual transactions.
Holders
As of July 12, 2022, there
were 33,401,334 shares of our common stock outstanding held by approximately 548 holders of record of our common stock.
This number was derived from our stockholder records and does not include beneficial holders of our common stock whose shares are held
in "street name" with various dealers, clearing agencies, banks, brokers and other fiduciaries.
Securities
Authorized for Issuance Under Equity Compensation Plans
See "Executive Compensation
– Equity Compensation Plan Information" for information regarding securities authorized for issuance under equity compensation
plans.
Issuer
Repurchases of Equity Securities
During
the year ended December 31, 2021, there were no repurchases of the Company's common stock by the Company.
DIVIDEND
POLICY
We
have not paid any cash dividends to our stockholders. The declaration of any future cash dividends is at the discretion of our Board
and depends upon our earnings, if any, our capital requirements and financial position, and general economic conditions. It is our present
intention not to pay any cash dividends in the foreseeable future, but rather to reinvest earnings, if any, in our business operations.
DILUTION
Not
applicable. The shares registered under this registration statement are not being offered for purchase by the Company. The shares are
being registered on behalf of the Selling Stockholder (the Selling Stockholder identified in this prospectus).
38
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You
should read the following discussion and analysis of our financial condition and operating results together with our consolidated financial
statements and related notes included elsewhere in this prospectus. This discussion and analysis and other parts of this prospectus contain
forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions. Our
actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including
those set forth under "Risk Factors" or in other parts of this prospectus. The last day of our fiscal year is December 31.
Our fiscal quarters end on March 31, June 30, September 30 and December 31, and our current fiscal year ends on December 31, 2022. U.S.
Dollars are denoted herein by "USD," "$" and "dollars".
Use
of Terms
Except as otherwise indicated
by the context and for the purposes of this report only, references in this report to the following:
●
"Logiq, Inc. (Delaware)
    (formerly known as Weyland) the "Company," "we," "us," or "our," are to the business
    of Logiq, Inc. (Delaware), a Delaware corporation and AppLogiq;
●
DataLogiq and Logiq, Inc.
    (Nevada), a Nevada corporation, business segment;
●
AppLogiq, a business segment of the Company, which is owned by GoLogiq, a majority owned subsidiary of the Company;
●
PAY/GOLogiq or Weyland
    International Perkasa, an Indonesian associate of the Company;
●
"SEC" are to
    the Securities and Exchange Commission;
●
"Securities Act"
    are to the Securities Act of 1933, as amended;
●
"Exchange Act"
    are to the Securities Exchange Act of 1934, as amended;
●
"U.S. dollars,"
    "dollars" and "$" are to the legal currency of the United States.
Overview
The
Company offers solutions that help small-to-medium-sized businesses ("SMBs") to provide access to and reduce transaction
friction of e-commerce for their clients globally. The Company's solutions are provided through (i) its "AppLogiq"
business segment (operated as CreateApp (https://www.createapp.com/), which allows SMBs to establish their point-of-presence on the web,
and (ii) its "DataLogiq" business segment, a digital marketing analytics business unit that offers proprietary data management,
audience targeting and other digital marketing services that improve an SMB's discovery and branding within the vast e-commerce
landscape.
The Company enables SMBs to
create a mobile app for their business without the need of technical knowledge, high investment, or background in IT by utilizing AppLogiq's
CreateApp platform that is offered as a Platform as a Service ("PaaS") to the Company's customers. The Company's
DataLogiq business segment offers online marketing solutions on a performance marketing and self-serve, Software as a Service ("SaaS")
basis.
We provide our PaaS and digital
marketing to SMBs in a wide variety of industry sectors. We believe that SMBs can increase their sales, reach more customers, and promote
their products and services using our affordable and cost-effective solutions. We recognize revenue on a pay to use subscription basis
when our customers use our PaaS platform to create mobile apps for their business and on our SaaS platform when provisioning services
for their marketing campaigns. We also recognize revenue on a cost per lead ("CPL") basis and other metrics for engagements
undertaken on a performance marketing basis.
39
The
Company continues to expand its portfolio of offerings and the industries they serve:
●
In May 2018, the Company
    expanded its portfolio to fintech applications with the launch of its PayLogiq mobile payments platform in Indonesia.
●
In the fall of 2019, the
    Company expanded its portfolio to short-distance food delivery service with the launch of GoLogiq, a PaaS platform that provides
    mobile payment capabilities for the local food delivery service industry in Indonesia.
●
In January 2020, the Company
    completed the acquisition of substantially all of the assets of Push Holdings, Inc. This
    acquired business, which the Company has rebranded as its DataLogiq division, operates a consumer data management platform powered
    by lead generation, online marketing, and multichannel reengagement strategies through its owned and operated brands. DataLogiq has
    developed a proprietary data management platform and integrated with several third-party service providers to optimize the return
    on its marketing efforts. DataLogiq focuses on consumer engagement and enrichment to maximize its return on acquisition through repeat
    monetization of each consumer. DataLogiq also licenses its software technology and provides managed technology services to various
    other e-commerce companies. DataLogiq is located in Minneapolis, Minnesota, USA.
●
On November 2, 2020, the Company completed the acquisition of Fixel AI Inc. ("Fixel"), thereby acquiring its self-serve MarTech Audience Targeting platform as a further expansion of its DataLogiq product suite.
●
On March 29, 2021, the
    Company completed the acquisition of Rebel AI, Inc., thereby acquiring its "The Rebel AI" advertising platform as a further
    expansion of its DataLogiq product suite.
●
On June 21, 2021, the Company
    completed the Canadian IPO offering of 1,976,434 units of its securities, consisting of shares common stock and warrants to purchase
    shares of common stock, on the NEO exchange in Canada.
●
On March 31, 2022, the Company, Battle Bridge
    Acquisition Co, LLC, a company beneficially owned entirely by the Company (the "Buyer"), Section 2383 LLC, a Wyoming limited
    liability company ("Seller"), Travis Phipps, an individual ("Phipps") and Robb Billy ("Billy" and,
    together with Phipps, the "Founders") and Travis Phipps, as Representative, entered into an asset purchase agreement (the
    "Battle Bridge Purchase Agreement") whereby the Buyer agreed to purchase from Seller and Seller agreed to sell to Buyer substantially
    all of the assets of Seller which represents the "Battle Bridge Labs" business (the "Battle Bridge Assets") (collectively,
    the "Transaction"). The consummation of the Transaction (the "Closing") occurred simultaneously with execution
    of the Battle Bridge Purchase Agreement on March 31, 2022.
As consideration for the Buyer's acquisition
    of the Battle Bridge Assets, the Company agreed to pay $3,250,000 (the "Purchase Price"), which consisted of $250,000 in cash
    (the "Cash Consideration") and the issuance of 2,912,621 shares of restricted common stock of the Company at $1.03 per share
    (the "Stock Consideration") (representing $3,000,000 in Stock Consideration), which was the volume weighted average price
    ("VWAP") of the Company's Common Stock as reported by Bloomberg LP for the twenty (20) trading days immediately prior
    to Closing. $500,000 in Stock Consideration was retained by the Company at the Closing and held as partial security to satisfy indemnification
    claims for a period of 12 months following the Closing.
In addition, the recipients of the Stock Consideration
    agreed to sign lock-up and leak-out agreements which provide that, following a 6-month lock-period and ending 18 months after Closing,
    any sales of the Company's Common Stock by such recipients do not exceed one percent (1%) of the then applicable thirty (30) day
    trading average volume of the Company's Common Stock as of such date.
Recent
Corporate Developments
Amendment
to Equity Incentive Plan
On April 21, 2021, in connection
with the Company being listed on the NEO Exchange in Canada and in order to comply with the corporate governance requirements of the NEO
Exchange, the Company amended and restated its 2020 Equity Incentive Plan (as amended and restated, the "First A&R Plan")
to provide that stock options issued under the plan (i) may not be transferred and (ii) may not have an exercise price less than the fair
market value ("FMV") of such stock options as of the grant date. Pursuant to the A&R Plan (as defined below), FMV shall
be determined as follows: (i) if the Company's common stock is then listed or admitted to trading on a national stock exchange,
the FMV shall be either (x) the five-day volume weighted average trading price, calculated by dividing the total value by the total volume
of securities traded on a national stock exchange for the relevant period, or (y) the closing price of the Company's common stock
on a national stock exchange on the previous trading day prior to the date of grant of the award; or (y) if the Company's common
stock is not then listed or admitted to trading on a national stock exchange, the FMV shall be a price determined by the administrator
of the A&R Plan in good faith using any reasonable method of valuation.
On October 22, 2021, the Company's
board of directors unanimously approved the Company's Second Amended and Restated 2020 Equity Incentive Plan (the "Second
A&R Plan"), subject to stockholder approval. The Second A&R Plan amends the Company's Plan to (i) incorporate those
changes previously included in the First A&R Plan and (ii) increase the number of shares of common stock authorized for issuance thereunder
from 2,000,000 shares to 5,000,000 shares. In addition, the Company amended and restated the form agreements for awards made pursuant
to the Company's Second A&R Plan to reflect the foregoing changes.
The Company's Second
A&R Plan and amended form award agreements were approved by the Company's stockholders on January 25, 2022, and adopted by the
Company on the same day.
40
Amendments
to Bylaws – Adoption of Majority Voting Policy
On April 21, 2021, the Company's
Board of Directors (the "Board"), in connection with the Company being listed on the NEO Exchange in Canada and in order to
comply with the corporate governance requirements of the NEO Exchange, approved and adopted a Majority Voting Policy for the election
of directors (the "Policy"), which policy effectively alters the manner in which directors are elected under the Company's
Bylaws, and was therefore, subject to shareholder approval.
On October 22, 2022, the Company's
board of directors approved the adoption of its First Amended and Restated Bylaws (the "A&R Bylaws"), subject to shareholder
approval. The A&R Bylaws amend and restate the Company's Bylaws in full and incorporate the Policy noted above, amongst other
changes. The Company's stockholders approved the Company's A&R Bylaws at a special meeting of stockholders on January
25, 2022.
Under
the Policy incorporated into the A&R Bylaws, in an uncontested election, any director nominee who receives a greater number of votes
"withheld" than votes "for" his or her election at a meeting of shareholders of the Company must promptly tender
his or her resignation to the chairman of the Board. Following receipt of such resignation, the Governance Committee of the Board (the
"Committee") will consider the resignation and recommend to the Board whether to accept such tendered resignation. Except
in special circumstances, the Committee will be expected to accept and recommend acceptance of the resignation by the Board. A press
release disclosing the Board's determination (and the reasons for rejecting the resignation, if applicable) will be issued within
90 days following the date of the relevant meeting of shareholders and a copy of the press release will be sent concurrently to the NEO
Exchange, provided that the Company's common stock is then listed for trading on the NEO Exchange. The director's resignation,
if accepted, will become effective immediately upon acceptance thereof by the Board.
Any
director who tenders his or her resignation pursuant to the Policy will not participate in the recommendation of the Committee or the
decision of the Board with respect to such resignation.
Subject
to any restrictions imposed by applicable law, where the Board accepts a resignation in accordance with the Policy, the Board may (i)
leave the director vacancy unfilled until the next annual meeting of shareholders, (ii) fill the vacancy through the appointment of a
new director, or (iii) call a special meeting of shareholders at which a new candidate will be presented to fill the vacant position.
The
Policy applies only in circumstances involving an uncontested election of directors. For purposes of the Policy, an "uncontested
election" of directors of the Company means an election held at any meeting of shareholders called for, either alone or with other
matters, the election of directors, with respect to which the number of nominees for election is equal to the number of positions on
the Board to be filled through the election to be conducted at such meeting.
AppLogiq
Spin-Off
On December 15, 2021, we entered
into various agreements with GoLogiq (then known as Lovarra), a Nevada corporation and public reporting subsidiary of the Company, pursuant
to which the Company agreed to transfer its AppLogiq business to GoLogiq, subject to customary conditions and approvals and completion
of requisite financial statement audits (the "Separation"). GoLogiq is a fully reporting U.S. public company, which, as of
December 15, 2021, was approximately 78.5% owned by the Company's wholly owned subsidiary GoLogiq LLC. In connection with the Separation,
the Company intends to distribute, on a pro rata basis, 100% of the Company's ownership interests in GoLogiq to the Company's
shareholders of record as of December 30, 2021.
On January 27, 2022, we completed
the transfer of our AppLogiq business to GoLogiq. In connection with the completion of the transfer of AppLogiq to GoLogiq, GoLogiq issued
the 26,350,756 GoLogiq Shares to the Company. The Company will hold the GoLogiq Shares until it distributes 100% of the GoLogiq Shares
to the Company's stockholders of record as of December 30, 2021 on a 1-for-1 basis (i.e. for every 1 share of Logiq held on December
30, 2021, the holder thereof will receive 1 share of GoLogiq), which the Company intends to complete in the near term, subject to customary
conditions and approvals.
Until
such time as the Distribution is complete, we will consolidate and report the financials of the AppLogiq business as a consolidated subsidiary
of Logiq.
41
Ionic Ventures Purchase Agreement
On March 30, 2022, the Company,
entered into the Ionic Purchase Agreement with Ionic, whereby the Company has the right, but not the obligation, to sell to Ionic, and
Ionic is obligated to purchase up to in the aggregate $40,000,000 worth of the Company's Common Stock, such shares, the Purchase
Shares. Sales of Common Stock by the Company under the Ionic Purchase Agreement will be subject to certain limitations, and may occur
from time to time, at the Company's sole discretion, over the 24-month period commencing on March 30, 2020, the Primary Commencement
Date.
In connection with the execution
of the Ionic Purchase Agreement, the Company registered 2,926,000 shares of Common Stock sold to Ionic in connection with the purchase
of $3,000,000 in shares of Common Stock, the Primary Shares, in connection with the initial purchase of Common Stock under the Ionic Purchase
Agreement, which reflects an estimated value equal to the product of (A) the quotient of (y) the purchase amount (i.e., $3,000,000) divided
by (z) the Pre-Settlement Regular Purchase Price, multiplied by (B) 125% (which Ionic may increase at its discretion).
The Regular Purchase Price, which is the price at which future shares
of common stock sold under the Ionic Purchase Agreement will be sold at, for the Purchase Shares shall equal 97% (or 80% in the event
of the occurrence of an uncured Event of Default), of the arithmetic average of the five lowest VWAPs during the period starting on the
date that Ionic receives Pre-Settlement Regular Purchase Shares and ending on such date that the aggregate dollar volume of our common
stock traded on our Principal Market equals five times the Purchase Amount, in the aggregate, subject to a five Trading Day minimum (provided,
however, that each day on which Ionic has requested Purchase Shares which cannot be delivered to Ionic shall be excluded from such calculation).
This is a forward pricing mechanism based on an estimate and true up and as of the date of this filing, the Regular Purchase Price has
yet to be calculated.
Also in connection with the
execution of the Ionic Purchase Agreement, the Company issued a Warrant to purchase 631,579 shares of Common Stock (1.5% of the total
$40,000,000 commitment amount) to Ionic for no consideration as a commitment fee, and has agreed to register the shares issuable upon
exercise of the Warrant. The Warrant may be exercised for cash, but may also be exercised on a cashless exercise basis, which means the
Company may not receive any proceeds from such cashless exercise. Under the Warrant, the Company does not have the right to control the
timing and amount of any Warrant exercises by Ionic, except that there is a 9.99% ownership limitation blocker in the Warrant. Ionic may
ultimately decide to exercise all, some or none of the Warrant.
The Company is registering
up to $37,000,000 worth of Common Stock still issuable under the Ionic Purchase Agreement, as well as 6,000,000 additional Primary Shares
that may be issued after the date hereof to Ionic, or any Purchase Shares which may be issuable to Ionic as a "true up" pursuant
to the initial purchase described above pursuant to this registration statement. The Company and Ionic entered into the RRA, dated as
of March 30, 2022, for such purpose.
Battle Bridge Acquisition
On March 31, 2022 the Company,
Battle Bridge Acquisition Co, LLC, a company beneficially owned entirely by the Company (the "Buyer"), Section 2383 LLC, a
Wyoming limited liability company ("Seller"), Travis Phipps, an individual ("Phipps") and Robb Billy ("Billy"
and, together with Phipps, the "Founders") and Travis Phipps, as Representative, entered into an asset purchase agreement
(the "Battle Bridge Purchase Agreement") whereby the Buyer agreed to purchase from Seller and Seller agreed to sell to Buyer
substantially all of the assets of Seller which represents the "Battle Bridge Labs" business (the "Battle Bridge Assets")
(collectively, the "Transaction"). The consummation of the Transaction (the "Closing") occurred simultaneously
with execution of the Battle Bridge Purchase Agreement on March 31, 2022.
As consideration for the Buyer's
acquisition of the Battle Bridge Assets, the Company agreed to pay $3,250,000 (the "Purchase Price") which consisted of $250,000
in cash (the "Cash Consideration") and the issuance of 2,912,621 shares of restricted common stock of the Company at $1.03
per share (the "Stock Consideration") (representing $3,000,000 in Stock Consideration) which was the volume weighted average
price (VWAP) of the Company's Common Stock as reported by Bloomberg LP for the twenty (20) trading days immediately prior to Closing.
$500,000 in Stock Consideration was retained by the Company at the Closing and held as partial security to satisfy indemnification claims
for a period of 12 months following the Closing.
In addition, the recipients
of the Stock Consideration agreed to sign lock-up and leak-out agreements which provide that, following a 6-month lock-period and ending
18 months after Closing, any sales of the Company's common stock by such recipients do not exceed one percent (1%) of the then applicable
thirty (30) day trading average volume of the Company's common stock as of such date.
42
COVID-19
Effect
Due
to the unprecedented effect and related impact of Covid-19 pandemic, the Company has experienced a push back from the Company's
resellers and white label distributors from April 2020, for its Platform as a Service pay-to-use subscription basis. The Company is expecting
an uncertain outlook in its service revenues, as its operations in South East Asia are currently being disrupted by the continuing impact
of Covid-19 pandemic. In particular, our PAY/GOLogiq associate revenues have been reduced as offices and compulsory lock down protocols
are being implemented, which are expected to be in force until the majority of the populous have been vaccinated through to the end of
calendar year 2022.
Components
of Results of Operations
Revenue
(Service)
The
Company's AppLogiq business segment's PaaS, operated as CreateApp provides the infrastructure allowing users to develop their
own applications and IT services, which users can access anywhere via a smart mobile phone, web or desktop browser. The Company recognizes
revenue on a pay-to-use subscription basis when our customers use our platform. For the territories licensed to our distributors and
on a white label basis, we derive royalty income from the end user's use of our platform on a white label basis.
The
Company maintains the PaaS software platform at its own cost. Any enhancements and minor customization for our resellers/distributors
are not separately billed. Major new proprietary features are billed to the customer separately as development income while re-usable
features are added to the features available to all customers on subsequent releases of our platform.
The
Company's DataLogiq revenues are derived through the management of online advertising campaigns on behalf of customers, which include
per-impression, and cost per acquisition ("CPA") arrangements as well as the delivery of qualified leads.
Cost
of Revenue (Service)
Cost
of revenue primarily consists of fees from cloud-based hosting services and personnel costs. Personnel costs consist of wages, bonuses,
benefits, and stock-based compensation expenses. Allocated overhead costs consist of certain facilities and utility costs. We expect
cost of revenue to increase in absolute dollars, as product revenue increases.
The
Company's DataLogiq digital marketing analytics business segment cost of revenue is primarily generated by media cost to power
our assets.
Operating
Expenses
Our
operating expenses consist of general and administrative, depreciation and amortization, and research and development expenses. Salaries
and personnel-related costs, benefits, and stock-based compensation expense, are the most significant components of each category of
operating expenses. Operating expenses also include allocated overhead costs for facilities and utility costs.
General
and Administrative
– General and administrative expense consists primarily of employee compensation and related expenses for
administrative functions including finance, legal, human resources and fees for third-party professional services, as well as allocated
overhead. We expect our general and administrative expense to increase in absolute dollars as we continue to invest in growing the business.
Depreciation
and amortization
– Depreciation and amortization expense consists primarily of amortization of development costs and trademark
for our software platforms.
Research
and Development
– Research and development expense consists primarily of employee compensation and related expenses, allocated
overhead, and developments to our website, e-commerce, and mobile app platforms. We expect our research and development expenses to increase
in absolute dollars as we continue to invest in new and existing products and services.
43
Other
Income (Expense), net
Other
income consists of income received for activities outside of our core business. In 2021, this includes interest from US based financial
asset money market funds.
Other
(expense) consists of expense for activities outside of our core business. In 2021, DataLogiq incurred early withdrawal fees from an
escrow account relating to Conversion Point Technologies.
Provision
for Income Taxes
Provision
for income taxes consists of estimated income taxes due to the United States, foreign countries, and the respective taxing authorities
in jurisdictions in which we conduct business.
Results
of Operations
Results of Operations for the Three Months ended March 31, 2022
and 2021
The following sets forth selected
items from our statements of operations and the percentages that such items bear to net sales for the three months ended March 31, 2022
and 2021. The consolidated results include Logiq Inc. (a Delaware Corporation), Logiq, Inc. (a Nevada Corporation), Fixel, and Rebel (collectively
also known as DataLogiq business segment), as well as GoLogic (fka Lovarra), a majority owned subsidiary of the Company, the results of
which include our AppLogiq business segment.
Consolidated Results of Operations
For the three months ended
March 31, 2022
March 31, 2021
Change
Revenue (service)
$
8,105,384
100.0
%
$
8,080,312
100.0
%
$
25,072
0.3
%
Cost of revenues (service)
5,900,723
72.8
5,854,056
72.4
46,667
0.8
Gross profit
2,204,661
27.2
2,226,256
27.6
(21,595
)
(1.0
)
Depreciation and amortization
1,030,930
12.7
689,345
8.5
341,585
49.6
General and administrative
3,600,997
44.4
4,144,365
51.3
(543,369
)
(13.1
)
Sales and marketing
299,316
3.7
369,261
4.6
(69,945
)
(18.9
)
Research and development
1,257,084
15.5
1,103,137
13.7
153,947
14.0
Total operating expenses
6,188,327
76.3
6,306,108
78.0
(117,782
)
(1.9
)
(Loss) from operations
(3,983,666
)
(49.1
)
(4,079,852
)
(50.5
)
96,187
(2.4
)
Other (Expenses)/Income, net
3,142
0.04
(1,897
)
(0.02
)
5,039
(265.6
)
Impairment loss on investment in associate
-
-
-
-
-
-
Net (Loss) before income tax
(3,980,524
)
(49.1
)
(4,081,749
)
(50.5
)
101,226
(2.5
)
Income tax (expense)
-
-
-
-
-
-
Net (Loss)
(3,980,524
)
(49.1
)
(4,081,749
)
(50.5
)
101,226
(2.5
)
Logiq (Delaware) Results of Operations
For the three months ended
March 31, 2022
March 31, 2021
Change
Revenue (service)
$
-
100.0
%
$
2,441,128
100.0
%
$
(2,441,128
)
(100.0
)%
Cost of revenues (service)
-
-
1,706,165
69.9
(1,706,165
)
(100.0
)
Gross profit
-
-
734,963
30.1
(734,963
)
(100.0
)
Depreciation and amortization
-
-
31,283
1.3
(31,283
)
(100
)
General and administrative
(256,531
)
-
2,538,107
104.0
(2,794,638
)
(110.1
)
Sales and marketing
-
-
69,750
2.9
(69,750
)
(100.0
)
Research and development
-
-
925,000
37.9
(925,000
)
(100.0
)
Total operating expenses
(256,531
)
-
3,564,140
146.0
(3,820,671
)
(107.2
)
(Loss) from operations
256,531
-
(2,829,177
)
(115.9
)
3,085,708
(109.1
)
Other (Expenses)/Income, net
-
-
-
-
-
-
Impairment loss on investment in associate
-
-
-
-
-
-
Net (Loss) before income tax
256,531
-
(2,829,177
)
(115.9
)
3,085,708
(109.1
)
Income tax (expense)
-
-
-
-
-
-
Net (Loss)
256,531
-
(2,829,177
)
(115.9
)
3,085,708
(109.1
)
44
GoLogiq including AppLogiq Results of Operations
For the three months ended
March 31, 2022
March 31, 2021
Change
Revenue (service)
$
3,309,017
100.0
%
$
-
100.0
%
$
3,309,017
100.0
%
Cost of revenues (service)
2,235,341
67.6
-
-
2,235,341
100.0
Gross profit
1,073,676
32.4
-
-
1,073,676
100.0
Depreciation and amortization
31,283
0.9
-
-
31,283
100.0
General and administrative
1,337,516
40.4
-
-
1,337,516
100.0
Sales and marketing
5,000
0.2
-
-
5,000
100.0
Research and development
1,090,500
33.0
-
-
1,090,500
100.0
Total operating expenses
2,464,299
74.5
-
-
2,464,299
100.0
(Loss) from operations
(1,390,623
)
(42.0
)
-
-
(1,390,623
)
100.0
Other (Expenses)/Income, net
-
-
-
-
100.0
Impairment loss on investment in associate
-
-
-
-
-
-
Net (Loss) before income tax
(1,390,623
)
(42.0
)
-
-
(1,390,623
)
100.0
Income tax (expense)
-
-
-
-
-
-
Net (Loss)
(1,390,623
)
(42.0
)
-
-
(1,390,623
)
100.0
Logiq (Nevada) including DataLogiq results of operations
For the three months ended
March 31, 2022
March 31, 2021
Change
Revenue (service)
$
4,796,367
100.0
%
$
5,639,184
100.0
%
$
(842,817
)
(14.9
)%
Cost of revenues (service)
3,665,382
76.4
4,147,891
73.6
(482,509
)
(11.6
)
Gross profit
1,130,985
23.6
1,491,293
26.4
(360,308
)
(24.2
)
Depreciation and amortization
999,647
20.8
658,062
11.7
341,585
51.9
General and administrative
2,520,011
52.5
1,606,258
28.5
913,753
56.9
Sales and marketing
294,316
6.1
299,511
5.3
(5,195
)
(1.7
)
Research and development
166,584
3.5
178,137
3.2
(11,553
)
(6.5
)
Total operating expenses
3,980,558
83.0
2,741,968
48.6
1,238,590
45.2
(Loss) from operations
(2,849,573
)
(59.4
)
(1,250,675
)
(22.2
)
(1,598,898
)
127.8
Other (Expenses)/Income, net
3,142
0.07
(1,897
)
(0.03
)
5,039
(265.63
)
Impairment loss on investment in associate
-
-
-
-
-
-
Net (Loss) before income tax
(2,846,431
)
(59.3
)
(1,252,572
)
(22.2
)
(1,593,859
)
127.2
Income tax (expense)
-
-
-
-
Net (Loss)
(2,846,431
)
(59.3
)
(1,252,572
)
(22.2
)
(1,593,859
)
127.2
45
Consolidated Revenue (Service)
Consolidated revenues were
$8,105,384 and $8,080,312 for the three months ended March 31, 2022 and 2021, respectively.
The revenues from our AppLogiq
segment increased to $3,309,017 compared to $2,441,128 for the three months ended March 31, 2022 and 2021, respectively, as a result of
our strategic shift of targeting high margin end customer segment compared to low margin high volume white label resellers.
Our DataLogiq platform revenues
decreased to $4,796,367 compared to $5,639,184 for the three months ended March 31, 2022 and 2021, respectively. The decrease in revenues
is primarily due to Medicare enrolment.
Consolidated Cost of Revenue (Service)
Consolidated Cost of revenues
were $5,900,723 and $5,854,056 for the three months ended March 31, 2022 and 2021, respectively.
The Cost of revenues of the
Company's AppLogiq segment increased to $2,235,341 from $1,706,165 for the three months ended March 31, 2022 and 2021 respectively.
Our DataLogiq platform cost
of revenue was $3,665,382 compared to $4,147,891 for the three months ended March 31, 2022 and 2021 respectively.
Consolidated Gross Profit
Consolidated Gross Profit
was $2,204,661 and $2,226,256 for the three months ended March 31, 2022 and 2021, respectively.
Our consolidated gross margin
decreased to 27.2% from 27.6% for the three months ended March 31, 2022 and 2021.
Our AppLogiq segment gross
margin was $1,073,676 compared to $734,165 for the three months ended March 31, 2022 and 2021 respectively. Our AppLogiq gross margin
increased to 32.4% from 30.1% as a result of our strategic shift of targeting high margin end customer segment compared to low margin
high volume white label resellers.
Our DataLogiq platform gross
margin was $1,130,985 and $1,491,293 for the three months ended March 31, 2022 and 2021, respectively. Our DataLogiq platform gross margin
decreased to 23.6% from 26.4% for the three months ended March 31, 2022 and 2021, respectively.
Consolidated Operating Expenses
General and Administrative (G&A)
Consolidated General and administrative
expenses were $3,600,997 and $4,144,365 for the three months ended March 31, 2022 and 2021, respectively.
The Company including AppLogiq's
(GoLogiq's) General and administrative expenses were $1,337,516 and $nil for the three months ended March 31, 2022 and 2021, respectively.
AppLogiq's general and administrative expenses $780,000 were reflects stock compensation costs including shares issued to consultants
and director.
Our DataLogiq platform General
and administrative expenses were $2,520,011 and $1,606,258 for the three months ended March 31, 2022 and 2021, respectively. The increase
was partly as a result of inclusion of Fixel AI and Rebel AI together with new hires in the branding and operations management.
Stock-based compensation
Stock-based compensation expenses
for the three months ended March 31, 2022 and 2021 was $616,191 and $1,525,904, respectively.
46
Sales and Marketing (S&M)
Consolidated Sales and Marketing
expenses were $299,316 and $369,261 for the three months ended March 31, 2022 and 2021, respectively.
Research and Development (R&D)
Consolidated Research and
Development expenses were $1,257,084 and $1,103,137 for the three months ended March 31, 2022 and 2021, respectively.
Our AppLogiq segment (GoLogiq)
Research and Development (R&D) expenses were $1,090,500 and $925,000 for the three months ended March 31, 2022 and 2021, respectively.
Consolidated Other Income/(Expenses)
Consolidated Other income
(expenses), net was $3,142 and ($1,897) for the three months ended March 31, 2022 and 2021 respectively.
Consolidated Net (Loss) Before Income Tax
The Company posted a net loss
before income tax ($3,980,524) and ($4,081,749) for the three months ended March 31, 2022 and 2021, respectively.
The Company incorporating
our AppLogiq segment (GoLogiq) incurred a net loss of ($1,390,623) and $nil for the three months ended March 31, 2022 and 2021, respectively.
Our DataLogiq platform incurred a net loss of ($2,846,431)
and ($1,252,572) for the three months ended March 31, 2022 and 2021 respectively.
Consolidated Income Tax (Expense)
No provision for corporate
taxes is made as the Company incurred a loss and has unutilized loss carryforwards. The tax paid during the fiscal year is for Delaware
franchise taxes for the current and prior years.
Logiq (Delaware) Inc. Results of Operations
Our AppLogiq segment was acquired
by GoLogiq Inc. (fka Lovarra) in January 2022. All revenue, cost had been transferred to the Company GoLogiq.
Logiq, Inc. (Nevada) including DataLogiq Results of Operations
Revenue (Service)
DataLogiq revenues were $4,796,367
for the three months ended March 31, 2021 compared to $5,639,184 for the same period in 2021, a decrease of $842,817 or 14.9%. The decrease
in revenues is primarily a result due to Medicare enrollment.
Cost of Revenue (Service)
DataLogiq Cost of revenue
was $3,665,382 for the three months ended March 31, 2022 compared to $4,147,891 for the same period in 2021, a decrease of $482,509 or
11.6%.
47
Gross Profit
DataLogiq gross profit was
$1,130,985 for the three months ended March 31, 2022 compared to $1,491,293 for the same period in 2021, a decrease of $360,308 or 24.1%.
Depreciation and amortization
DataLogiq depreciation and
amortization expenses were $999,647 for the three months ended March 31, 2021 compared to $658,062 for the same period in 2021, an increase
of $341,585 or 51.9%.
General and administrative
DataLogiq general and administrative
expenses were $2,520,011 for the three months ended March 31, 2022 compared to $1,606,258 for the same period in 2022, an increase of
$913,753 or 56.9%. The increase is due to increase in payroll related costs and employee headcount to help support the growth of the business.
Sales and marketing
DataLogiq sales and marketing
expenses include those expenses required to support our sales efforts and includes sales commissions and consultants. Sales and marketing
expenses were $294,316 for the three months ended March 31, 2022 compared to $299,511 for the same period in 2021, a decrease of $5,195
or 1.7%.
Research and development
DataLogiq research and development expenses were
$166,584 for the three months ended March 31, 2022 compared to $178,137 for the same period in 2021, a decrease of $11,553 or 6.5%. Research
and development costs include developers that support and enhance our technologies.
(
Loss) from Operations
DataLogiq's loss from
operations was ($2,849,573) for the three months ended March 31, 2022 compared to ($1,250,675) for the same period in 2021.
Other Income/(Expenses)
For the three months ended
March 31, 2022, DataLogiq other income was $3,142 compared to ($1,897) for the same period in 2021.
48
Results
of Operations for the fiscal years ended December 31, 2021 and 2020
The
following sets forth selected items from our statements of operations and the percentages that such items bear to net sales for the fiscal
years ended December 31, 2021, and December 31, 2020 (Because of rounding, numbers may not foot). The Consolidated results include Logiq,
Inc. (a Delaware Corporation) and its subsidiaries, Logiq, Inc (a Nevada Corporation), Fixel AI Inc. and Rebel Inc. (collectively, also
known as the DataLogiq segment). Logiq, Inc. (Delaware) results include our business segment APPLogiq.
Consolidated
Results of Operations
For the fiscal years ended
December 31, 2021
December 31, 2020
Change
Revenue (service)
$
37,346,859
100.0
%
$
37,910,393
100.0
%
$
(563,534
)
(1.5
)%
Cost of revenues (service)
26,290,203
70.4
31,546,948
83.2
(5,256,745
)
(16.7
)
Gross profit
11,056,656
29.6
6,363,445
16.8
4,693,211
73.8
Depreciation and amortization
3,782,136
10.1
1,966,045
5.2
1,816,091
92.4
General and administrative
18,166,721
48.6
10,994,815
29.0
7,171,907
65.2
Sales and marketing
2,296,483
6.1
1,423,909
3.8
872,574
61.3
Research and development
7,400,732
19.8
6,244,704
16.5
1,156,028
18.5
Total operating expenses
31,646,072
84.7
20,629,473
54.4
11,016,600
53.4
(Loss) from operations
(20,589,416
)
(55.1
)
(14,266,028
)
(37.6
)
(6,323,389
)
44.3
Other (Expenses)/Income, net
474,510
1.27
(243,641
)
(0.64
)
718,151
(294.8
)
Impairment loss on investment in associate
-
-
-
-
-
-
Net (Loss) before income tax
(20,114,906
)
(53.9
)
(14,509,669
)
(38.3
)
(5,605,238
)
38.6
Income tax (expense)
(11,881
)
(0
)
-
-
(11,881
)
(0
)
Net (Loss)
(20,126,787
)
(53.9
)
(14,509,669
)
(38.3
)
(5,617,119
)
38.7
49
Logiq
(Delaware) including AppLogiq results of operations
For the fiscal years ended
December 31, 2021
December 31, 2020
Change
Revenue (service)
$
14,340,379
100.0
%
$
22,758,572
100.0
%
$
(8,418,193
)
(37.0
)%
Cost of revenues (service)
9,787,285
68.2
19,094,090
83.9
(9,306,805
)
(48.7
)
Gross profit
4,553,094
31.8
3,664,482
16.1
888,612
24.2
Depreciation and amortization
125,133
0.9
113,533
0.5
11,600
10.2
General and administrative
9,234,094
64.4
6,611,134
29.0
2,622,961
39.7
Sales and marketing
122,300
0.9
1,016,625
4.5
(894,325
)
(88.0
)
Research and development
6,718,168
46.8
5,953,913
26.2
764,255
12.8
Total operating expenses
16,199,695
113.0
13,695,205
60.2
2,504,490
18.3
(Loss) from operations
(11,646,601
)
(81.2
)
(10,030,723
)
(44.1
)
(1,615,878
)
16.1
Other (Expenses)/Income, net
(76,937
)
(1
)
16,748
0.07
(93,685
)
(559.38
)
Impairment loss on investment in associate
-
-
-
-
-
-
Net (Loss) before income tax
(11,723,538
)
(81.8
)
(10,013,975
)
(44.0
)
(1,709,563
)
17.1
Income tax (expense)
(11,881
)
(0
)
-
-
(11,881
)
(0
)
Net (Loss)
(11,735,419
)
(81.8
)
(10,013,975
)
(44.0
)
(1,721,444
)
17.2
Logiq
(Nevada) including DataLogiq results of operations
For the fiscal years ended
December 31, 2021
December 31, 2020
Change
Revenue (service)
$
23,006,480
100.0
%
$
15,151,821
100.0
%
$
7,854,659
51.8
%
Cost of revenues (service)
16.502,918
71.7
12,452,858
82.2
4,050,060
32.5
Gross profit
6,503,562
28.3
2,698,963
17.8
3,804,599
141.0
Depreciation and amortization
3,657,003
15.9
1,852,512
12.2
1,804,491
97.4
General and administrative
8,932,627
38.8
4,383,681
28.9
4,584,946
103.8
Sales and marketing
2,174,183
9.5
407,284
2.7
1,766,899
433.8
Research and development
682,564
3.0
290,791
1.9
391,773
134.7
Total operating expenses
15,446,377
67.1
6,934,268
45.8
8,512,109
122.8
(Loss) from operations
(8,942,815
)
(38.9
)
(4,235,305
)
(28.0
)
(4,707,510
)
111.1
Other (Expenses)/Income, net
551,447
2.40
(260,389
)
(1.72
)
811,836
(311.78
)
Impairment loss on investment in associate
-
-
-
-
-
-
Net (Loss) before income tax
(8,391,368
)
(36.5
)
(4,495,694
)
(29.7
)
(3,895,674
)
86.7
Income tax (expense)
-
-
-
-
-
-
Net (Loss)
(8,391,368
)
(36.5
)
(4,495,694
)
(29.7
)
(3,895,674
)
86.7
50
Consolidated
Geographical Information – Revenue
Revenue
by geographical region for the years ended December 31, 2021 and 2020 were as follows:
2021
%
2020
%
Southeast Asia
$
7,170,190
19.2
12,109,193
31.9
EU
3,585,095
9.6
5,570,000
14.7
South Korea
2,151,057
5.8
3,770,000
9.9
Africa
1,434,038
3.8
961,200
2.5
North America
23,006,480
61.6
15,500,000
40.9
Total revenue
$
37,346,859
100.0
$
37,910,393
100.0
Consolidated
Revenue (Service)
Consolidated
Service revenues were $37,346,859 and $37,910,393 for the twelve months ended December 31, 2021 and 2020, respectively. The decrease
is due to the revenues of Applogiq decreased $8,418,193 or 37.0% from FY2020 to FY2021 due to a loss of customers as a result of adverse
effects of the on-set of Covid-19 and from a strategic shift away from white label APP resellers and towards higher margin direct marketing
customers.
Consolidated
Cost of Revenue (Service)
Consolidated
Cost of service was $26,290,203 and $31,546,948 for the twelve months ended December 31, 2021 and 2020, respectively. FY2020 included
the cost of revenues of DATALogiq effective January 8, 2020.
Consolidated
Gross Profit
Consolidated
Gross Profit was $11,056,656 and $6,363,445 for the twelve months ended December 31, 2021 and 2020, respectively. FY2020 included the
Gross profit of DATALogiq effective January 8, 2020.
Consolidated
Gross Profit margin was 29.6% and 16.8% for the twelve months ended December 31, 2021 and 2020, respectively.
Consolidated
Other Income/(Expenses)
Consolidated
Other income was $474,510 and expenses $243,641 for the twelve months ended December 31, 2021 and 2020, respectively. The Consolidated
income represents interest and gain on change in fair value from a US based money market bond portfolio and expense from early withdrawal
fees from an escrow account in DATALogiq.
Consolidated
Operating Expenses
General
and Administrative (G&A)
Consolidated
General and administrative expenses were $18,166,721 and $10,994,815 for the twelve months ended December 31, 2021 and 2020, respectively.
The increase is partly due to the inclusion of the G&A of DATALogiq business segment effective January 8, 2020 and Fixel AI effective
November 1, 2020, respectively.
Significant
movements are explained in the review of operations by business segments of APPLogiq, DATALogiq and Fixel AI in the sections below.
51
Sales
and Marketing (S&M)
Consolidated
S&M expense was $2,296,483 and $1,423,909 for the twelve months ended December 31, 2021 and 2020, respectively. The increase is mainly
due to the inclusion of the sales and marketing for DATALogiq of $1,766,899 or 433.8% from FY2020 to FY2021.
Research
and Development (R&D)
Consolidated
Research and Development expense were $7,400,732 and $6,244,704 for the twelve months ended December 31, 2021 and 2020, respectively.
The increase was due to an increase feature development for APPLogiq of $764,255 or 12.8% from FY2020 to FY2021.
Consolidated
(Loss) from operations
The
Company posted a loss from operations of $(20,589,416) and $(14,266,028) for the twelve months ended December 31,2021 and 2020, respectively.
The increase is partly due to the inclusion of the loss from operations of DATALogiq business segment effective January 8, 2020 of $(4,235,305).
The
increase in the loss is due to increased staff costs, travel, consultancy, professional and development fee for mobile app and increase
in research & development on our platform as further described below.
Consolidated
Net (loss)/profit before income tax
The
Company posted a net loss before income tax $(20,126,787) and $(14,509,669) for the twelve months ended December 31, 2021 and 2020, respectively.
The
increase in the loss is due to increase in research & development costs, legal and professional costs, travelling cost, consultancy
fee, stock-based compensation and increase in research & development on our platform as further described below.
Consolidated
income tax (expense)
No
provision for corporate taxes is made as the Company incurred a loss and has unutilized loss carryforwards. The tax paid during the fiscal
year is for Delaware franchise taxes for the current and prior years.
Stock-based
compensation
Stock-based
compensation expenses for the twelve months ended December 31, 2021 and 2020 was $3,534,545 and $2,014,223, respectively.
Consolidated
Net (loss) income
The
Company posted a consolidated net loss of $(20,126,787) for the twelve months ended December 31, 2021 as compared to a net loss of $(14,509,669)
for the year ended December 31, 2020. The increase is partly due to the inclusion of the net loss from DATALogiq business segment effective
January 8, 2020 of $(4,495,694).
Logiq,
Inc. including APPLogiq Results of Operations
Revenue
(Service)
APPLogiq
Service revenues were $14,340,379 and $22,758,572 for the twelve months ended December 31, 2021 and 2020, respectively. APPLogiq revenues
was down by 37.0% compared to 2020 due to a loss of customers as a result of adverse effects of the on-set of Covid-19 and from a strategic
shift away from white label APP resellers and towards higher margin direct marketing customers.
52
Cost
of Revenue (Service)
APPLogiq
Cost of service was down 48.7% to $9,787,285 and $19,094,090 for the twelve months ended December 31, 2021 and 2020, respectively in
line with the drop in revenues.
Gross
Profit
APPLogiq
Gross Profit was $4,553,094 and $3,664,482 for the twelve months ended December 31, 2021 and 2020, respectively. Gross Profit % was 31.8%
and 16.1% for the twelve months ended December 31, 2021 and 2020, respectively as a result of the provision of complimentary services
during Covid-19 to retain customers.
Other
Income/(Expenses)
APPLogiq
Other expenses $76,937 and income $16,748 for the twelve months ended December 31, 2021 and 2020, respectively. The other income represents
interest and gain on change in fair value from a US based managed Financial asset money market bond portfolio.
General
and Administrative (G&A)
APPLogiq
G&A expenses was $9,234,094 and $6,611,134 for the twelve months ended December 31, 2021 and 2020, respectively.
Consultancy
fees was $3,220,578 and $3,131,502 for the twelve months ended December 31, 2021 and 2020, respectively.
Legal
& professional fees was $1,605,122 and $958,571 for the twelve months ended December 31, 2021 and 2020, respectively.
Sales
and Marketing (S&M)
APPLogiq
S&M expense was $122,300 and $1,016,625 for the twelve months ended December 31, 2021 and 2020, respectively as a result of engaging
in market awareness campaigns.
Research
and Development (R&D)
APPLogiq
Research and Development expense was $6,718,168 and $5,953,913 for the twelve months ended December 31, 2021 and 2020, respectively.
(Loss)
from operations
APPLogiq
and the Company posted a loss from operations of $(11,646,601) and $(10,030,723) for the twelve months ended December 31,2021 and 2020,
respectively.
DATALogiq
business segment Results of Operations
Revenue
(Service)
DATALogiq
revenues increased from $15.2 million for the year ended December 31, 2020 to $23.0 million for the same period in 2021. The $7.9 million
increase is due to the Logiq acquisition of Push in January 2020 and acquisition of Fixel in November 2020 and the revenues derived from
its business.
Cost
of Revenue (Service)
DATALogiq
Cost of service increased from $12.5 million for the year ended December 31, 2020 to $16.5 million for the same period in 2021. The $4.1
million increase is due to the Logiq acquisition of Push in January 2020 and acquisition of Fixel in November 2020 and the cost of revenues
resulting from its business.
53
Gross
Profit
DATALogiq
gross profit was $6.5 million for the year ended December 31, 2021 compared to $2.7 for the same period in 2020, an increase of $3.8
million. This segment was new in 2020, as a result of the acquisition of Push and Fixel.
DATALogiq
gross profit margin was 28.3% for the year ended December 31, 2021 and compare to $17.8% for the year ended December 31, 2020.
Other
(Expenses)
DATALogiq
other expenses was $551,447 for year ended December 31, 2021 and represents cost from early withdrawal fees of restricted cash.
General
and Administrative (G&A)
DATALogiq
general and administrative expenses were $8.9 million for the year ended to December 31, 2021 compared to $4.4 million for the same period
in 2020, an increase of $4.5 million. The increase is due to the Logiq acquisition of Push in January 2020 and acquisition of Fixel in
November 2020 and the hiring of additional employees in Q4 as we scaled up the business.
Sales
and Marketing (S&M)
DATALogiq
sales and marketing expenses include those expenses required to support our sales efforts and includes sales commissions and consultants.
Sales and marketing expenses for the years ended December 31, 2021 and 2020 were $2.2 million and $0.4, respectively. The increase in
sales and marketing costs of $1.8 million is due to the Logiq acquisition of Push in January 2020 and acquisition of Fixel in November
2020.
Research
and Development (R&D)
DATALogiq
research and development expenses were $0.7 million for the year ended December 31, 20201 compared to $0.3 for the same period in 2020.
Research and development costs include developers that support and enhance our technologies. The increase in research and development
is due to the Logiq acquisition of Push in January 2020 and acquisition of Fixel in November 2020.
(Loss)
from operations
DATALogiq's
loss from operations was $8.9 million for the year ended December 31, 2021 compared to $4.2 for the same period in 2020.
Liquidity
and Capital Resources
During the three months ended
March 31, 2022 and the year ended December 31, 2020, our primary sources of capital came from (i) cash flows from our operations, predominantly
from providing services under our APPLogiq platform and DataLogiq platform, (ii) existing cash, (iii) government loans, and (iii) proceeds
from third-party financings.
Canadian
Initial Public Offering (IPO)
On
June 9, 2021, the Company entered into an Agency Agreement (the "Agency Agreement") with Research Capital Corporation (the
"Agent") relating to a Canadian initial public offering (the "Offering") by the Company of a minimum of 1,666,667
units of securities (each, a "Unit"), and a maximum of 3,333,333 Units, at a price of C$3.00 per Unit (the "Offering
Price"), for minimum gross proceeds of C$5,000,000, and maximum gross proceeds of C$10,000,000. Each Unit consists of (i) one share
of common stock of the Company, par value $0.0001 per share ("Common Stock", and the Common Stock included in a Unit being
a "Unit Share"), and (ii) one Common Stock purchase warrant (each, a "Warrant"), where each Warrant entitles
the holder thereof to acquire one share of Common Stock (each, a "Warrant Share") at an exercise price of C$3.50 per Warrant
Share, subject to adjustment, at any time before the third anniversary (the "Warrant Expiry Date") of June 17, 2021 (the
"Closing Date"). The Warrants will be governed by a warrant indenture (the "Warrant Indenture") between the Company
and Odyssey Trust Company (the "Warrant Agent"). No Units will be issued, however, as the Units will be immediately separated
and purchasers will receive only shares of Common Stock and Warrants. Furthermore, the Company agreed to issue 83,333 units of securities
(the "Advisory Fee Units") to the Agent as compensation for certain strategic advisory and support services rendered. This
number was determined by dividing C$250,000 by the Offering Price. Each Advisory Fee Unit is comprised of (i) one share of Common Stock,
and (ii) one warrant exercisable to purchase one share of Common Stock at an exercise price of C$3.50 for a period of 36 months from
the Closing Date
.
54
On
June 21, 2021, the Offering closed whereby the Company sold 1,976,434 Units for aggregate gross proceeds of C$5,929,302 before deducting
offering expenses. The Company also issued 83,333 units of securities (the "Advisory Fee Units"), and 158,115 non-transferrable
compensation options (the "Agent Options") to the Agent as compensation for certain strategic advisory and support services
rendered to the Company in connection with the Offering. Each Advisory Fee Unit is comprised of (i) one share of Common Stock, and (ii)
one Warrant. Each Agent Option is exercisable for one Unit at an exercise price of C$3.00 per Unit. On June 21, 2021, the Company's
common stock began trading on the NEO Exchange under the symbol "LGIQ". The Company's common stock continues to trade
in the United States on the OTCQX under the same symbol.
Our
sources of liquidity and cash flows are used to fund ongoing operations, research and development projects for new products and technologies,
and provide ongoing support services for our customers. Over the next two fiscal years, we anticipate that we will use our liquidity
and cash flows from our operations to fund our growth, particularly to grow our data sales. In addition, as part of our business strategy,
we occasionally evaluate potential acquisitions of businesses, products and technologies, and minority equity investments. Accordingly,
a portion of our available cash may be used at any time for the acquisition of complementary products or businesses or minority equity
investments. Such potential transactions may require substantial capital resources, which may require us to seek additional debt or equity
financing. We cannot assure you that we will be able to successfully identify suitable acquisition or investment candidates, complete
acquisitions or investments, integrate acquired businesses into our current operations, or expand into new markets. Furthermore, we cannot
provide assurances that additional financing will be available to us in any required time frame and on commercially reasonable terms,
if at all.
Ionic Ventures Purchase Agreement
On March 30, 2022, the Company,
entered into the Purchase Agreement with Ionic, whereby the Company has the right, but not the obligation, to sell to Ionic, and Ionic
is obligated to purchase up to in the aggregate $40,000,000 worth of the Company's Common Stock, such shares, the Purchase Shares.
Sales of Common Stock by the Company under the Purchase Agreement will be subject to certain limitations, and may occur from time to time,
at the Company's sole discretion, over the 24-month period commencing on March 30, 2020, the Primary Commencement Date.
In connection with the execution
of the Purchase Agreement, the Company registered 2,926,000 shares of common stock sold to Ionic in connection with the initial purchase
of $3,000,000 in shares of Common Stock, the Primary Shares, under the Ionic Purchase Agreement, which reflects an estimated value equal
to the product of (A) the quotient of (y) the purchase amount (i.e., $3,000,000) divided by (z) the Pre-Settlement Regular Purchase Price,
multiplied by (B) 125% (which Ionic may increase at its discretion).
The Regular Purchase Price, which is the price at which future shares
of common stock sold under the Ionic Purchase Agreement will be sold at, for the Purchase Shares shall equal 97% (or 80% in the event
of the occurrence of an uncured Event of Default) of the arithmetic average of the five lowest VWAPs during the period starting on the
date that Ionic receives Pre-Settlement Regular Purchase Shares and ending on such date that the aggregate dollar volume of our common
stock traded on our Principal Market equals five times the Purchase Amount, in the aggregate, subject to a five Trading Day minimum (provided,
however, that each day on which Ionic has requested Purchase Shares which cannot be delivered to Ionic shall be excluded from such calculation).
This is a forward pricing mechanism based on an estimate and true up and as of the date of this filing, the Regular Purchase Price has
yet to be calculated.
As discussed above, the Company failed to timely file this registration
statement in accordance with the terms of the Purchase Agreement and RRA. As a result, an Event of Default occurred, and the applicable
RPP Percentage for the initial purchase only is now 80%, rather than 97%.
55
Also in connection with the
execution of the Purchase Agreement, the Company issued a Warrant to purchase 631,579 shares of Common Stock (1.5% of the total $40,000,000
commitment amount) to Ionic for no consideration as a commitment fee, and has agreed to register the shares issuable upon exercise of
the Warrant. The Warrant may be exercised for cash, but may also be exercised on a cashless exercise basis, which means the Company may
not receive any proceeds from such cashless exercise. Under the Warrant, the Company does not have the right to control the timing and
amount of any Warrant exercises by Ionic, except that there is a 9.99% ownership limitation blocker in the Warrant. Ionic may ultimately
decide to exercise all, some or none of the Warrant.
The Company intends to register
the remaining up to $37,000,000 worth of common stock issuable under the Ionic Purchase Agreement, or any additional Primary Shares that
may be issued after the date hereof to Ionic, or any Purchase Shares which may be issuable to Ionic as a "true up" pursuant
to the initial purchase described above pursuant to a resale registration statement on Form S-1 to be filed subsequently with the SEC.
The Company and Ionic entered into the RRA, dated as of March 30, 2022, for such purpose.
The Company is registering
up to $37,000,000 worth of Common Stock still issuable under the Ionic Purchase Agreement, as well as 6,000,000 additional Primary Shares
that may be issued after the date hereof to Ionic, or any Purchase Shares which may be issuable to Ionic as a "true up" pursuant
to the initial purchase described above pursuant to this registration statement. The Company and Ionic entered into the RRA, dated as
of March 30, 2022, for such purpose.
Our sources of liquidity and cash flows are used to fund ongoing operations,
research and development projects for new products and technologies, and provide ongoing support services for our customers. Over the
next two years, we anticipate that we will use our liquidity and cash flows from our operations to fund our growth, particularly to grow
our data sales. In addition, as part of our business strategy, we occasionally evaluate potential acquisitions of businesses, products
and technologies, and minority equity investments. Accordingly, a portion of our available cash may be used at any time for the acquisition
of complementary products or businesses or minority equity investments. Such potential transactions may require substantial capital resources,
which may require us to seek additional debt or equity financing. We cannot assure you that we will be able to successfully identify suitable
acquisition or investment candidates, complete acquisitions or investments, integrate acquired businesses into our current operations,
or expand into new markets. Furthermore, we cannot provide assurances that additional financing will be available to us in any required
time frame and on commercially reasonable terms, if at all.
As of March 31, 2022 and December
31, 2021, we had material commitments for capital expenditures. Our capex & R&D plans are dependent on the availability of working
capital and is able to be scaled back as required.
We
know of no material trends in our capital trends aside from the funds to be raised in future offerings. We have focused our resources
behind a plan to grow our data sales, where we have a technology advantage and higher margins. If we are successful in implementing our
plan, we expect to return to a positive cash flow from operations. However, there is no assurance that we will be able to achieve this
objective.
We know of no trends or demands
reasonably likely to affect liquidity other than those discussed elsewhere in this registration statement and those listed as Risk Factors.
56
Cash Flows
The following table summarizes
our cash flows for the three months ended March 31, 2022 and 2021:
For the three months
March 31,
Cash flows:
2022
2021
Net cash (used in) operating activities
$
(1,855,740
)
$
(1,999,989
)
Net cash provided (used in) by investment activities
$
7,209,381
$
(445,202
)
Net cash (used in) provided by financing activities
$
(3,168,559
)
$
1,822,052
The
following table summarizes our cash flows for the years ended December 31, 2021 and 2010:
For the Year Ended
December 31,
Cash flows:
2021
2020
Net cash (used in) operating activities
$
(16,855,183
)
$
(11,974,597
)
Net cash provided by (used in) investment activities
$
(933,682
)
$
(3,803,967
)
Net cash provided by financing activities
$
15,885,352
$
8,687,759
Operating
Activities
During the three months ended
March 31, 2022, (loss) from operations used ($1,855,740), compared to ($1,999,989) for the three months ended March 31, 2021. Our net
(loss) for the three months ended March 31, 2022 decreased to ($3,980,524) and ($4,081,749) respectively compared to the same period last
year. Depreciation and amortization increased to $1,030,930 and $689,346 respectively compared to the same period last year as a result
of acquisitions of Fixel and Rebel.
During
the year ended December 31, 2021, loss from operations used $(20,126,787), compared to $(14,509,669) for the year ended December 31,
2020.
Investing
Activities
During the three months ended
March 31, 2022, we used cash $7,209,381 for investing activities in our financial asset investment portfolio based and managed in the
US, compared to ($445,202) during the three months ended March 31, 2021. The investment is reduced as a result of the funding requirements
of the Company in three months ended March 31, 2022 compared to same period in 2021.
During
the year ended December 31, 2021, we did use cash $933,682 for investing activities in the Company's financial asset investment
portfolio based and managed in the US.
57
Financing
Activities
During the three months ended
March 31, 2022, we generated ($3,168,559) from financing activities, compared to $1,822,052 for the three months ended March 31, 2021,
primarily from the proceeds from the sale of common stock.
During
the year ended December 31, 2021, we generated $15,885,352 from financing activities, compared to $8,687,759 of cash generated for the
year ended December 31, 2021.
We
estimate that based on current plans and assumptions, that our available cash and the cash we generate from our core operations will
generally be sufficient to satisfy our capital expenditures under our present operating expectations, without further financing, for
up to 12 months. We have sufficient working capital to fund the expansion of our operations and to provide working capital necessary
for our ongoing operations and obligations. However, we shall continue to evaluate our capital expenditure needs based upon factors including
our growth rate, the timing and extent of spending to support development efforts, the expansion of our sales and marketing, the timing
of new product introductions, and the continuing market acceptance of our products and services. If cash generated from operations is
insufficient to satisfy our capital requirements, we may open a revolving line of credit with a bank, or we may have to sell additional
equity or debt securities or obtain expanded credit facilities to fund our operating expenses, pay our obligations, diversify our geographical
reach, and grow our company. In the event such financing is needed in the future, there can be no assurance that such financing will
be available to us, or, if available, that it will be in amounts and on terms acceptable to us. If we cannot raise additional funds when
we need or want them, our operations and prospects could be negatively affected. However, if cash flows from operations become insufficient
to continue operations at the current level, and if no additional financing were obtained, then management would restructure the Company
in a way to preserve its business while maintaining expenses within operating cash flows.
Known
Trends or Uncertainties
We
have seen some consolidation in the mobile applications industry during economic downturns. These consolidations have not had a negative
effect on our total sales; however, should consolidations and downsizing in the industry continue to occur, those events could adversely
impact our revenues and earnings going forward.
We
believe that the need for improved productivity in the research and development activities directed toward developing new and enhanced
PaaS applications will continue to result in SMBs utilizing our products and services. New product developments could result in increased
revenues and earnings if they are accepted by our markets; however, there can be no assurances that new products will result in significant
improvements to revenues or earnings. For competitive reasons, we do not disclose all of our new product development activities.
The
potential for growth in new markets is uncertain. We will continue to explore these opportunities until such time as we either generate
sales or determine that resources would be more efficiently used elsewhere.
Inflation
We
have not been affected materially by inflation during the periods presented, and no material effect is expected in the near future.
Contractual
Obligations and Commitments
We
have no material contractual obligations as of December 31, 2021.
Critical
Accounting Policies and Estimates
Our critical accounting policies
and estimates are included in Note 2 – "Summary of Significant Accounting Policies" of Notes to Consolidated Financial
Statements included in this prospectus.
Recently
Issued or Newly Adopted Accounting Standards
Our recently issued or newly
adopted accounting standards are included in Note 2 - "Summary of Significant Accounting Policies" of the Notes
to Consolidated Financial Statements included in this prospectus.
58
Off-Balance
Sheet Arrangements
As of March 31, 2022 and December
31, 2021, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to
as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet
arrangements or other contractually narrow or limited purposes. As such, we are not materially exposed to any financing, liquidity, market,
or credit risk that could arise if we had engaged in such relationships.
We
do not have relationships or transactions with persons or entities that derive benefits from their non-independent relationship with
us or our related parties.
DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The following table sets forth
the names, ages, and positions of our executive officers and directors as of July 12, 2022. There are no arrangements, agreements or understandings
between non-management security holders and management under which non-management security holders may directly or indirectly participate
in or influence the management of our affairs. There are no arrangements or understandings between any director and any other person pursuant
to which any director or executive officer was or is to be selected as a director or executive officer, as applicable.
Name
Age
Positions
    and Offices Held
Brent Suen
55
President, Chief Executive
    Officer, Principal Financial Officer and Director
John MacNeil
60
Chief Operating Officer,
    Chief of Staff and Director
Lionel Choong
60
Chief Financial Officer
    and Director
Eddie Foong
48
Vice President, Product
Matthew Burlage
58
Independent Director
Joshua Jacobs
51
Independent Director
Ross O'Brian
54
Independent Director
Lea Hickman
54
Independent Director
Set
forth below is a brief description of the background and business experience of each of our executive officers, directors, and key management
personnel.
Brent
Suen, age 55, President, Chief Executive Officer, Principal Financial Officer and Director
Brent
Suen
previously served as the Company's Chief Executive Officer until September 1, 2020 and was re-appointed on January
7, 2022, and has been President of the Company since November 19, 2014, and a director of the Company since November 19, 2014. Mr. Suen has
27 years of experience in the investment banking industry. He began his career in merger arbitrage at Bear Stearns in 1988, at the age
of 20, as the firms' youngest hire. In 1993, he founded Axis Trading Corp., one of the first online platforms for stock trading
and subsequently sold it to a division of Softbank in 1996. In 1997, he co-founded Elevation Capital which invested in and advised Silicon
Valley based companies on IPO's, mergers and acquisitions, strategic partnerships and fund raising. In 2003 Brent moved to Hong
Kong and China where he established Bay2Peak S.A. Bay2Peak has invested in and advised over fifty companies which include Internet, software,
renewable energy and life science companies. From 2006 to 2008 he also advised IRG TMT Asia Fund on private and public investments. In
2012 Brent served as advisor to McLarty Group and Citibank Venture Capital on a sale/leaseback program valued at $160 million leading
to the eventual sale of the company for $630 million. For the past six years, Brent led the start-up and management of Empirica S.A.,
a security/intelligence and frontier markets focused advisory firm operating in Asia, the Middle East, Africa and Central Asia.
59
Mr.
Suen holds a BA degree in Marketing from the University of Arkansas at Little Rock.
Based
on Mr. Suen's work experience and education, the Board believes that he is qualified to serve as executive chairman, director and
Principal Financial Officer.
Lionel
Choong, age 60, Chief Financial Officer, Principal Accounting Officer
,
Director
Lionel
Choong has been Chief Financial Officer since July 17, 2015, and is a current member of our board. Since May 11, 2018, Mr. Choong is
the audit committee chairman and independent non-executive director of Moxian Inc (NASD: MOXC). Previously, Mr. Choong was the Vice Chairman,
audit committee chairman and an independent non-executive director of Emerson Radio Corp. (NYSE: MSN) from November 2013 to June 2017.
Mr. Choong was acting Chief Financial Officer of Global Regency Ltd., between April 2009 and June 2015 and remains as a consultant thereafter.
Mr. Choong is a director and consultant for Willsing Company Ltd., a position he has held since August 2004 and Board Advisor to Really
Sports Co., Ltd., a position he has held since June 2013. Mr. Choong has a wide range of experience in a variety of senior financial
positions with companies in China, Hong Kong SAR, and London, UK. His experience encompasses building businesses, restructuring insolvency,
corporate finance, and initial public offerings in a number of vertical markets, including branded apparel, consumer and lifestyle, consumer
products, pharmaceuticals, and logistics. From June 2008 to May 2011, Mr. Choong was acting Chief Financial Officer of Sinobiomed,
Inc. (predecessor company of Logiq, Inc.).
Mr. Choong
is a fellow member and holds a corporate finance diploma from the Institute of Chartered Accountants in England and Wales. He is also
a CPA and practicing member of the Hong Kong Institute of Certified Public Accountants and a member of the Hong Kong Securities Institute.
Mr. Choong holds a Bachelor of Arts in Accountancy from London Guildhall University, UK, and a Master of Business Administration
from the Hong Kong University of Science and Technology and the Kellogg School of Management at Northwestern University in the US.
Based
on Mr. Choong's work experience, previous directorships, and education, the Board believes that he is qualified to serve as a director
and Chief Financial Officer with overall review of all financial matters of the Company.
Eddie
Foong, age 48, Vice President, Product
Eddie
Foong served as our Chief Operating Officer and a director of the Company until September 1, 2020. Mr. Foong is now Vice President, Product.
Mr. Foong is the founder and creator of AppLogiq, and has over 17 years of experience in IT, sales and marketing and operations. He was
involved in a RFID technology company that developed and changed Singapore National Library Books borrowing system island wide. He previously
headed the sales and marketing department of Info. Technology within MNCs and government agencies.
Mr.
Foong graduated with a Class 1 Beng Honours Degree and IBM Award holder from University of Strathclyde, U.K.
Based
on Mr. Foong's work experience and education, the Board believes that he is well qualified to serve in his role as Vice President,
Product.
John
MacNeil, age 60, Chief Operating Officer, Chief of Staff, Director
Mr.
MacNeil has served as our Chief Operating Officer since January 7, 2022. Mr. MacNeil has more than 30 years of experience in the financial
services and technology industries. He has advised technology, financial technology and renewable energy companies on strategic relationships,
financial forecasting, investor relations and capital formation. He previously served as a portfolio manager for technology funds at
Schroders Investment Management. He holds a Bachelor of Electrical Engineering from University of Connecticut and MBA from Columbia Business
School.
60
Joshua
Jacobs, age 51, Independent Director
Mr.
Jacobs, a pioneer in the programmatic media-buying industry, has led innovative technology companies on a global scale. Mr. Jacobs recently
served as a director of Maven, Inc. (OTC:MVEN), a media platform for digital publishers. Built through acquisitions, Mr. Jacobs co-led
the fundraising, acquisition and integration of 4 media companies (including Sports Illustrated and Jim Cramer's TheStreet.com)
over a 3 year period of time. Under his leadership, Maven grew from a pre-product/pre-revenue startup, to a market leading platform serving
over 110 million readers monthly.
Prior
to Maven, Mr. Jacobs was the Global CEO of Accuen, an Omnicom agency, and a president of Omnicom Media Group. Mr. Jacobs grew Accuen
from a single office in Chicago, to a global powerhouse with employees in over 65 countries.
Mr.
Jacobs has held senior global executive roles in market leading technology companies including:
●
President of Services at
    Kik Interactive where Mr. Jacobs lead the team creating a developer and partner ecosystem, powered by one of the world's leading
    chat and messaging platforms.
●
SVP of Advertising Products
    and Global Marketing at Glam Media (Mode Media) where Mr. Jacobs oversaw all aspects of brand advertising, applications and ad partners
    as well as the Glam Publisher Network of 1,400 sites. He was also responsible for Glam Media's global marketing, including
    brand and agency marketing, corporate communications and research.
●
VP and General Manager
    of Marketing Technology at Yahoo! where he was responsible for driving Yahoo!'s advertising technology and publisher network
    display partnership strategy as well as driving the business operations supporting the company's advertising platform business,
    as General Manager of the RightMedia Exchange.
Mr.
Jacobs has also led multiple early stage companies through the creation of their initial products, fundraising, and scaling of operations
including roles as President of X1, an Idealab company and Co-founder of small business publishing platform Bigstep.com. Mr. Jacobs continues
to support the startup ecosystem as a board member, investor and advisor to numerous technology and media startups. In addition to Logiq,
Mr. Jacobs sits on the board of Resonant (NASD:RESN).
Matthew
Burlage, age 58, Independent Director
Matthew
Burlage is an independent, non-executive director of the Company. Mr. Burlage has spent the last three decades involved in financing
and advising Asia's leading corporations, government enterprises and financial institutions and has been involved in some of the
most ground-breaking transactions in Asia, particularly in the telecom, media, technology and internet (TMTI) sectors. Recently, Mr.
Burlage has focused on developing ESG compliant relationships and clients in the energy renewables, food/agriculture technology and financial
technology sectors.
In
2000, Mr. Burlage co-founded IRG, a boutique financial advisory and investment firm focused on the core growth sectors in Asia. He advises
Asian and global corporates, private equity funds, hedge funds and sovereign wealth funds on a range of transactions including mergers,
acquisitions, corporate restructurings, and debt capital and equity capital financings. He is also responsible for the firm's investment
strategy and management of its proprietary capital. Before co-founding IRG, Mr. Burlage was a Managing Director and Head of Industry
Groups at Lehman Brothers in Hong Kong where he created the first and largest dedicated TMT industry group at an investment bank in Asia
in the early 1990s.
Mr.
Burlage holds an MBA from Harvard Business School and a Bachelor of Arts from Yale University. Mr. Burlage also attended the Japanese
Language Institute of Sophia University.
Based
on Mr. Burlage's work experience and education, the Board believes that he is qualified to serve as an independent director of
the Company.
61
Ross
O'Brien, age 54, Independent Director
Ross
O'Brien is an independent, non-executive director of the Company. Mr. O'Brien is a telecommunications analyst and market
entry consultant who focuses on Asia's digital economies. He has been based in Hong Kong for over two decades, and has also
lived and worked in Indonesia, Singapore, China, Vietnam, and Bangladesh. Mr. O'Brien runs the technology practice of
B2B consultancy Intercedent Asia, where he focuses on market entry strategies for telecoms and IT companies, in managed services and
wireless solutions. Mr. O'Brien  is also a Senior Contributing Editor at the MIT Technology Review's Insight
program. Previously, Mr. O'Brien been an analyst and consultant with Pyramid Research, Ovum (now Omdia) and Strategic
Intelligence, and a consultant at AT&T Solutions. For many years, he ran the Hong Kong program of the Economist
Newspaper's senior executive advisory program, the Economist Corporate Network.
Mr.
O'Brien holds an AB from Dartmouth College (Hanover, NH), and an MBA from the Haas School of Business (University of California
at Berkeley). He is conversant and literate in Mandarin and Indonesian.
Based
on Mr. O'Brien's work experience and education, the Board believes that he is well qualified to serve as an independent director
of the Company.
Lea
Hickman, age 54
,
Independent Director
For
over 30 years, Lea has been leading product teams to deliver world class products used by millions of people. Starting her career at
IBM where she was building applications for Fortune 500 companies, she went on to lead product teams at Netscape, Macromedia, Adobe and
InVision.
Her
work in technology evangelism, partnerships, product marketing and product management give her insights on how product can drive the
entire business. At Macromedia she worked directly for the President of Products and the CTO on the New Business Opportunity team responsible
for new products and businesses that leveraged the Flash Player. At Adobe, Lea led Product Management for all of the Design, Web and
Interactive tools including Dreamweaver, Flash, Indesign and Illustrator. Lea was responsible for the product vision and strategy of
the Creative Cloud, working with hundreds of colleagues across Adobe to transform Adobe from boxed software to one of the most successful
SaaS services in the industry. After her work on the Creative Cloud, Lea went on to manage the consumer business at Adobe where she had
responsibility for all marketing, product and engineering.
After
Adobe, Lea lead product at InVision, a startup focused on design collaboration where she built and designed best practices for the product
team. In 2017 she joined Silicon Valley Product Group as a Partner where she helps product organizations build products that customers
love.
Lea
has deep passion for product and mentoring product teams regardless of where they are in their own transformation. She has spoken at
numerous conferences and has worked with many Fortune 500 executive teams on this topic.
Lea
is a graduate of Lehigh University with a B.A. in Sociology (1989) and of the Stanford University Executive Institute (2000).
Board
of Directors; Director Independence
The
Board facilitates its exercise of independent supervision over the Company's management through frequent meetings of the Board.
The Board is comprised of seven directors with one vacancy: Brent Suen, Lionel Choong, Lea Hickman, John MacNeil, Matthew Burlage, Ross
O'Brien, and Joshua Jacobs.
Lea
Hickman, Matthew Burlage, Ross O'Brien and Joshua Jacobs, are all independent directors. Brent Suen, John MacNeil and Lionel Choong
are not independent directors as they are executive officers of the Company.
62
Board
Committees and Independence
Our
board of directors has established four standing committees – Audit Committee, Compensation Committee, Nominating and Corporate
Governance Committee, and Social Media Committee – each of which operates under a charter that has been approved by our board of
directors.
Each
of the board committees has the composition and responsibilities described below.
Audit
Committee
The
Audit Committee's main function is to oversee our accounting and financial reporting processes and the audits of our financial
statements. This committee's responsibilities include, among other things:
●
selecting and hiring the
    independent registered public accounting firm to audit our financial statements;
●
helping to ensure the independence
    and performance of the independent registered public accounting firm;
●
approving audit and non-audit
    services and fees;
●
reviewing financial statements
    and discussing with management and the independent registered public accounting firm our annual audited and quarterly financial statements,
    the results of the independent audit and the quarterly reviews, and the reports and certifications regarding internal controls over
    financial reporting and disclosure controls;
●
preparing the audit committee
    report that the SEC requires to be included in our annual proxy statement;
●
reviewing reports and communications
    from the independent registered public accounting firm;
●
reviewing earnings press
    releases and earnings guidance;
●
reviewing the adequacy
    and effectiveness of our internal controls and disclosure controls and procedures;
●
reviewing our policies
    on risk assessment and risk management;
●
reviewing related party
    transactions;
●
establishing and overseeing
    procedures for the receipt, retention and treatment of accounting related complaints and the confidential submission by our employees
    of concerns regarding questionable accounting or auditing matters; and
●
reviewing and monitoring
    actual and potential conflicts of interest.
The
members of our Audit Committee are Mr. Burlage, Mr. O'Brien and Mr. Jacobs. Mr. Burlage serves as the chairperson of the committee.
All members of our Audit Committee meet the requirements for financial literacy under the applicable rules and regulations of the SEC.
Our board of directors has determined that Mr. Burlage is an "audit committee financial expert" as defined by applicable
SEC rules and has the requisite financial sophistication. Our board of directors has determined that Mr. Burlage, Mr. O'Brien and
Mr. Jacobs are independent under the applicable rules of the. The Audit Committee operates under a written charter that satisfies the
applicable standards of the SEC.
63
Compensation
Committee
The
Compensation Committee evaluates, recommends, and approves policy relating to compensation and benefits of the Company's officers
and employees. The Compensation Committee is directly responsible for, among other matters:
●
annually reviewing and
    approving corporate goals and objectives relevant to the compensation of the Company's Chief Executive Officer and other executive
    officers;
●
evaluating the performance
    of these officers in light of those goals and objectives, and setting the compensation of these officers based on such evaluations;
●
administering and interpreting
    the Company's cash and equity-based compensation plans;
●
annually reviewing and
    making recommendations to the Board with respect to all cash and equity-based incentive compensation plans and arrangements; and
●
annually reviewing and
    evaluating the composition and performance of the Compensation Committee, including the adequacy of the Compensation Committee's
    charter.
The
members of our Compensation Committee are Mr. Burlage and Mr. O'Brien. Mr. O'Brien serves as the chairperson of the committee.
Our board of directors has determined that Mr. Burlage and Mr. O'Brien are independent and all current members qualify as a "non-employee
director" as defined in Rule 16b-3 promulgated under the Exchange Act. Our board of directors has determined that each of the members
of our Compensation Committee is an "outside director" as that term is defined in Section 162(m) of the U.S. Internal
Revenue Code of 1986, as amended, or Section 162(m). The compensation committee operates under a written charter, which the Compensation
Committee will review and evaluate at least annually.
Nominating
and Corporate Governance Committee
The
Nominating and Corporate Governance Committee is responsible for making recommendations to the Board of Directors regarding candidates
for directorship, and the structure and composition of the Company's Board of Directors and committees of the Board of Directors.
The Nominating and Corporate Governance Committee is directly responsible for, among other matters:
●
identifying, evaluating,
    and nominating candidates for appointment or election as members of the Board of Directors;
●
developing, recommending,
    and evaluating a corporate governance guideline applicable to all of the Company's employees, officers, and directors; and
●
annually reviewing and
    evaluating the composition and performance of the Nominating and Corporate Governance Committee, including the adequacy of the Nominating
    and Corporate Governance Committee's charter.
The members of our Nominating
and Corporate Governance Committee are Mr. Burlage and Mr. O'Brien. Mr. Brett Lay, who resigned on April 1, 2022, served as the
chairman of the committee. The board of directors is considering the appointment of his chair replacement as of the filing of this registration
statement. Our board of directors has determined that Mr. Burlage and Mr. O'Brien are independent. The Nominating and Corporate
Governance Committee operates under a written charter, which the Nominating and Corporate Governance Committee will review and evaluate
at least annually.
Social
Media Committee
The
Social Media Committee is responsible for overseeing the social media strategy initiatives for the Company pursuant to Regulation FD.
The Social Media Committee is directly responsible for, among other matters:
1.
Providing compliant Regulation FD strategic leadership for social media through the alignment of social media strategies and activities
with enterprise strategic objectives and processes.
64
2.
Establishing and maintaining corporate policies with respect to use of social media for both process-driven social engagements, as well
as for use of social media by employees for participating in social conversations (e.g. blogging and Tweeting by subject matter experts).
3.
Prioritizing social media initiatives and deliver final approvals and recommendations on proceeding with proposed social media projects,
including process, technology, and organizational projects.
4.
Ensuring open communication between the social media department and the other functional units of Logiq.
The
members of our Social Media Committee are Mr. Burlage and Mr. O'Brien.
Board
Diversity
Our
Nominating and Corporate Governance Committee is responsible for reviewing with the board of directors, on an annual basis, the appropriate
characteristics, skills and experience required for the board of directors as a whole and its individual members. In evaluating the suitability
of individual candidates (both new candidates and current members), the Nominating and Corporate Governance Committee, in recommending
candidates for election, and the board of directors, in approving (and, in the case of vacancies, appointing) such candidates, will take
into account many factors, including the following:
●
Personal and professional
    integrity, ethics and values;
●
Experience in corporate
    management, such as serving as an officer or former officer of a publicly-held company;
●
Experience as a board member
    or executive officer of another publicly-held company;
●
Strong finance experience;
●
Diversity of expertise
    and experience in substantive matters pertaining to our business relative to other board members;
●
Diversity of background
    and perspective, including, but not limited to, with respect to age, gender, race, place of residence and specialized experience;
●
Experience relevant to
    our business industry and with relevant social policy concerns; and
●
Relevant academic expertise
    or other proficiency in an area of our business operations.
Currently,
our board of directors evaluates each individual in the context of the board of directors as a whole, with the objective of assembling
a group that can best maximize the success of the business and represent stockholder interests through the exercise of sound judgment
using its diversity of experience in these various areas.
Code
of Business Conduct and Ethics
We
have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our
principal executive officer, principal financial and accounting officer, controller, or persons performing similar functions. Our
code of business conduct and ethics is available under the "Investors" section of our website at www.weyland-tech.com.
In addition, we post on our website all disclosures that are required by law concerning any amendments to, or waivers from, any
provision of the code. The reference to our website address does not constitute incorporation by reference of the information
contained at or available through our website, and should not consider it to be a part of this prospectus.
65
Family
Relationships
There
are no family relationships between any of the Company's directors or executive officers.
Section
16(a) Beneficial Ownership Reporting Compliance
Section
16(a) of the Securities Exchange Act of 1934 requires the Company's officers and directors, and persons who beneficially own more
than ten percent (10%) of a registered class of the Company's equity securities to file reports of ownership and changes in ownership
with the Securities and Exchange Commission ("SEC"). Officers, directors and greater than ten percent beneficial stockholders
are required by SEC regulations to furnish the Company with copies of all Section 16(a) forms they file.
To
the best of the Company's knowledge based solely on a review of Forms 3, 4, and 5 (and any amendments thereof) received by us during
or with respect to the year ended December 31, 2021, the following persons have not filed on a timely basis, the identified reports required
by Section 16(a) of the Exchange Act during fiscal year ended December 31, 2021:
Name and principal position
Number
of late
reports
Transactions
not timely
reported
Known
failures to
file a
required
form
Tom Furukawa, former Chief Executive Officer
0
0
0
Brent Suen, President, Chairman, Principal Financial Officer & Director
1
1
0
Lionel Choong, Chief Financial Officer, Principal Accounting Officer and Director
0
0
0
Daniel Urbino, former Chief Operating Officer
0
0
0
Eddie Foong, Vice President, Product
0
0
0
John MacNeil, Chief of Staff and Director
0
0
0
Matthew Burlage, Independent Director
0
0
0
Joshua Jacobs, Independent Director
0
0
0
Ross O'Brien, Independent Director
0
0
0
Lea Hickman, Independent Director
0
0
0
Legal
Proceedings
To
the best of our knowledge, none of our directors or executive officers has, during the past ten years:
●
been convicted in a criminal
    proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);
●
had any bankruptcy petition
    filed by or against the business or property of the person, or of any partnership, corporation or business association of which he
    was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;
●
been subject to any order,
    judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or federal or state
    authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business,
    securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons
    engaged in any such activity;
●
been found by a court of
    competent jurisdiction in a civil action or by the Securities and Exchange Commission or the Commodity Futures Trading Commission
    to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;
66
●
been the subject of, or
    a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended
    or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any
    federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance
    companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty
    or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire
    fraud or fraud in connection with any business entity; or
●
been the subject of, or
    a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined
    in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or
    any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated
    with a member.
Except
as set forth in our discussion below in "Certain Relationships and Related Transactions," none of our directors or executive
officers has been involved in any transactions with us or any of our directors, executive officers, affiliates or associates which are
required to be disclosed pursuant to the rules and regulations of the Commission.
EXECUTIVE
COMPENSATION
The
table below summarizes all compensation awarded to, earned by, or paid to our former or current executive officers for the fiscal years
ended December 31, 2021 and 2020.
Name and Position
Year
Salary paid in cash
($)
Stock awards
($)
Option
awards
($)
Non-equity
incentive
plan
compensation
($)
Non-qualified
deferred
compensation
earnings
($)
All other
compensation
($)
Total
($)
Brent Suen
President, Chairman, Chief Executive Officer, President, Principal Financial Officer and Director
2020
144,000
213,125
-
-
-
-
357,125
2021
216,000
48,880
-
-
-
-
264,880
Tom Furukawa
Chief Executive Officer (former)
2020
275,000
90,000
-
-
-
-
365,000
2021
-
84,225
-
-
-
-
84,225
Daniel Urbino,
Chief Operating Officer (former)
2020
222,799
-
-
6,771
-
-
229,570
2021
-
198,575
-
-
-
-
198,575
-
Lionel Choong
Chief Financial Officer, Principal Accounting Officer and Director
2020
144,000
129,250
-
-
-
-
273,250
2021
144,000
-
-
-
-
-
144,000
John MacNeil
Chief Operating Officer, Chief of Staff and director
2020
90,000
193,875
-
-
-
-
283,875
2021
240,000
-
-
-
-
-
240,000
Eddie Foong
Vice President, Product
2020
120,000
64,625
-
-
-
-
184,625
2021
-
-
-
-
-
-
-
67
Option
Grants
We
did not grant any options to any of our executive officers during the years ended December 31, 2021 and 2020.
Narrative
Disclosure to Compensation Tables
Mr.
Suen is entitled to a base compensation of $216,000 per annum.
Mr.
Choong is entitled to a base compensation of $144,000 per annum.
Mr.
MacNeil is entitled to a base compensation of $240,000 per annum.
Mr.
Furukawa is entitled to a base compensation of $275,000 per annum. Mr. Furukawa shall be entitled to receive bonus (the "Bonus")
and incentive compensation, described below (the "Incentive Compensation") of up to $180,000 per annum based on the performance
metrics of the Company. Payment of the Bonus is conditioned on compliance with applicable law, and shall be payable to Mr. Furukawa in
equal quarterly installments (i) only if the Mr. Furukawa has not breached the terms of his employment agreement, and (ii) only if Mr.
Furukawa continues to be employed by the Company on the date of determination of the Bonus as well as on the date of payment thereof.
The Incentive Compensation is subject to approval of the Board. Mr. Furukawa shall receive equity compensation, which shall be granted
pursuant to the terms of the Equity Incentive Plan. Mr. Furukawa departed as CEO on January 7, 2022.
Mr.
Hartman is entitled to a base compensation of $220,000 per annum. Hartman is also entitled to receive (i) a bonus of up to $88,000, (ii)
additional equity incentive compensation to be determined at a later date, and (iii) certain payments and/or severance payments in the
event that there is a change of control in the Company and/or if Mr. Hartman resigns or is terminated from the Company for cause or without
cause, as applicable, pursuant to the terms and conditions of Mr. Hartman's Employment Agreement with the Company. Mr. Hartman
departed as COO on January 7, 2022.
Outstanding
Equity Awards at Fiscal Year End
There
are no shares of common stock underlying outstanding equity incentive plan awards for the executive officer as of December 31, 2021.
Equity
Compensation Plan Information
On
September 30, 2020, the Company adopted an equity compensation plan entitled the Logiq, Inc. 2020 Equity Incentive Plan (the "Plan").
Pursuant to the Plan, the Company reserved up to 2,000,000 shares of common stock for issuance under the Plan.
The
Plan allows for the grant of a variety of equity vehicles to provide flexibility in implementing equity awards, including incentive stock
options, non-qualified stock options, restricted stock grants, unrestricted stock grants and restricted stock units.
Plan
Administration
. As used herein with respect to the Plan, the "Board of Directors" refers to any committee the Board
of Directors appoints as well as to the Board of Directors itself. Subject to the provisions of the Plan, the Board of Directors has
the power to construe and interpret the Plan and awards granted under it and to determine the persons to whom and the dates on which
awards will be granted, the number of shares of common stock to be subject to each award, the time or times during the term of each award
within which all or a portion of such award may be exercised, the exercise price, the type of consideration and other terms of the award.
Subject to the limitations set forth below, the Board of Directors will also determine the exercise price of options granted under the
Plan and, with the consent of any adversely affected option holder, may reduce the exercise price of any outstanding option, cancel an
outstanding option in exchange for a new option covering the same or a different number of shares of common stock or another equity award
or cash or other consideration, or any other action that is treated as a repricing under generally accepted accounting principles. All
decisions, determinations and interpretations by the Board of Directors regarding the Plan shall be final and binding on all participants
or other persons claiming rights under the Plan or any award.
68
Options
. Options
granted under the Plan may become exercisable in cumulative increments ("vest") as determined by the Board of Directors.
Such increments may be based on continued service to the Company over a certain period of time, the occurrence of certain performance
milestones, or other criteria. Options granted under the Plan may be subject to different vesting terms. The Board of Directors has the
power to accelerate the time during which an option may vest or be exercised. In addition, options granted under the Plan may permit
exercise prior to vesting, but in such event the participant may be required to enter into an early exercise stock purchase agreement
that allows the Company to repurchase unvested shares, generally at their exercise price, should the participant's service terminate
before vesting. To the extent provided by the terms of an option, a participant may satisfy any federal, state or local tax withholding
obligation relating to the exercise of such option by a cash payment upon exercise, by authorizing the Company to withhold a portion
of the stock otherwise issuable to the participant, or by such other method as may be set forth in the option agreement. The maximum
term of options under the Plan is 10 years, except that in certain cases the maximum term of certain incentive stock options is five
years. Options under the Plan generally terminate three months after termination of the participant's service. Incentive stock
options are not transferable except by will or by the laws of descent and distribution, provided that a participant may designate a beneficiary
who may exercise an option following the participant's death. Non-statutory stock options are transferable to the extent provided
in the option agreement.
Stock
Bonuses and Restricted Stock Awards.
Subject to certain limitations, the consideration, if any, for restricted stock unit awards
must be at least the par value of our common stock. The consideration for a stock unit award may be payable in any form acceptable to
the Board of Directors and permitted under applicable law. The Board of Directors may impose any restrictions or conditions upon the
vesting of restricted stock unit awards, or that delay the delivery of the consideration after the vesting of stock unit awards, that
it deems appropriate. Restricted stock unit awards are settled in shares of the Company's common stock. Dividend equivalents may
be credited in respect of shares covered by a restricted stock unit award, as determined by the Board of Directors. At the discretion
of the Board of Directors, such dividend equivalents may be converted into additional shares covered by the restricted stock unit award
.
If
a restricted stock unit award recipient's service relationship with the Company terminates, any unvested portion of the restricted
stock unit award is forfeited upon the recipient's termination of service.
Certain
Adjustments
. Transactions not involving receipt of consideration by the Company, such as a merger, consolidation, reorganization,
recapitalization, reincorporation, reclassification, stock dividend, dividend in property other than cash, stock split, liquidating dividend,
combination of shares, exchange of shares, or a change in corporate structure may change the type(s), class(es) and number of shares
of common stock subject to the Plan and outstanding awards. In that event, the Plan will be appropriately adjusted as to the type(s),
class(es) and the maximum number of shares of common stock subject to the Plan, and outstanding awards will be adjusted as to the type(s),
class(es), number of shares and price per share of common stock subject to such awards.
On
April 21, 2021, the Company amended and restated the Plan (as amended and restated, the "First A&R Plan"), subject to
stockholder approval, to provide that stock options issued under the plan (i) may not be transferred and (ii) may not have an exercise
price less than the fair market value ("FMV") of such stock options as of the grant date. Pursuant to such amendment (the
"First A&R Plan"), FMV shall be determined as follows: (i) if the Company's common stock is then listed or admitted
to trading on a national stock exchange, the FMV shall be either (x) the five-day volume weighted average trading price, calculated by
dividing the total value by the total volume of securities traded on a national stock exchange for the relevant period, or (y) the closing
price of the Company's common stock on a national stock exchange on the previous trading day prior to the date of grant of the
award; or (y) if the Company's common stock is not then listed or admitted to trading on a national stock exchange, the FMV shall
be a price determined by the administrator of the First A&R Plan in good faith using any reasonable method of valuation.
69
On
October 22, 2021, the Company amended and restated the Plan again (as amended and restated, the "Second A&R Plan"), which
was approved by the Company's stockholders on January 25, 2022. The Second A&R Plan amends the Plan to (i) incorporate those
changes previously included in the First A&R Plan and (ii) increase the number of shares of common stock authorized for issuance
thereunder from 2,000,000 shares to 5,000,000 shares.
S-8
Registration Statement
On
November 6, 2020, the Company filed a Form S-8 Registration Statement relating to 2,000,000 shares of the Company's common stock,
par value $0.0001 per share issuable to the employees, officers, directors, consultants and advisors of the Company under the Logiq,
Inc. 2020 Equity Incentive Plan.
Directors
Compensation
Mr. Suen,
Mr. Choong and Mr. MacNeil, received no compensation for their services as a director of the Company. The compensation received by Mr.
Suen, Mr. Choong, and Mr. MacNeil as an officer are presented in "Executive Compensation – Summary Compensation Table."
The
following table sets forth information for the year ended December 31, 2019 and the year ended December 31, 2020, regarding the
compensation awarded to, earned by or paid to our non-management directors who served on our Board during 2019 and 2020. It is estimated
that the compensation awarded to non-management directors in 2021 will be substantially similar to what was paid in 2020.
Name
Year
Fees earned or paid in cash
(US$)
Stock awards
(US$)
Option-based awards
(US$)
Non-equity incentive
plan compensation
(US$)
Nonqualified deferred compensation earnings
(US$)
All other compensation
(US$)
Total
(US$)
Matthew Burlage
2020
$
-
$
50,000
$
-
$
-
$
-
$
-
$
50,000
2021
$
-
$
48,880
$
-
$
-
$
-
$
-
$
48,880
Ross O'Brien
2020
$
-
$
25,850
$
-
$
-
$
-
$
-
$
25,850
2021
$
-
$
-
$
-
-
$
-
$
-
$
-
Brett Lay
2020
$
-
$
50,000
$
-
$
-
$
-
$
-
$
50,000
2021
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Joshua Jacobs
2020
$
-
$
-
$
-
$
-
$
-
$
-
$
-
2021
$
-
$
22,913
$
-
$
-
$
-
$
-
$
22,913
Lea Hickman
2020
$
-
$
-
$
-
$
-
$
-
$
-
$
-
2021
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Employment
Agreements, Termination and Change of Control Benefits
The
Company and Mr. Furukawa entered into an employment agreement dated as of September 1, 2020. Pursuant to the employment agreement, the
Company has the right to terminate the employment of Mr. Furukawa without cause with 10 days advance written notice, provided that the
Company provides Mr. Furukawa with: (i) the immediate acceleration of all unvested equity compensation securities granted; (ii) the sum
of 12 months base salary as severance; and (iii) his employment benefits for a period of 12 months following his termination. In the
event of a change of control of the Company, the Company shall provide Mr. Furukawa with: (i) the immediate acceleration of all unvested
equity compensation securities granted; (ii) the sum of 12 months base salary as severance; (iv) his employment benefits for a period
of 12 months following his termination; and (v) an additional bonus of USD$1,000,000.
70
The
Company entered into an independent contractor agreement with Lionel Choong on August 1, 2020. The agreement is for a term of two years
and can be terminated by either party for any reason with 90 days prior written notice. Pursuant to the agreement, Mr. Choong is entitled
to receive US$12,000 per month in consideration for the performance of the services provided. There are no payments required to be made
to Mr. Choong by the Company upon a termination of the agreement or a change of control of the Company.
The
Company entered into an independent contractor agreement with Brent Suen on August 1, 2020. The agreement can be terminated by either
party for any reason with 90 days prior written notice. Pursuant to the agreement, Mr. Suen is entitled to receive US$12,000 per month
in consideration for the performance of the services provided thereunder. There are no payments required to be made to Mr. Suen by the
Company upon a termination of the agreement or a change of control of the Company.
TRANSACTIONS
WITH RELATED PERSONS, PROMOTERS AND CERTAIN CONTROL PERSONS AND
DIRECTOR
INDEPENDENCE
Since
January 1, 2019, other than equity and other compensation, termination, change in control and other arrangements, which are described
above under "Executive Compensation," we have not entered into any transactions with any of our directors, nominees for director,
officers or principal shareholders, nor any associate or affiliate of the foregoing, and we are not currently considering any proposed
transactions with such related persons in which:
●
the amounts involved exceeded
    or will exceed $120,000; or
●
one percent (1%) of the
    average of our total assets at year-end for the last two completed fiscal years, and in which any such related person had or will
    have a direct or indirect material interest
No
director has informed the Company of any related party transactions.
Board
Committees and Director Independence
We
believe our corporate governance initiatives comply with the rules and regulations of the SEC and with the rules of OTCQX and the NEO
Exchange.
Policies
and Procedures Regarding Related Party Transactions
We
have not adopted any formal procedures for the review or ratification, or standards for approval, of related-party transactions, but
instead review such transactions on a case-by-case basis.
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth
certain information regarding our shares of common stock beneficially owned as of July 12, 2022, for (i) each stockholder known to be
the beneficial owner of 5% or more of our outstanding shares of common stock, (ii) each Named Executive Officer and director, and (iii)
all executive officers and directors as a group. A person is considered to beneficially own any shares: (a) over which such person, directly
or indirectly, exercises sole or shared voting or investment power, or (b) of which such person has the right to acquire beneficial ownership
at any time within 60 days after such date upon the exercise of stock options, warrants or convertible securities. Unless otherwise indicated,
voting and investment power relating to the shares shown in the table for our directors and executive officers is exercised solely by
the beneficial owner or shared by the owner and the owner's spouse or children.
For purposes of this table,
a person or group of persons is deemed to have "beneficial ownership" of any shares of common stock that such person has the
right to acquire within 60 days after July 12, 2022. For purposes of computing the percentage of outstanding shares of common stock held
by each person or group of persons, any shares that such person or persons has the right to acquire within 60 days after July 12, 2022
is deemed to be outstanding, but is not deemed to be outstanding for the purpose of computing the percentage ownership of any other person.
The inclusion of any shares listed as beneficially owned does not constitute an admission of beneficial ownership.
71
Unless
otherwise specified, the address of each of the persons set forth below is in care of Logiq, Inc., 85 Broad Street, 16-079, New York,
NY 10004.
Name of Beneficial Owner
Position
Number of
Shares of
Common
Stock
Beneficially
Owned
Percent of
Common
Stock
Beneficially
Owned
(1)
Named Executive Officers and Directors
Brent Suen
President, Chief Executive Officer, Chairman, Principal Financial
Officer & Director
349,842
1.0
%
John MacNeil
Chief Operating Officer, Chief of Staff & Director
174,612
*
Eddie Foong
Vice President, Product
289,995
*
Lionel Choong
Chief Financial Officer, Principal Accounting Officer & Director
150,305
*
Matthew Burlage
Independent Director
133,075
*
Ross O'Brien
Independent Director
102,307
*
Joshua Jacobs
Independent director
15,000
*
Lea Hickman
Independent Director
-
-
All Directors and Officers as a group (8 persons)
1,215,136
3.6
%
5% or greater Shareholders
Ionic Ventures, LLC
(2)
2,977,129
8.91
%
Notes:
*
Denotes less than 1%
(1)
Applicable percentage ownership is based on 33,401,334 shares of common stock outstanding as of July 12, 2022.
(2)
Based on Schedule 13G filed with the Commission on April 4, 2022.
Changes
in Control
We
are not aware of any arrangements that may result in changes in control as that term is defined by the provisions of Item 403(c) of Regulation
S-K.
72
DESCRIPTION
OF CAPITAL STOCK
Common
Stock
We
are authorized to issue 250,000,000 shares of common stock, at a par value $0.0001 per share. The holders of common stock are entitled
to one vote for each share held of record on all matters to be voted on by stockholders.
The
holders of common stock are entitled to receive ratably such dividends when, as and if declared by the Board of Directors of the Company
(the "Board") out of funds legally available therefore.  In the event we have liquidation, dissolution or winding up,
the holders of common stock are entitled to share ratably in all assets remaining which are available for distribution to them after
payment of liabilities and after provision has been made for each class of stock, if any, having preference over the common stock.  Holders
of shares of common stock, as such, have no conversion, preemptive or other subscription rights, and there are no redemption provisions
applicable to the common stock.
On April 21, 2021, the Company
adopted a Majority Voting Policy (the "Policy") with respect to the election of directors. Under the Policy incorporated into
our A&R Bylaws, in an uncontested election of directors, any director nominee who receives a greater number of votes "withheld"
than votes "for" his or her election at a meeting of shareholders of the Company must promptly tender his or her resignation
to the chairman of the Board. Following receipt of such resignation, the Governance Committee of the Board (the "Committee")
will consider the resignation and recommend to the Board whether to accept such tendered resignation. Except in special circumstances,
the Committee will be expected to accept and recommend acceptance of the resignation by the Board. A press release disclosing the Board's
determination (and the reasons for rejecting the resignation, if applicable) will be issued within 90 days following the date of the relevant
meeting of shareholders and a copy of the press release will be sent concurrently to the NEO Exchange, provided that the Company's
common stock is then listed for trading on the NEO Exchange. The director's resignation, if accepted, will become effective immediately
upon acceptance thereof by the Board.
Any
director who tenders his or her resignation pursuant to the Policy will not participate in the recommendation of the Committee or the
decision of the Board with respect to such resignation.
Subject
to any restrictions imposed by applicable law, where the Board accepts a resignation in accordance with the Policy, the Board may (i)
leave the director vacancy unfilled until the next annual meeting of shareholders, (ii) fill the vacancy through the appointment of a
new director, or (iii) call a special meeting of shareholders at which a new candidate will be presented to fill the vacant position.
The
Policy applies only in circumstances involving an uncontested election of directors. For purposes of the Policy, an "uncontested
election" of directors of the Company means an election held at any meeting of shareholders called for, either alone or with other
matters, the election of directors, with respect to which the number of nominees for election is equal to the number of positions on
the Board to be filled through the election to be conducted at such meeting.
On October 22, 2022,
the Company's board of directors approved the adoption of the "A&R Bylaws", subject to shareholder approval. The
A&R Bylaws amend and restate the Company's Bylaws in full and incorporate the Policy noted above, amongst other changes. The
Company's stockholders approved the Company's A&R Bylaws at a special meeting of stockholders on January 25, 2022.
As of July 12, 2022, there
were 33,401,334 shares of our common stock outstanding and held by approximately 548 record holders of record of our common stock. This
number was derived from our stockholder records and does not include beneficial holders of our common stock whose shares are held in
"street name" with various dealers, clearing agencies, banks, brokers and other fiduciaries.
73
Equity
Compensation Plan Information
On
September 30, 2020, the Company adopted an equity compensation plan entitled the Logiq, Inc. 2020 Equity Incentive Plan. Pursuant to
the Plan, the Company reserved up to 2,000,000 shares of common stock for issuance under the Plan.
On
April 2
1, 2021, the Company amended and restated its 2020 Equity Incentive Plan (as amended and restated, the "First A&R
Plan") to provide that stock options issued under the plan (i) may not be transferred and (ii) may not have an exercise price less
than the fair market value ("FMV") of such stock options as of the grant date. Pursuant to the A&R Plan (as defined below),
FMV shall be determined as follows: (i) if the Company's common stock is then listed or admitted to trading on a national stock
exchange, the FMV shall be either (x) the five-day volume weighted average trading price, calculated by dividing the total value by the
total volume of securities traded on a national stock exchange for the relevant period, or (y) the closing price of the Company's
common stock on a national stock exchange on the previous trading day prior to the date of grant of the award; or (y) if the Company's
common stock is not then listed or admitted to trading on a national stock exchange, the FMV shall be a price determined by the administrator
of the A&R Plan in good faith using any reasonable method of valuation.
On October 22, 2021, the Company's
board of directors unanimously approved the Company's Second A&R Plan, subject to stockholder approval. The Second A&R Plan
amends the Company's Plan to (i) incorporate those changes previously included in the First A&R Plan and (ii) increase the number
of shares of common stock authorized for issuance thereunder from 2,000,000 shares to 5,000,000 shares. In addition, the Company amended
and restated the form agreements for awards made pursuant to the Company's Second A&R Plan to reflect the foregoing changes.
The Company's Second
A&R Plan and amended form award agreements were approved by the Company's stockholders on January 25, 2022, and adopted by the
Company on the same day.
As of March 31, 2022, 283,334
shares of our common stock are issuable upon the vesting of outstanding restricted stock units.
Warrants
Canadian
IPO Warrants
On
June 9, 2021, Logiq entered into an Agency Agreement (the "Agency Agreement") with Research Capital Corporation (the
"Agent") relating to the offering (the "Offering") by the Company of a minimum of 1,666,667 units of securities
(each, a "Unit"), and a maximum of 3,333,333 Units, at a price of C$3.00 per Unit (the "Offering Price"), for
minimum gross proceeds of C$5,000,000, and maximum gross proceeds of C$10,000,000. Each Unit consists of (i) one share of common stock
of the Company, par value $0.0001 per share (and the Common Stock included in a Unit being a "Unit Share"), and (ii) one
Common Stock purchase warrant (each, a "Warrant"), where each Warrant entitles the holder thereof to acquire one share of
Common Stock (each, a "Warrant Share") at an exercise price of C$3.50 per Warrant Share, subject to adjustment, at any time
before the third anniversary (the "Warrant Expiry Date") of June 17, 2021 (the "Closing Date").
Each
Warrant will entitle the holder thereof to acquire one Warrant Share at an exercise price of C$3.50 until the Warrant Expiry Date. The
Warrant Indenture will also provide for customary adjustments in the number of Warrant Shares issuable on exercise of the Warrants and/or
the exercise price per Warrant Share upon the occurrence of certain events. The Warrants are transferable. If the Warrants and Warrants
Shares are not registered with the SEC, the Warrants will not be exercisable by or on behalf of a person in the United States or a U.S.
Person, nor will certificates representing the Warrant Shares be 32 registered or delivered to an address in the United States, unless
an exemption from registration under the U.S. Securities Act and any applicable state securities laws is available.
As
of March 31, 2022, an aggregate of 2,435,718 warrants are exercisable which were issued in connection with the Canadian offering of certain
units of securities of the Company and the corresponding Over-Allotment Option under that certain Agency Agreement, dated June 9, 2021,
by and between the Company and Research Capital Corporation.
Common
Stock Warrants
On
August 6, 2021, the Company issued warrants (each, a "Warrant") to purchase up to 1,668,042 shares of Common Stock. Each
Warrant is a cash warrant and is exercisable at any time after August 6, 2021, and prior to August 6, 2024, with an exercise price of
$2.85 per share (subject to a contractual 8% discount for one holder).
74
The
Warrant sets forth the exercise terms of the Warrants, the mechanics for the exercise of the Warrants, and the issuance of the shares
of Common Stock underlying the Warrants. The Warrant further sets forth the rights of each Warrant holder in respect to the Warrants.
Commitment
Warrants
See
"The Offering – Commitment Warrants" for warrants to purchase common stock exercisable by Ionic in connection with
this Purchase Agreement.
Transfer
Agent
We
have engaged Nevada Agency and Trust Company as our stock transfer agent.  Nevada Agency and Trust Company is located at 50 West
Liberty Street, Reno, Nevada 89501. Phone: (775) 332-0626.
We
have also engaged Odyssey Trust Company as our stock transfer agent in Canada. Odyssey Trust Company is located at: 702, 67 Yonge Street,
Toronto ON M5E1JB. Phone: 1-833-394-7716.
Market
Our
common stock is quoted on The OTCQX Market under the symbol, "LGIQ".
Our
common stock is also quoted on the NEO Exchange in Canada under the same symbol, "LGIQ".
Dividend
Policy
We
have never declared or paid any cash dividends on our common stock. We currently intend to retain future earnings, if any, to finance
the expansion of our business. As a result, we do not anticipate paying any cash dividends in the foreseeable future.
Potential
Effects of Authorized but Unissued Stock
We
have shares of common stock available for future issuance without stockholder approval. We may utilize these additional shares for a
variety of corporate purposes, including future public offerings to raise additional capital, to facilitate corporate acquisitions or
payment as a dividend on the capital stock.
The
existence of unissued and unreserved common stock may enable our board of directors to issue shares to persons friendly to current management
or to discourage a third-party attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, thereby
protecting the continuity of our management.
Anti-Takeover
Effects of Delaware Law and Our Certificate of Incorporation and Bylaws
Certificate
of Incorporation and Bylaws
Some
provisions of our certificate of incorporation and our bylaws contain provisions that may have the effect of delaying or preventing a
change of control or changes in our management. Some of these provisions:
●
authorize our board of directors to issue up to 250,000,000 shares of authorized common stock;
●
specify that special meetings of our stockholders can be called only by the Chairman of our board of directors, President, or Vice President; and
●
provide that stockholders will not be allowed to vote cumulatively in the election of directors.
75
It
is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise
consider to be in their best interest or in our best interests, including transactions which provide for payment of a premium over the
market price for our shares.
Delaware
Anti-Takeover Statute
We
are subject to Section 203 of the Delaware General Corporation Law, which prohibits persons deemed to be "interested stockholders"
from engaging in a "business combination" with a publicly held Delaware corporation for three years following the date these
persons become interested stockholders unless the business combination is, or the transaction in which the person became an interested
stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an "interested stockholder"
is a person who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder
status did own, 15% or more of a corporation's voting stock. Generally, a "business combination" includes a merger,
asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision
may have an anti-takeover effect with respect to transactions not approved in advance by the board of directors.
The
provisions of Delaware law, our certificate of incorporation and our bylaws could have the effect of discouraging others from attempting
hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock that often
result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the composition
of our board of directors and management. It is possible that these provisions could make it more difficult to accomplish transactions
that stockholders may otherwise deem to be in their best interests.
EXPERTS
The
consolidated financial statements of Logiq, Inc. (f/k/a Weyland Tech, Inc.) as of December 31, 2021 and December 31, 2020 incorporated
by reference in this prospectus, have been so incorporated in reliance on the report of Centurion ZD CPA & Co., an independent
registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
LEGAL
MATTERS
The
validity of the issuance of the Common Stock hereby will be passed upon for us by Procopio, Cory, Hargreaves & Savitch LLP.
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable to smaller reporting companies.
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
There
have been no changes in our independent registered public accounting firm during the last two fiscal years, and we have not had any material
disagreements with our independent registered public accounting firm during that time.
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
All documents that we file
with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, on or after the date of this prospectus and prior to the termination
of this offering are also incorporated herein by reference and will automatically update and, to the extent described above, supersede
information contained or incorporated by reference in this prospectus and previously filed documents that are incorporated by reference
in this prospectus. However, anything herein to the contrary notwithstanding, no document, exhibit or information or portion thereof that
we have "furnished" or may in the future "furnish" to (rather than "file" with) the SEC, including,
without limitation, any document, exhibit or information filed pursuant to Item 2.02, Item 7.01 and certain exhibits furnished pursuant
to Item 9.01 of our Current Reports on Form 8-K, shall be incorporated by reference into this prospectus.
We will provide to each person,
including any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the reports or documents that have been incorporated
by reference into this prospectus but not delivered with this prospectus. We will provide these reports upon written or oral request at
no cost to the requester. Please direct your request, either in writing or by telephone, to the Corporate Secretary, Logiq, Inc., 85 Broad
Street, 16-079, New York, NY 10004, telephone number (808) 829-1057. We maintain a website at www.logiq.com. You may access our annual
reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant
to Section 13(a) or 15(d) of the Exchange Act with the SEC free of charge at our website as soon as reasonably practicable after such
material is electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website
is not incorporated by reference in, and is not part of, this prospectus.
76
WHERE
YOU CAN FIND MORE INFORMATION
We
have filed a registration statement on Form S-1 with the SEC covering the shares being offered by the Selling Stockholder under this
prospectus. This prospectus does not include all of the information contained in the registration statement. You should refer to the
registration statement and its exhibits for additional information. Whenever we make reference in this prospectus to any of our contracts,
agreements or other documents, the references are not necessarily complete and you should refer to the exhibits filed or documents incorporated
by reference as part of the registration statement for copies of the actual contract, agreement or other document.
We
file annual, quarterly and other periodic reports, proxy statements and other information with the SEC. You can read our SEC filings,
including this registration statement, over the Internet at the SEC's website at www.sec.gov. You may also read and copy any document
we file with the SEC at its public reference facilities at 100 F Street NE, Washington, D.C. 20549. You may also obtain copies of these
documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street NE, Washington, D.C. 20549. Please
call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities.
Our
Internet address is www.logiq.com. There we make available free of charge, on or through the investor relations section of our website,
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed pursuant
to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with the SEC.
The information found on our website is not part of this prospectus and investors should not rely on any such information in deciding
whether to invest.
Statements
contained in this prospectus as to the contents of any contract or other document that we have filed as an exhibit to the registration
statement are qualified in their entirety by reference to the exhibits for a complete statement of their terms and conditions.
The
representations, warranties and covenants made by us in any agreement that is filed as an exhibit to the registration statement of which
this prospectus is a part were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose
of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you.
Moreover, such representations, warranties or covenants were made as of an earlier date. Accordingly, such representations, warranties
and covenants should not be deemed as accurately representing the current state of our affairs.
DISCLOSURE
OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
Our Amended and Restated Bylaws,
effective January 25, 2022, as amended (the "A&R Bylaws") contains provisions that limit the liability of our directors
for monetary damages to the fullest extent permitted by Delaware law. Consequently, our directors will not be personally liable to us
or our stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for:
●
any breach
    of the director's duty of loyalty to us or our stockholders;
●
any act or omission not
    in good faith or that involves intentional misconduct or a knowing violation of law;
●
any act related to unlawful
stock repurchases, redemptions, or other distributions or payment of dividends; or
●
any transaction from which
    the director derived an improper personal benefit.
Our A&R Bylaws, provides
that we are required to indemnify our directors and officers, in each case to the fullest extent permitted by Delaware law. Our A&R
Bylaws also provides that we are obligated to advance expenses incurred by a director or officer in advance of the final disposition of
any action or proceeding, and permit us to secure insurance on behalf of any officer, director, employee or other agent for any liability
arising out of his or her actions in that capacity regardless of whether we would otherwise be permitted to indemnify him or her under
the provisions of Delaware law.
To
the extent that indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling
our company pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable.
77
INDEX TO FINANCIAL STATEMENTS
Consolidated Financial Statements for the Years Ended December 31,
2021 and 2020:
Page
Reports of Independent Registered Public Accounting Firm
F-2
Consolidated Balance Sheets for years ended December 31, 2021 and 2020
F-4
Consolidated Statements of Operations for years ended December 31, 2021 and 2020
F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020
F-6
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2021 and 2020
F-7
Notes to Consolidated Financial Statements
F-8
Unaudited Consolidated Financial Statements for the Three Months
Ended March 31, 2022:
Page
Unaudited Condensed Consolidated Balance Sheets as of March 31, 2022 and Audited Condensed Balance sheet as of December 31, 2021
F-29
Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021
F-30
Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021
F-31
Unaudited Condensed Consolidated Statement of Stockholder's Equity for the three months ended March 31, 2022 and 2021
F-32
Notes to Consolidated Financial Statements
F-33
F-
1
Report of Independent Registered Public Accounting
Firm
To the Board of Directors and Stockholders
of Logiq, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated
balance sheets of Logiq, Inc. (the "Company") as of December 31, 2021 and 2020, and the related consolidated statements of
operations and comprehensive loss, stockholders' equity and cash flows for each of the two years in the period ended December 31,
2021, and the related notes (collectively referred to as the "financial statements"). In our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results
of its operations and its cash flows for each of the two years in the period ended December 31, 2021 in conformity with accounting principles
generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is
a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated
to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and
(2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit
matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.
Impairment of Goodwill and Long-Lived Assets –
Refer to Notes 2, 3 and 5 to the financial statements.
As disclosed in the consolidated financial statements
goodwill and intangible assets, net were $5.6 and $14.8 million respectively as of December 31, 2021. Impairment is reviewed whenever
events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. As shown in Notes
3 and 5 to the financial statements, the Company did not recognize any impairment for goodwill and intangible assets during the year ended
December 31, 2021.
If an indicator of impairment exists for any software
technology, an estimate of the undiscounted future cash flows over the life of the primary asset for each software technology is compared
to that long-lived asset's carrying value.
The determination of whether an impairment indicator
has occurred involves the evaluation of subjective factors by management to assess what constitutes an event or change in circumstance
that indicates a software technology should be tested for recoverability, and therefore auditing the valuation of goodwill and intangible
assets involved especially subjective judgment.
F-
2
How the Critical Audit Matter Was Addressed in the Audit:
Subjective auditor judgment was required to evaluate
the completeness of management's assessment as to whether an event or change in circumstance indicates a software technology's
assets should be tested for recoverability. The primary procedures we performed to address this critical audit matter included the following:
We tested the effectiveness of controls over management's
goodwill and long-lived impairment process, including controls related to determining the completeness of management's assessment
as to which events or changes in circumstance indicates a software technology's assets should be tested for recoverability.
We evaluated management's process for determining
whether all potential indicators of impairment were appropriately identified, including:
●
comparing the consistency and
precision of the methodology used to determine the proper impairment indicators by management to the relevant requirements of generally
accepted accounting principles ("GAAP");
●
considering current technology,
economy or other industry changes through review of relevant industry publications, current news publications and Board of Directors'
meeting minutes, in order to evaluate the completeness of events or changes in circumstances identified by management as indicators that
the software technology asset should be tested for recoverability.
/s/ Centurion ZD CPA & Co.
Centurion ZD CPA & Co.
Hong Kong
March 31, 2022
We have served as the Company's auditor since 2012
F-
3
LOGIQ, INC.
Consolidated Balance Sheets
December
                                            31
December
                                            31
2021
2020
(Audited )
(Audited)
ASSETS
Non-current assets
Intangible assets, net
14,797,196
11,736,540
Property and equipment, net
153,973
178,561
Goodwill
5,577,926
5,078,090
Total non-current assets
20,529,095
16,993,191
Current assets
Amount due from associate
7,208,700
5,673,700
Accounts receivable
3,966,086
2,618,494
Right to use assets - operating lease
91,571
364,234
Prepayment, deposit and other receivables
804,011
206,443
Financial assets held for resale
681
594,263
Restricted cash
22,513
10,889
Cash and cash equivalents
1,563,752
3,478,889
Total current assets
13,657,314
12,946,912
Total assets
$
34,186,409
$
29,940,103
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable
2,293,858
1,009,204
Accruals and other payables
1,804,131
1,110,732
Deferred revenue
10,500
46,857
Lease liability - operating lease
91,571
364,234
Convertible promissory notes
-
2,911,000
Amount due to director
-
77,500
Deposits received for share to be issued
401,028
-
Total current liabilities
4,601,088
5,519,527
Non-Current Liabilities
Other loan
10,000
10,000
Notes payable
-
507,068
Total non-current liabilities
10,000
517,068
Total liabilities
$
4,611,088
$
6,036,595
STOCKHOLDERS' EQUITY
Common stock, $
0.0001
par value,
250,000,000
shares authorized,
26,350,756
and
15,557,439
shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively*
2,635
1,556
Additional paid-in capital
82,473,004
66,739,895
Capital reserves
29,349,795
19,285,383
Accumulated deficit brought forward
(
82,250,113
)
(
62,123,326
)
Total stockholder's equity
29,575,321
23,903,508
Total liabilities and stockholders' equity
$
34,186,409
$
29,940,103
*
The number of shares of common
stock has been retroactively restated to reflect the 1 for 13 reverse stock-split on February 25, 2020.
The accompanying notes are an integral part of
these financial statements.
F-
4
LOGIQ, INC.
Consolidated Statements of Operations
For the years ended
December 31,
2021
2020
(Audited)
(Audited)
Service Revenue
$
37,346,859
$
37,910,393
Cost of Service
26,290,203
31,546,948
Gross Profit
11,056,656
6,363,445
Operating Expenses
Depreciation and amortization
3,782,136
1,966,045
General and administrative
18,166,721
10,994,815
Sales and marketing
2,296,483
1,423,909
Research and development
7,400,732
6,244,704
Total Operating Expenses
31,646,072
20,629,473
(Loss) from Operations
(
20,589,416
)
(
14,266,028
)
Other (Expenses)/Income, net
474,510
(
243,641
)
Net (Loss) before income tax
(
20,114,906
)
(
14,509,669
)
Income tax (Corporate tax)
(
11,881
)
-
Net (Loss)
$
(
20,126,787
)
$
(
14,509,669
)
Net (Loss) per common share - basic and fully diluted:
(
0.9499
)
(
1.1444
)
Weighted average number of basic and fully diluted common shares outstanding*
21,187,556
12,678,904
*
The weighted average number
of shares of common stock has been retroactively restated to reflect the 1 for 13 reverse stock-split on February 25, 2020
The accompanying notes are an integral part of
these financial statements.
F-
5
LOGIQ, INC.
Consolidated Statements of Cash Flows
For the year ended
December 31,
2021
2020
(Audited)
(Audited)
OPERATING ACTIVITIES:
Net loss
$
(
20,126,787
)
$
(
14,509,669
)
Adjustments to reconciled net loss to net cash used by operating activities:
Depreciation of property, plant, and equipment
52,824
46,565
Amortization of intangible assets
3,729,313
1,919,480
PPP Loan forgiveness
(
507,068
)
-
Changes in operating assets and liabilities:
Accounts receivable
(
1,347,592
)
(
271,049
)
Intangible assets
-
(
116,000
)
Prepayments, deposit and other receivables
(
597,569
)
(
91,664
)
Accounts payable
1,284,654
642,393
Accruals and payables
693,399
405,347
Deferred revenue
(
36,357
)
-
Net cash (used in) operating activities
(
16,855,183
)
(
11,974,597
)
INVESTING ACTIVITIES:
Increase in amount due from associate
(
1,535,000
)
(
9,101
)
Financial assets held for resale
593,582
2,136,100
Net restricted cash acquired in acquisitions
7,736
1,676,968
Net cash provided by (used in) investing activities
(
933,682
)
3,803,967
FINANCING ACTIVITIES:
Advances to associate
-
(
2,848,000
)
Repayment of bank loan
-
(
500,000
)
Borrowings under long term loan
-
10,000
Proceeds from Convertible bond
-
2,911,000
Proceeds from notes payable-US government CARES Act
-
507,068
Proceeds from shares to be issued
401,028
-
Proceeds from stock issuance, net of expenses
11,573,540
8,607,691
Proceeds from stock issuance from IPO, net of expenses
3,910,784
-
Net cash provided by (used in) financing activities
15,885,352
8,687,759
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(
1,903,513
)
517,129
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
3,489,778
2,972,649
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
$
1,586,265
$
3,489,778
NON-CASH TRANSACTION
Issuance of shares for services received
$
3,534,545
$
2,014,223
The accompanying notes are an integral part of
these consolidated financial statements
F-
6
LOGIQ, INC.
Consolidated Statements of Stockholders'
Equity
For the Years Ended December 31, 2021 and 2020
Common
Stock *
Amount
Additional
paid-in
capital
Subscriptions
received/Capital
reserves
Accumulated
(Deficit)
Stockholders'
(Deficit)/Equity
Balance December 31, 2018
36,915,343
$
3,692
$
46,177,521
$
-
$
(
41,071,971
)
$
5,109,242
Issuance of Shares
58,627,601
5,748
9,614,508
-
-
9,620,256
Cancelation of shares
(
3,550,000
)
(
355
)
355
-
-
-
Shares issued for services
19,311,309
2,045
2,265,734
-
-
2,267,779
Net loss for the year
-
-
-
-
(
6,541,686
)
(
6,541,686
)
Balance December 31, 2019
111,304,253
$
11,130
$
58,058,118
$
-
$
(
47,613,657
)
$
10,455,591
Effect of reverse split from 13 shares to 1 share
(
102,742,549
)
(
10,274
)
10,274
-
-
-
Issuance of Shares
2,366,016
237
6,657,412
-
-
6,657,649
Issuance of Shares for acquisitions
3,311,668
331
-
19,285,383
-
19,285,714
Cancelation of shares
(
404,439
)
(
40
)
(
616,841
)
-
-
(
616,881
)
Shares issued for services
1,722,490
172
2,630,932
-
-
2,631,104
Net loss for the year
-
-
-
-
(
14,509,669
)
(
14,509,669
)
Balance December 31, 2020
15,557,439
$
1,556
$
66,739,895
$
19,285,383
$
(
62,123,326
)
$
23,903,508
Issuance of Shares
5,675,343
568
9,287,284
-
-
9,287,852
Issuance of Shares for acquisitions
1,032,056
103
-
10,064,412
-
10,064,515
Cancelation of shares
(
90,000
)
(
9
)
-
-
-
(
9
)
Shares issued for services
2,313,941
231
3,534,825
-
-
3,535,056
Issuance of Shares for Convertible Note
1,861,977
186
2,911,000
-
-
2,911,186
Net loss for the year
-
-
-
-
(
20,126,787
)
(
20,126,787
)
Balance December 31, 2021
26,350,756
$
2,635
$
82,473,004
$
29,349,795
$
(
82,250,113
)
$
29,575,321
*
The number of shares of common
stock has been retroactively restated to reflect the 1 for 13 reverse stock-split on February 25, 2020
The accompanying notes are an integral part of
these financial statements
F-
7
Logiq, Inc.
DECEMBER 31, 2021 AND 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – ORGANIZATION AND BUSINESS DESCRIPTION
Corporate Information
Logiq, Inc., formerly known as Weyland Tech, Inc.,
is a Delaware corporation that was incorporated in 2004. Logiq is headquartered in New York, with offices in New York City, Singapore,
Minneapolis, MN, Denver, CO, and Jakarta, Indonesia. The Company's common stock is quoted on the OTCQX under the symbol, "LGIQ",
and NEO Exchange in Canada under the same symbol.
Business Overview
The Company offers solutions that help small-to-medium-sized
businesses ("SMBs") to provide access to and reduce transaction friction of e-commerce for their clients globally. The Company's
solutions are provided through (i) its core platform, "AppLogiq" (operated as CreateApp), which allows SMBs to establish their
point-of-presence on the web, and (ii) "DataLogiq", a digital marketing analytics business unit that offers proprietary data
management, audience targeting and other digital marketing services that improve an SMB's discovery and branding within the vast
e-commerce landscape.
The Company enables SMBs to create a mobile app
for their business without the need of technical knowledge, high investment, or background in IT by utilizing "AppLogiq",
which is a platform that is offered as a Platform as a Service ("PaaS") to the Company's customers. The Company's
DataLogiq business unit offers online marketing solutions on a performance marketing and self-serve, Software as a Service ("SaaS")
basis.
We provide our PaaS and digital marketing to SMBs
in a wide variety of industry sectors. We believe that SMBs can increase their sales, reach more customers, and promote their products
and services using our affordable and cost-effective solutions. We recognize revenue on a pay to use subscription basis when our customers
use our PaaS platform to create mobile apps for their business and on our SaaS platform when provisioning services for their marketing
campaigns. We also recognize revenue on a Cost per lead ("CPL") and other metrics for engagements undertaken on a performance
marketing basis.
The Company continues to expand its portfolio
of offerings and the industries they serve:
●
In May 2018, the Company expanded
its portfolio to fintech applications with the launch of its PayLogiq mobile payments platform in Indonesia.
●
In the fall of 2019, the Company
expanded its portfolio to short-distance food delivery service with the launch of GoLogiq, a PaaS platform that provides mobile payment
capabilities for the local food delivery service industry in Indonesia.
●
In January 2020, the Company
completed the acquisition of substantially all of the assets of Push Holdings, Inc., headquartered in Minneapolis, Minnesota. This acquired
business, which the Company has rebranded as its DataLogiq division, operates a consumer data management platform powered by lead generation,
online marketing, and multichannel reengagement strategies through its owned and operated brands. DataLogiq has developed a proprietary
data management platform and integrated with several third-party service providers to optimize the return on its marketing efforts. DataLogiq
focuses on consumer engagement and enrichment to maximize its return on acquisition through repeat monetization of each consumer. DataLogiq
also licenses its software technology and provides managed technology services to various other e-commerce companies. DataLogiq is located
in Minneapolis, Minnesota, USA.
●
On November 2, 2020, the Company
completed the acquisition of Fixel AI Inc., thereby acquiring its self-serve MarTech Audience Targeting platform as a further expansion
of its DataLogiq product suite.
●
On March 29, 2021, the Company
completed the acquisition of Rebel AI, Inc., thereby acquiring its "The Rebel AI" advertising platform as a further expansion
of its DataLogiq product suite.
●
On June 21, 2021, the Company
completed the Canadian IPO offering of
1,976,434
units of its securities, consisting of shares common stock and warrants to purchase
shares of common stock, on the NEO exchange in Canada.
AppLogiq Spin-Off
On December 15, 2021, we entered
into various agreements with Lovarra, a Nevada corporation ("Lovarra") and public reporting subsidiary of the Company, pursuant
to which the Company agreed to transfer its AppLogiq business to Lovarra, subject to customary conditions and approvals and completion
of requisite financial statement audits (the "Separation").
Lovarra is a fully reporting U.S. public company, which is approximately
78.5% owned by the Company's wholly owned subsidiary GoLogiq LLC ("GoLogiq"). In connection with the Separation, the
Company intends to distribute, on a pro rata basis, 100%
of the Company's ownership interests in Lovarra to the Company's
shareholders of record as of December 30, 2021 (the "Record Date") (the "Distribution," and collectively with
the "Separation," the "Spin Off"), which Distribution of said shares is expected to occur six months from completion
of the Separation (the "Distribution Date").
F-
8
On January 27, 2022, we completed
the transfer of our AppLogiq business to Lovarra. In connection with the completion of the transfer of AppLogiq to Lovarra, Lovarra issued
26,350,756
shares of its common stock to the Company (the "Lovarra Shares").
The Company will hold the Lovarra Shares until
it distributes 100% of the Lovarra Shares to the Company's stockholders of record as of December 30, 2021 on a 1-for-1 basis (i.e.
for every 1 share of Logiq held on December 30, 2021, the holder thereof will receive 1 share of Lovarra)
, which the Company intends to
complete approximately 6 months from now, subject to customary conditions and approvals.
Until such time as the Distribution
is complete, we will consolidate and report the financials of the AppLogiq business as a consolidated subsidiary of Logiq.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
BASIS OF PRESENTATION
The financial statements have been prepared on
a historical cost basis to reflect the financial position and results of operations of the Company in accordance with the accounting principles
generally accepted in the United States of America ("US GAAP").
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include
the accounts of Logiq, Inc (Delaware). and its wholly owned material operating subsidiaries, Logiq, Inc (Nevada), Push Holdings Inc and
Fixel AI Inc. Material intercompany balances and transactions have been eliminated on consolidation.
USE OF ESTIMATES
The preparation of the Company's financial
statements in conformity with generally accepted accounting principles of the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best
estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements
are prepared. Actual results could differ from those estimates.
BUSINESS COMBINATIONS
The Company accounts for acquisitions of entities
that include inputs and processes and have the ability to create outputs as business combinations. The Company allocates the purchase
price of the acquisition to the tangible assets, liabilities and identifiable intangible assets acquired based on their estimated fair
values. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition related expenses and integration
costs are expensed as incurred.
CERTAIN RISKS AND UNCERTAINTIES
The Company relies on cloud-based hosting through
a global accredited hosting provider. Management believes that alternate sources are available; however, disruption or termination of
this relationship could adversely affect our operating results in the near-term.
SEGMENT REPORTING
Operating segments are defined as components of
an enterprise about which separate financial information is available that is evaluated regularly by our chief operating decision maker,
or decision- making group, in deciding how to allocate resources and in assessing performance.
The Company has 2 operating business segments:
APPLogiq marketed as CreateAPP platform acquired
in 2015 and subsequently enhanced in 2016 and 2017, offered on a Platform-as-a-Service ("PaaS") basis providing digital marketing
to SMBs in a wide variety of industry sectors, to increase their sales, reach more customers, and promote their products and services
using our affordable and cost-effective solutions. We recognize revenue on a pay to use subscription basis when our customers use our
PaaS platform to create mobile apps for their business; and
DATALogiq is a business segment created in January
2020 from our acquisition of Push Holdings Inc, comprising a consumer data management platform powered by lead generation, online marketing,
and multichannel reengagement strategies through its owned and operated brands by Push Holdings Inc. and Fixel AI Inc. DataLogiq has developed
a proprietary data management platform and integrates with several third-party service providers to optimize the return on its marketing
efforts. DataLogiq focuses on consumer engagement and data enrichment to maximize its return on acquisition through repeat monetization
of each consumer.
We identify our reportable segments as those customer
groups that represent more than
10
% of our combined revenue or gross profit or loss of all reported operating segments. We manage our
business on the basis of the two reportable segment e-commerce solutions and service provider. The accounting policies for segment reporting
are the same as for the Company as a whole. We do not segregate assets by segments since our chief operating decision maker, or decision-making
group, does not use assets as a basis to evaluate a segment's performance.
F-
9
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill is recorded as the difference between
the aggregate consideration in a business combination and the fair value of the acquired net tangible and intangible assets acquired.
The Company evaluates goodwill for impairment on an annual basis in the fourth quarter or more frequently if indicators of impairment
exist that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company first assesses
qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying
value. Based on that qualitative assessment, if it is more likely than not that the fair value of a reporting unit is less than its carrying
value, the Company conducts a quantitative goodwill impairment test, which involves comparing the estimated fair value of the reporting
unit with its carrying value, including goodwill. The Company estimates the fair value of a reporting unit using a combination of the
income and market approach. If the carrying value of the reporting unit exceeds its estimated fair value, an impairment loss is recorded
for the difference. The Company performed its qualitative assessment and determined that no impairment indicators were present during
the years ended December 31, 2021 and 2020.
The Company's intangible assets consist
of software technology, which is amortized using the straight-line method over
five years
. Amortization expense for the years ended December
31, 2021 and 2020 amounted to $
3,729,313
and $
1,919,480
, respectively, which was included in the amortization of intangible assets expense
of the accompanying consolidated statements of operations.
IMPAIRMENT OF LONG-LIVED ASSETS
The Company classifies its long-life assets into:
(i) computer and office equipment; (ii) furniture and fixtures, (iii) leasehold improvements, and (iv) finite – life intangible
assets.
Long-life assets held and used by the Company
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be fully
recoverable. It is possible that these assets could become impaired as a result of technology, economy or other industry changes. If circumstances
require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected
to be generated by that asset or asset group to its carrying value. If the carrying value of the long-life asset or asset group is not
recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value.
Fair value is determined through various valuation techniques, including discounted cash flow models, relief from royalty income approach,
quoted market values and third-party independent appraisals, as considered necessary.
The Company makes various assumptions and estimates
regarding estimated future cash flows and other factors in determining the fair values of the respective assets. The assumptions and estimates
used to determine future values and remaining useful lives of long-lived assets are complex and subjective. They can be affected by various
factors, including external factors such as industry and economic trends, and internal factors such as the Company's business strategy
and its forecasts for specific market expansion.
GROUP ACCOUNTING
Subsidiaries are entities (including special purpose
entities) over which the Group has power to govern the financial and operating policies, generally accompanying a shareholding of more
than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible
are considered when assessing whether the Group controls another entity. The purchase method of accounting is used to account for the
acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued or
liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired
and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values on the date of
acquisition, irrespective of the extent of any minority interest. Subsidiaries are consolidated from the date on which control is transferred
to the Group to the date on which that control ceases. In preparing the consolidated financial statements, intercompany transactions,
balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments are made to the financial statements
of subsidiaries to ensure consistency of accounting policies with those of the Group. Minority interest is that part of the net results
of operations and of net assets of a subsidiary attributable to interests which are not owned directly or indirectly by the Group. It
is measured at the minorities' share of the fair value of the subsidiaries' identifiable assets and liabilities at the date
of acquisition by the Group and the minorities' share of changes in equity since the date of acquisition, except when the losses
applicable to the minority in a subsidiary exceed the minority interest in the equity of that subsidiary. In such cases, the excess and
further losses applicable to the minority are attributed to the equity holders of the Company, unless the minority has a binding obligation
to, and is able to, make good the losses. When that subsidiary subsequently reports profits, the profits applicable to the minority are
attributed to the equity holders of the Company until the minority's share of losses previously absorbed by the equity holders of
the Company has been recovered. Please refer to Note 5 for the Company's accounting policy on investments in subsidiaries.
SUBSIDIARIES
When subsidiaries are excluded from consolidation on
the basis that their inclusion involving expense and delay out of proportion to the value to members of the Company, investments
in subsidiaries are stated at cost less accumulated impairment losses in the Company's balance sheet. On disposal of investments
in subsidiaries, the difference between net disposal proceeds and the carrying amount of the investment is taken to the income statement.
F-
10
ASSOCIATES
Associates are all entities over which the group
has significant influence but not control or joint control, generally accompanying a shareholding interest of between
20
% and
50
% of the
voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognized at
cost. The group's investment in associates includes goodwill identified on acquisition. The group's share of its associates'
post-acquisition profits or losses is recognized in profit or loss, and its share of post-acquisition other comprehensive income is recognized
in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Dividends
receivable from associates are recognized as a reduction in the carrying amount of the investment. Where the group's share of losses
in an associate equals or exceeds its interest in the associate, including any other unsecured long-term receivables, the group does not
recognize further losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealized gains on transactions
between the group and its associates are eliminated to the extent of the group's interest in the associates. Unrealized losses are
also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates
have been changed, where necessary, to ensure consistency with the policies adopted by the group.
FINANCIAL ASSETS
Financial assets at fair value through profit
or loss are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit
or loss incorporates any dividend or interest earned on the financial asset and is included in 'other gains and losses' line
in the statement of profit or loss and other comprehensive income. Fair value is determined in the manner described in Note 7.
The Company measures certain financial assets
at fair value on a recurring basis, including the available-for-sale debt securities. Fair value is the price the Company would receive
to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company
uses a three-level hierarchy established by the Financial Accounting Standards Board (FASB) that prioritizes fair value measurements based
on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach).
The levels of the fair value hierarchy are described
below:
●
Level 1: Quoted prices
in active markets for identical assets or liabilities.
●
Level 2: Inputs other than
quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar
assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
●
Level 3: Unobservable inputs
with little or no market data available, which require the reporting entity to develop its own assumptions.
The Company's assessment of the significance
of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial
assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair
value measurement.
LEASE
The Company adopted ASU 2016-02, Leases (Topic
842), on January 8, 2020, using a modified retrospective approach reflecting the application of the standard to leases existing at, or
entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements.
The Company leases its offices which are classified
as operating leases in accordance with Topic 842. Under Topic 842, lessees are required to recognize the following for all leases (with
the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee's obligation to make lease
payments arising from a lease, measured on a discounted basis; and (ii) right-of-use 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.
At the commencement date, the Company recognizes
the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the Company's incremental borrowing rate for the same term as the underlying lease.
The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any
initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets
are reviewed for impairment. No impairment for right-of-use lease assets as of December 31, 2020.
Available-for-sale investments
Certain shares and debt securities held by the
group are classified as being available for sale and are stated at fair value. Fair value is determined in the manner described in Note
4. Gains and losses arising from changes in fair value, impairment losses, interest calculated using the effective interest method and
foreign exchange gains and losses on monetary assets are recognized directly in profit or loss. Dividends on available-for-sale equity
instruments are recognized in profit or loss when the Company's right to receive payments is established. The fair value of available-for-sale
monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at end of the
reporting period. The change in fair value attributable to translation differences that result from a change in amortised cost of the
available-for-sale monetary asset is recognized in profit or loss, and other changes are recognised in other comprehensive income.
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11
ACCOUNTS RECEIVABLE AND CONCENTRATION OF RISK
Accounts receivable consists of trade receivables
from customers. The Company records accounts receivable at its net realizable value, recognizing an allowance for doubtful accounts based
on our best estimate of probable credit losses on our existing accounts receivable. Balances are written off against the allowance after
all means of collection have been exhausted and the possibility of recovery is considered remote.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents represent cash on hand,
demand deposits, and other short-term highly liquid investments placed with banks, which have original maturities of twelve months or
less and are readily convertible to known amounts of cash.
EARNINGS PER SHARE
Basic (loss) earnings per share is based on the
weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding during
the period are included in diluted earnings per share.
FASB Accounting Standard Codification Topic 260
("ASC 260"), "Earnings Per Share," requires that employee equity share options, non-vested shares and similar
equity instruments granted to employees be treated as potential common shares in computing diluted earnings per share. Diluted earnings
per share should be based on the actual number of options or shares granted and not yet forfeited, unless doing so would be anti-dilutive.
The Company uses the "treasury stock" method for equity instruments granted in share-based payment transactions provided in
ASC 260 to determine diluted earnings per share. Antidilutive securities represent potentially dilutive securities which are excluded
from the computation of diluted earnings or loss per share as their impact was antidilutive.
REVENUE RECOGNITION
The Company's Platform as a Service ("PaaS")
provides the infrastructure allowing users to develop their own applications and IT services, which users can access anywhere via a web
or desktop browser. The Company recognizes revenue on a pay-to-use subscription basis when our customers use our platform. For the territories
licensed to our distributors and on a white label basis, we derive royalty income from the end user use of our platform on a white label
basis.
The Company maintains the PaaS software platform
at its own cost. Any enhancements and minor customization for our resellers/distributors are not separately billed. Major new
proprietary features are billed to the customer separately as development income while re-usable features are added to the features available
to all customers on subsequent releases of our platform.
COST OF REVENUE
The Company cost of revenue comprises fees from
third party cloud-based hosting services and media costs
INCOME TAXES
The Company uses the asset and liability method
of accounting for income taxes in accordance with Accounting Standards Codification ("ASC") 740, "Income Taxes"
("ASC 740"). Under this method, income tax expense is recognized as the amount of: (i) taxes payable or refundable for the
current year and (ii) future tax consequences attributable to differences between financial statement carrying amounts of existing assets
and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A
valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of available evidence it is more likely
than not that some portion or all of the deferred tax assets will not be realized.
STOCK BASED COMPENSATION
We value stock compensation based on the fair
value recognition provisions
ASC 718
,
Compensation – Stock Compensation,
which establishes accounting
for stock-based awards exchanged for employee services and requires companies to expense the estimated grant date fair value of stock
awards over the requisite employee service period.
We do not ascertain the fair value of restricted
stock awards using the Black-Scholes-Merton option pricing model.
See Note 15, Stock-Based Compensation, for further
details on our stock awards.
F-
12
RECENT ACCOUNTING PRONOUNCEMENTS
On October 2, 2017, the FASB has issued Accounting
Standards Update (ASU) No. 2017-13, "Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases
(Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting
and Rescission of Prior SEC Staff Announcements and Observer Comments." The ASU adds SEC paragraphs to the new revenue and leases
sections of the Codification on the announcement the SEC Observer made at the 20 July 2017 Emerging Issues Task Force (EITF) meeting.
The SEC Observer said that the SEC staff would not object if entities that are considered public business entities only because their
financial statements or financial information is required to be included in another entity's SEC filing use the effective dates
for private companies when they adopt ASC 606, Revenue from Contracts with Customers, and ASC 842, Leases. This would include entities
whose financial statements are included in another entity's SEC filing because they are significant acquirees under Rule 3-05 of
Regulation S-X, significant equity method investees under Rule 3-09 of Regulation S-X and equity method investees whose summarized financial
information is included in a registrant's financial statement notes under Rule 4-08(g) of Regulation S-X. The ASU also supersedes
certain SEC paragraphs in the Codification related to previous SEC staff announcements and moves other paragraphs, upon adoption of ASC
606 or ASC 842. The Company does not expect that the adoption of this guidance will have a material impact on its condensed consolidated
financial statements.
On November 22, 2017, the FASB ASU No. 2017-14,
"Income Statement-Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers
(Topic 606): Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release 33-10403." The ASU amends
various paragraphs in ASC 220, Income Statement - Reporting Comprehensive Income; ASC 605, Revenue Recognition; and ASC 606, Revenue From
Contracts With Customers, that contain SEC guidance. The amendments include superseding ASC 605-10-S25-1 (SAB Topic 13) as a result of
SEC Staff Accounting Bulletin No. 116 and adding ASC 606-10-S25-1 as a result of SEC Release No. 33-10403. The Company does not expect
that the adoption of this guidance will have a material impact on its condensed consolidated financial statements.
In February 2018, the FASB issued ASU No. 2018-02,
"Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income." The ASU amends ASC 220, Income Statement
- Reporting Comprehensive Income, to "allow a reclassification from accumulated other comprehensive income to retained earnings
for stranded tax effects resulting from the Tax Cuts and Jobs Act." In addition, under the ASU, an entity will be required to provide
certain disclosures regarding stranded tax effects. The ASU is effective for all entities for fiscal years beginning after December 15,
2018, and interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material
impact on its condensed consolidated financial statements.
In March 2018, the FASB issued ASU 2018-05 - Income
Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("ASU 2018-05"), which amends
the FASB Accounting Standards Codification and XBRL Taxonomy based on the Tax Cuts and Jobs Act (the "Act") that was signed
into law on December 22, 2017 and Staff Accounting Bulletin No. 118 ("SAB 118") that was released by the Securities and Exchange
Commission. The Act changes numerous provisions that impact U.S. corporate tax rates, business-related exclusions, and deductions and
credits and may additionally have international tax consequences for many companies that operate internationally. The Company does not
believe this guidance will have a material impact on its condensed consolidated financial statements.
In July 2018, the FASB issued ASU 2018-10, "Codification
Improvements to Topic 842, Leases." The ASU addresses 16 separate issues which include, for example, a correction to a cross reference
regarding residual value guarantees, a clarification regarding rates implicit in lease contracts, and a consolidation of the requirements
about lease classification reassessments. The guidance also addresses lessor reassessments of lease terms and purchase options, variable
lease payments that depend on an index or a rate, investment tax credits, lease terms and purchase options, transition guidance for amounts
previously recognized in business combinations, and certain transition adjustments, among others. For entities that early adopted Topic
842, the amendments are effective upon issuance of this Update, and the transition requirements are the same as those in Topic 842. For
entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition
requirements in Topic 842. The Company does not believe this guidance will have a material impact on its condensed consolidated financial
statements.
F-
13
In July 2018, the FASB issued ASU 2018-11 - Leases
(Topic 842): Targeted Improvements. The ASU simplifies transition requirements and, for lessors, provides a practical expedient for the
separation of non-lease components from lease components. Specifically, the ASU provides: (1) an optional transition method that entities
can use when adopting ASC 842 and (2) a practical expedient that permits lessors to not separate non-lease components from the associated
lease component if certain conditions are met. For entities that have not adopted Topic 842 before the issuance of this Update, the effective
date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Update
2016-02. For entities that have adopted Topic 842 before the issuance of this Update, the transition and effective date of the amendments
in this Update are as follows: 1) The practical expedient may be elected either in the first reporting period following the issuance of
this Update or at the original effective date of Topic 842 for that entity. 2) The practical expedient may be applied either retrospectively
or prospectively. All entities, including early adopters, that elect the practical expedient related to separating components of a contract
in this Update must apply the expedient, by class of underlying asset, to all existing lease transactions that qualify for the expedient
at the date elected. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements.
The Company has considered all new accounting
pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial
condition, or cash flows, based on current information.
NOTE 3 – INTANGIBLE ASSETS, NET
As of December 31, 2021 and 2020, the Company
has the following amounts related to intangible assets:
Logiq (Delaware)
DataLogiq
Total
Cost as of January 1, 2021
$
1,885,330
$
12,928,422
$
14,813,752
Additions
$
-
$
6,789,969
$
6,789,969
Cost as of December 31, 2021
$
1,885,330
$
19,718,391
$
21,603,721
Amortization
Brought forward as of January 1, 2021
$
1,271,265
$
1,805,947
$
3,077,212
Charge for the period
$
125,133
$
3,604,180
$
3,729,313
Accumulated depreciation as of December 31, 2021
$
1,396,398
$
5,410,127
$
6,806,525
Net intangible assets as of December 31, 2021
$
488,932
$
14,308,264
$
14,797,196
Net intangible assets as of December 31, 2020
$
614,065
$
11,122,475
$
11,736,540
Amortization expenses related to intangible assets
for the three months ended December 31, 2021 and 2010 amounted to $
1,017,202
and $
599,730
, respectively. Amortization expenses related
to intangible assets for the twelve months ended December 31, 2021 and 2020 amounted to $
3,729,313
and $
1,919,480
, respectively.
No significant residual value is estimated for
these intangible assets.
The estimated future amortization expense of intangible
costs as of December 31, 2021 in the following fiscal years is as follows:
2022
$
4,068,811
2023
4,068,811
2024
4,068,811
2025
2,251,265
2026 and thereafter
339,498
$
14,797,196
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14
NOTE 4 – PROPERTY AND EQUIPMENT, NET
As of December 31, 2021, and December 31, 2020,
the Company's DataLogiq business segment has the following amounts related to property and equipment:
Leasehold
Improvements
Computer
and
Equipment
Total
Cost as of January 1, 2021
$
165,957
$
59,169
$
225,126
Additions
$
-
28,236
$
28,236
Cost as of December 31, 2021
$
165,957
$
87,405
$
253,362
Amortization
Brought forward as of January 1, 2021
$
33,635
$
12,930
$
46,565
Charge for the period
$
33,636
$
19,188
$
52,824
Accumulated depreciation as of December 31, 2021
$
67,271
$
32,118
$
99,389
Net property and equipment as of December 31, 2021
$
98,686
$
55,287
$
153,973
Net property and equipment as of December 31, 2020
$
132,322
$
46,239
$
178,561
Depreciation expenses for the years ended December
31, 2021 and 2020 amounted to $
52,824
and $
46,565
, respectively.
NOTE 5 – GOODWILL
As of
December 31,
As of
December 31,
2021
2020
Goodwill at cost - Push
$
4,781,208
$
4,781,208
Goodwill at cost - Fixel
296,882
296,882
Goodwill at cost - Rebel
499,836
-
Total
5,577,926
5,078,090
Accumulated impairment losses
$
-
$
-
Balance at end of period
$
5,577,926
$
5,078,090
Goodwill has been allocated for impairment testing
purposes to the acquisition of Push Holdings Inc.
The recoverable amount of this unit is determined
based on external valuation performed by a third party valuation firm on March 20, 2020 as updated to December 31, 2021.
The assets were valued using a Fair Market Value
basis as defined by The Financial Accounting Standards Board (FASB ASC 820-10-20). Liabilities were taken from Push Holdings Inc Consolidated
Balance Sheet as of January 8, 2020.
F-
15
NOTE 6 – ACCOUNTS RECEIVABLE
December 31,
December 31,
2021
2020
Accounts receivable - gross
$
4,121,678
$
2,673,113
Allowance for doubtful debts
(
155,592
)
(
54,619
)
Accounts receivable - net
3,966,086
2,618,494
Movement in allowance for doubtful debts
Balance as at beginning of period
$
54,619
$
54,619
Provision for bad debts
100,973
60,324
Reversal of the provision
-
(
60,324
)
Balance at end of period
155,592
54,619
Age of Impaired trade receivables
Current
$
2,305,065
58.1
%
1 - 30 days
1,333,789
33.6
%
31 - 60 days
97,110
2.4
%
61-90 days
125,456
3.2
%
91 and over
104,666
2.7
%
Total
3,966,086
100.0
%
NOTE 7 – FINANCIAL ASSETS
Fair value
As at December 31,
2021
As at December 31,
2020
Assets
Liabilities
Assets
Liabilities
Held-for-trading investments
$
681
$
-
$
594,263
$
-
The investments above include investments in quoted
fixed income securities that offer the Company the opportunity for return through interest income and fair value gains. They have various
fixed maturity and coupon rate. The fair values of these securities are based on closing quoted market prices on the last market day of
the financial year.
Fair value of the Company's financial assets
and financial liabilities are measured at fair value on recurring quoted bid prices on an active market basis. All the available for sale
financial assets are classified as Level 1 as described in the Company's accounting policies.
During the quarter ended June 30, 2020, certain
investments were disposed and the proceeds utilized to repay the Company's loan in note 12 below
NOTE 8 – INVESTMENT IN ASSOCIATE
On April 23, 2018, the Company participated in
the incorporation of a company in Indonesia, PT Weyland Indonesia Perkasa ("WIP'), an Indonesian limited liability company
of which the Company held a 49% equity interest with the option to purchase an additional 31% equity interest at a later date. In April
2019, the Company completed the distribution as a dividend in specie, to the Company's shareholders of record at October 12, 2018
of 49% equity interest in WIP to Weyland AtoZPay Inc. and now holds an equitable interest of 31% in WIP.
F-
16
The results of operations under brand name PAY/GOLogiq
of WIP from April 23, 2018 to September 30, 2020 has not been included as the amount had been fully impaired.
The Company held an
31% unexercised option in
WIP as at December 31, 2018. Due to the continuing legal restructuring in Indonesia, all the conditions precedent had not been satisfied
and the 31% option had not been exercised as December 31, 2021.
The Company is in the process of increasing its
equity interest in WIP to
51
% in order to consolidate the financial results of WIP on a going-forward basis.
NOTE 9 – AMOUNT DUE FROM ASSOCIATE
The amount due from Associate is interest free,
unsecured with no fixed repayment terms.
NOTE 10 – PREPAYMENTS, DEPOSIT AND OTHER
RECEIVABLES
The following amounts are outstanding at December
31, 2021 and December 31, 2020:
As of
December 31,
As of
December 31,
2021
2020
Deposit
$
400,801
$
60,000
Other receivables
-
1,876
Prepayments
403,210
144,567
$
804,011
$
206,443
NOTE 11 – ACCRUALS AND OTHER PAYABLES
Accruals and other payable consist of the following:
As of
December 31,
As of
December 31,
2021
2020
Accruals
$
1,804,131
$
910,325
Other payables
-
200,407
$
1,804,131
$
1,110,732
NOTE 12 – INCOME TAX
The United States of America
Logiq, Inc. is incorporated in the State of Delaware
in the U.S., and is subject to a gradual U.S. federal corporate income tax of
21
%. The Company generated no taxable income for the year
ended December 31, 2021 and 2020, and which is subject to U.S. federal corporate income tax rate of
21
% and
21
%, respectively.
As of
December 31,
2021
As of
December 31,
2020
U.S. statutory tax rate
21.00
%
21.00
%
Effective tax rate
21.00
%
21.00
%
DATALogiq business segment (Logiq, Inc. (Nevada)
formerly known as Origin8, Inc.)
As of December 31, 2021, this company does not
have any deferred tax asset.
F-
17
NOTE 13 – NOTES PAYABLE
On April 24, 2020, the Company's subsidiary
Logiq, Inc. (Nevada) formerly known as Origin8, Inc. received loan proceeds in the amount of $
503,700
(the "PPP Loan") under
the Paycheck Protection Program ("PPP") under the Coronavirus Aid, Relief and Economic Security Act and applicable regulations
(the "CARES Act").
NOTE 14 – CONVERTIBLE PROMISSORY NOTES
From April to August 20, 2020, the Company entered
into convertible promissory notes issued to various investors (the "2020 Notes"), whereby the Company borrowed $
2,911,000
.
Proceeds received by the Company are in consideration for convertible promissory notes issued to the investors. The maturity date is
July
20, 2021
and interest accrues at
10
% per annum throughout the term of the 2020 Notes.
The 2020 Notes contained a contingent conversion
feature as follows:
Qualifying Event shall be any of the following
events: (i) a sale of any subsidiary. (ii) repayment to the Company in cash in full of amounts advanced to Weyland Indonesia Perkasa ("WIP"),
an Indonesian limited liability company, an "Associate" of the Company, or (iii) upon the closing of a financing (or aggregated
financings) of five million dollars ($
5,000,000
) or more, in gross proceeds to the Company.
The derivative liability is recorded at fair value
with changes in fair value recognized in interest income (expense), net.
Contingent Conversion Upon a Qualifying Event
–Effective upon closing a qualifying event, as defined above, the 2020 Notes will automatically be converted into common stock at
a conversion price of $
2.50
. In the event there is no Qualifying event prior to Maturity Date, the Note holders would have the right either
to be paid back principal with interest or to convert the outstanding principal and accrued interest at a conversion price of $
1.20
.
As disclosed in the Company's Quarterly
Report on Form 10-Q filed with the SEC on August 16, 2021, with the exception of 2 convertible promissory notes issued amounting to principal
of $
30,000
, the 2020 Notes were converted into shares of our common stock at $
2.50
following the qualifying conversion date of July 17,
2021. On September 1, 2021,
1,169,652
shares of our common stock underlying the 2020 Notes were issued pursuant to this conversion.
NOTE 15 – STOCKHOLDERS' EQUITY
Common Stock
On February 25, 2020, the Company filed a certificate
of amendment (the "Certificate of Amendment") to the Company's Certificate of Incorporation, as amended, with the Secretary
of State of the State of Delaware, to effect a reverse stock split of the Company's common stock, $0.0001 par value per share ("Common
Stock"), at a rate of approximately 1-for-13 (the "Reverse Stock Split").
Upon the filing of the Certificate of Amendment,
and the resulting effectiveness of the Reverse Stock Split, every 13 outstanding shares of the Company's Common Stock were, without
any further action by the Company, or any holder thereof, combined into and automatically became 1 share of the Company's Common
Stock.
No fractional shares were issued as a result of the Reverse Stock Split. In lieu thereof, fractional shares were cancelled, and
stockholders received a cash payment in an amount equal to the fair market value of such fractional shares on the effective date. All
shares of Common Stock eliminated as a result of the Reverse Stock Split have been returned to the Company's authorized and unissued
capital stock, and the Company's capital was reduced by an amount equal to the par value of the shares of Common Stock so retired.
The Reverse Stock Split did not change the Company's
current authorized number of shares of Common Stock or its par value. As such, the Company is authorized to issue up to
250,000,000
shares
of Common Stock, par value $
0.0001
.
F-
18
Issuance of Common Stock
In July 2019, the Company issued a total of
51,762,839
Reg S shares to high net worth individuals and family offices in South East Asia.
During the year ended December 31, 2019, a total
of
19,311,309
shares with par value of $
0.0001
per share were issued for consultancy services received including shares issued to Senior
Management, Directors, Operational Staff, Legal Consultants, Strategy Advisors and Technology Consultants received and
58,627,601
shares
with par value of $
0.0001
per share were issued to various stockholders.
During the year ended December 31, 2020, a total
of
6,995,735
shares (post reverse split of approximately 13:1) with par value of $
0.0001
per share were issued to various stockholders.
In the year 2021 we have below common stock issuance:
Sale of Common Stock – January 2021
On January 12, 2021, Logiq entered into a Stock
Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering,
101,694
shares of the Company's common stock to the purchasers at an offering price of $
8.50
per share.
The offering resulted in gross proceeds of approximately
$
864,000
before deducting offering expenses. The shares of common stock were offered by the Company pursuant to a prospectus supplement
to the Company's effective shelf registration statement on Form S-3 (Registration No. 333-248069), which was initially filed with
the Securities and Exchange Commission on August 17, 2020, and was declared effective on August 26, 2020 (the "Registration Statement").
Agreement and Plan of Merger – Rebel AI, Inc.
On March 29, 2021, Logiq, RAI Acquisition Sub,
Inc., a Delaware corporation and a wholly-owned subsidiary of the Company ("Merger Sub"), Rebel AI, Inc., a Delaware corporation
("Rebel AI"), and Emmanuel Puentes, on behalf of the stockholders of Rebel AI (in such capacity, the "Stockholders'
Agent"), consummated a transaction pursuant to the terms of that certain Agreement and Plan of Merger (the "Merger Agreement")
whereby the parties effectuated a merger of Merger Sub with and into Rebel AI, and as a result, Rebel AI became a wholly-owned subsidiary
of the Company (the "Merger").
As consideration for the Merger, the Company delivered
to those persons set forth in the Merger Agreement an aggregate total cash payment of $
1,126,000
(the "Cash Consideration"),
and an aggregate number of restricted shares of the Company's common stock, par value $
0.0001
per share ("Common Stock"),
equal to
(i) (x) $7,000,000, divided by (ii) the volume weighted average closing price of the Company's Common Stock for the twenty
consecutive trading days prior to Closing (the "Stock Consideration," and together with the Cash Consideration, the "Merger
Consideration"), subject in each case to adjustment as provided in the Merger Agreement. Notwithstanding the foregoing, pursuant
to the terms of the Merger Agreement, (i) a portion of the Cash Consideration, in an amount equal to the outstanding balance of that PPP
Loan made to Rebel AI in January 2021, shall be withheld at Closing and placed into an escrow account, pending forgiveness or repayment
of the PPP Loan, as applicable, and (ii) $2,000,000 of Common Stock shall be withheld from the Stock Consideration and deposited into
an escrow account, pending release in accordance with the terms of the Merger Agreement.
On June 30, 2021, the parties entered into an
Amendment No. 1 to Agreement and Plan of Merger (the "Amendment"), pursuant to which the parties amended the Merger Agreement
to eliminate any potential reductions to the total cash purchase price payable pursuant to the Merger Agreement in the event that the
PPP Loan made to Rebel AI in January 2021 is not forgiven in full. As a result, Schedule A to the Merger Agreement was deleted and eliminated
in its entirety.
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19
Sale of Common Stock – March 2021
On March 8, 2021, Logiq entered into a Stock Purchase
Agreement with an accredited investor, pursuant to which the Company agreed to issue and sell, in a registered direct offering,
100,000
shares of the Company's common stock, to the purchaser at an offering price of $
5.00
per share.
The offering resulted in gross proceeds of approximately
$
500,000
before deducting offering expenses. The shares were offered by the Company pursuant to a prospectus supplement to the Company's
Registration Statement.
Sale of Common Stock – April 2021
On April 15, 2021, Logiq entered into a Stock
Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering,
304,000
shares of the Company's common stock, to the purchasers at an offering price of $
5.00
per share.
The offering resulted in gross proceeds of approximately
$
1,520,000
before deducting offering expenses. The shares were offered by the Company pursuant to a prospectus supplement to the Company's
Registration Statement.
Sale of Units in Connection With Canadian
IPO - June 2021
On June 9, 2021,
Logiq entered into an Agency
Agreement (the "Agency Agreement") with Research Capital Corporation (the "Agent") relating to the offering (the
"Offering") by the Company of a minimum of 1,666,667 units of securities (each, a "Unit"), and a maximum of 3,333,333
Units, at a price of C$3.00 per Unit (the "Offering Price"), for minimum gross proceeds of C$5,000,000, and maximum gross
proceeds of C$10,000,000. Each Unit consists of (i) one share of common stock of the Company, par value $0.0001 per share (and the Common
Stock included in a Unit being a "Unit Share"), and (ii) one Common Stock purchase warrant (each, a "Warrant"),
where each Warrant entitles the holder thereof to acquire one share of Common Stock (each, a "Warrant Share") at an exercise
price of C$3.50 per Warrant Share, subject to adjustment, at any time before the third anniversary (the "Warrant Expiry Date")
of June 17, 2021 (the "Closing Date")
.
In consideration for the Agent's services
to the Company in connection with the Offering, the Company agreed to pay the Agent a cash fee (the "Agent's Commission")
equal to
8.0
% of the aggregate gross proceeds of the Offering. As additional compensation, the Company also agreed to issue to the Agent
such number of non-transferrable compensation options (the "Agent Options") equal to
8.0
% of the number of Units sold pursuant
to the Offering. Each Agent Option is exercisable for one Unit (an "Agent Unit") at an exercise price of C$
3.00
until the
third anniversary of the Closing Date. Each Agent Unit consists of (i) one share of Common Stock, and (ii) one Common Stock purchase warrant
(each, an "Agent Unit Warrant"). The Agent Unit Warrants will be issued under a Warrant Indenture, and have the same attributes
as the Warrants to be comprised in the Units.
F-
20
Furthermore, the Company agreed to issue
83,333
units of securities (the "Advisory Fee Units") to the Agent as compensation for certain strategic advisory and support services
rendered. This number was determined by dividing C$
250,000
by the Offering Price.
Each Advisory Fee Unit is comprised of (i) one share
of Common Stock, and (ii) one warrant exercisable to purchase one share of Common Stock at an exercise price of C$3.50 for a period of
36 months from the Closing Date.
Pursuant to the terms of the Agency Agreement,
the Company also agreed to grant the Agent an option (the "Over-Allotment Option"), exercisable in whole or in part, at the
sole discretion of the Agent, at any time up to 30 days following the Closing Date, to purchase from the Company: (i) up to such additional
number of Units (the "Over-Allotment Units") equal to 15% of the number of Units sold under the Offering (the "Over-Allotment
Number") at the Offering Price; (ii) up to such number of additional Warrants (the "Over-Allotment Warrants") equal
to 15% of the number of Warrants comprising the Units sold under the Offering at C$0.4898 per Over-Allotment Warrant; (iii) up to such
number of additional shares of Common Stock (the "Over-Allotment Unit Shares") equal to 15% of the number of shares of Common
Stock comprising the Units sold under the Offering at C$2.5102 per Over-Allotment Unit Share; or (iv) any combination of Over-Allotment
Units, Over-Allotment Warrants, and Over-Allotment Unit Shares, so long as the aggregate number of Over-Allotment Units, Over-Allotment
Warrants, and Over-Allotment Unit Shares does not comprise together more than what is included in the Over-Allotment Number of Over-Allotment
Units.
The Over-Allotment Option was granted to the Agent solely to cover over-allotments, if any, and for market stabilization purposes.
On June 21, 2021, the Offering closed whereby
the Company sold
1,976,434
Units for aggregate gross proceeds of C$
5,929,302
before deducting offering expenses. The Company also issued
83,333
Advisory Fee Units and
158,115
Agent Options to the Agent at the closing of the Offering. In connection with the closing of the
Offering, the Company entered into a Warrant Indenture (the "Warrant Indenture") with Odyssey Trust Company (the "Warrant
Agent"), pursuant to which the Company issued Warrants to purchase up to a maximum of
4,223,333
shares of Common Stock. Each Warrant
is exercisable at any time after June 21, 2021, and prior to June 21, 2024.
On June 21, 2021, the Company filed a prospectus
supplement (the "Resale Prospectus Supplement") to the Registration Statement. The Resale Prospectus Supplement covered the
resale of the shares of Common Stock, Warrants (and the Warrant Shares underlying the Warrants), and Agent Options sold in the Offering,
and may be used by the selling stockholders or certain of their respective assigns identified therein to resell such securities.
Overallotment-Allotment Offering –
July 2021
On July 27, 2021, the Company closed the partial
exercise of the over-allotment option granted to the Agent in connection with the Offering in Canada (the "Over-Allotment Offering"),
whereby the Company sold an additional
201,700
Units for aggregate gross proceeds of C$
605,100
before deducting offering expenses. The
Company also issued an additional
16,136
non-transferrable Agent Options to the Agent as compensation for certain strategic advisory and
support services rendered to the Company in connection with the Offering.
In connection with the Over-Allotment Offering,
on July 27, 2021, the Company filed a prospectus supplement to its shelf registration statement on Form S-3 (Registration No. 333-248069),
which was initially filed with the Commission on August 17, 2020, and was declared effective on August 26, 2020. The prospectus supplement
covers the resale of the shares of Common Stock, Warrants (and the Warrant Shares underlying the Warrants), and Agent Options sold in
the Over-Allotment Offering, and may be used by the selling stockholders or certain of their respective assigns identified therein to
resell such securities.
F-
21
Conversion of promissory notes-July 2021
On July 21, 2021, the total outstanding convertible
promissory notes of $
2,911,000
, with the exception of two convertible promissory notes issued amounting to principal amount of $
30,000
,
converted their notes into shares issued as additional paid in capital.
Sale of Common stock & Warrants - August
2021
On August 6, 2021, Logiq entered into a Stock
Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering,
1,668,042
shares of the Company's common stock to the purchasers at an offering price of $
2.40
per share.
The offering resulted in gross proceeds of approximately
$
4,003,301
before deducting offering expenses. The Shares were offered by the Company pursuant to a prospectus supplement to the Company's
Registration Statement.
On August 6, 2021, the Company issued warrants
(each, a "Warrant") to purchase up to
1,668,042
shares of common stock. Each Warrant is a cash warrant and is exercisable
at any time after August 6, 2021, and prior to August 6, 2024, with an exercise price of $
2.85
per share (subject to a contractual
8
%
discount for one holder).
The Warrants were issued in reliance on the exemption
from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, to a limited number of persons who are "accredited
investors" or "sophisticated persons" as those terms are defined in Rule 501 of Regulation D promulgated by the SEC
or Regulation S thereunder, without the use of any general solicitation or advertising to market or otherwise offer the Warrants for sale.
None of the Warrants or the Common Stock underlying such Warrants have been registered under the Securities Act of 1933, as amended, or
applicable state securities laws, and none may be offered or sold in the United States absent registration under the Securities Act of
1933, as amended, or an exemption from such registration requirements.
During the period from October 1, 2021 to December
31, 2021, a total of
106,041
shares with par value of $
0.0001
per share were issued to various stockholders.
Capital reserve
On January 9, 2020, the Company issued
35,714,285
shares to Conversion Point Technologies Inc. as consideration for the acquisition of all the assets of Logiq, Inc. Nevada formerly known
as Origin8, Inc. incorporating Push Holdings Inc) in the amount of $
14,284,714
and represents the excess of consideration over the par
value of common stock of $
0.0001
issued.
On November 2, 2020, the Company acquired substantially
all the assets of Fixel AI Inc., a Delaware corporation ("Fixel") in exchange for
564,467
shares of the Company's common
stock. In the amount of $
5,000,000
and represents the excess of consideration over the par value of common stock of $
0.0001
issued.
F-
22
In July 2019, the Company issued a total of
51,762,839
Reg S shares to high net worth individuals and family offices in South East Asia.
During the year ended December 31, 2019, a total
of 19,311,309 shares with par value of $0.0001 per share were issued for consultancy services received including shares issued to Senior
Management, Directors, Operational Staff, Legal Consultants, Strategy Advisors and Technology Consultants received and 58,627,601 shares
with par value of $0.0001 per share were issued to various stockholders.
During the year ended December 31, 2020, a total
of 1,318,640 shares with par value of $0.0001 per share were issued for consultancy services received including shares issued to Senior
Management, Directors, Operational Staff, Legal Consultants, Strategy Advisors and Technology Consultants received and 5,677,684 shares
with par value of $0.0001 per share were issued to various stockholders.
Cancellation of Common Stock
During the year ended December 31, 2019,
3,550,000
shares with par value of $
0.0001
per share were cancelled by various stockholders.
During the year ended December 31, 2020,
404,439
shares with par value of $
0.0001
per share were cancelled by various stockholders.
During the year ended December 31, 2021,
2,788,972
shares with par value of $
0.0001
per share were cancelled by various stockholders.
Employee Stock Option Plan
The Company has a stock option and incentive plan,
the "Stock Option Plan". The exercise price for all equity awards issued under the Stock Option Plan is based on the fair
market value of the common share price which is the closing price quoted on the Pink Sheets on the last trading day before the date of
grant. The stock options generally vest on a monthly basis over a
two
-year to
three
-year period, and have a
five
-year life.
A summary of the Company's stock option
activity during the year ended December 31, 2019 is presented below:
Number of
options
Weighted
Average
Exercise
Price
Weighted
Average
Grant-date
Fair
Value
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Options Outstanding, December 31, 2014
250,000
0.6
2.8
0.67
$
-
Less: Option expired
(
250,000
)
0.6
2.8
-
-
Options Outstanding, December 31, 2015
-
-
-
-
-
Options Outstanding, December 31, 2016
-
-
-
-
-
Options Outstanding, December 31, 2017
-
-
-
-
-
Options Outstanding, December 31, 2018
-
-
-
-
-
Options Outstanding, December 31, 2019
-
-
-
-
-
Options Outstanding, December 31, 2020
-
-
-
-
-
Options Outstanding, December 31, 2021
-
-
-
-
-
All options outstanding are fully expired as of
December 31, 2020. No new options were granted in the fiscal year 2020 or 2019.
Stock-Based Compensation
For the fiscal year ended December 31, 2021, a
total of
2,313,941
shares of common stock was issued as stock-based compensation to directors, consultants, advisors and other professional
parties.
F-
23
NOTE 16 – (LOSS) PER SHARE
The following table sets forth the computation
of basic and diluted earnings per common share for the twelve months ended December 31, 2021 and 2020, respectively:
For the three months
ended
December 31,
For the twelve months
ended
December 31,
2021
2020
2021
2020
Numerator - basic and diluted
Net (Loss)
$
(
5,295,993
)
$
(
7,142,483
)
$
(
20,126,787
)
$
(
14,509,669
)
Denominator
Weighted average number of common shares outstanding - basic and diluted
26,307,321
14,093,979
21,187,556
12,678,904
(Loss) per common share - basic and diluted
$
(
0.2013
)
$
(
0.5068
)
$
(
0.9499
)
$
(
1.1444
)
The weighted average number of shares of common
stock has been retroactively restated to reflect the 1 for 13 reverse stock-split on February 25, 2020.
NOTE 17 – COMMITMENTS AND CONTINGENCIES
Operating lease
The Company's current executive offices
are currently leased for $
923
per month.
Logiq Inc (Nevada) leases approximately
12,422
square feet comprising
8,737
square feet of office space and
3,685
square feet of warehouse space in Minneapolis, Minnesota, at a rate
of $
210,000
per annum. The original lease of office space from a related party under common ownership was a
7.5
-year lease expiring December
31, 2021.   The company extended its lease on the primary offices with a renewal option providing for additional lease period
of twelve (12) months expiring December 31, 2022.
The operating lease is listed as separate
line item on Logiq, Inc. (Nevada)'s December 31, 2020 and 2019 consolidated balance sheets and represent the Group's
right to use the underlying asset for the lease term. The Group's obligations to make lease payments are also listed as a separate
line items on the Group's December 31, 2021 and 2020 consolidated balance sheets. Based on the present value of the lease payments
for the remaining lease term of the Group's existing leases, the Group recognized right-of-use assets and lease liabilities for
operating leases of approximately $
693,000
, on January 8, 2020. Operating lease right-of-use assets and liabilities commencing after January
8, 2020 are recognized at commencement date based on the present value of lease payments over the lease term. As of December 31, 2021
and 2020, total operating right-of-use assets were $
91,571
and $
364,234
, respectively. All operating lease expense is recognized on a
straight-line basis over the lease term.
For the years-ended December 31, 2021 and 2020,
the Group recorded approximately
nil
and $
8,400
in amortization expense related to finance leases.
Because the rate implicit in the lease is not
readily determinable, the Group uses its incremental borrowing rate to determine the present value of the lease payments.
F-
24
Information related to the Group's operating
lease liabilities are as follows:
As of
December 31,
2021
As of
December 31,
2020
Cash paid for operating lease liabilities
$
367,200
367,200
Remaining lease term
1
year
1
year
Discount rate
1.5
%
1.5
%
Future minimum lease payments under the non-cancellable
operating lease agreements are as follows:
2021
$
91,800
Less imputed interest
(
229
)
Total lease liability
$
91,571
Legal proceedings
None.
NOTE 18 – SEGMENT INFORMATION
The Group has determined that it operates in
two
operating and reportable business segments: AppLogiq and DataLogiq. The Company determined its reportable segments based on operating
and financial reports regularly reviewed by the Company's Chief Operating Decision Maker ("CODM"), which is the Company's
Chief Executive Officer ("CEO").
The AppLogiq reportable segment is comprised of
the accounts of CreateApp and Corporate activities.
The DataLogiq reportable segment is comprised
of the subsidiaries of Logiq, Inc. (a Nevada corporation), Fixel AI, Inc. and Rebel AI Inc.
The following table presents the segment information
for the years ended December 31, 2021 and 2020:
For the three months
ended
December 31,
For the twelve months
ended
December 31,
2021
2020
2021
2020
Logiq (Delaware) incl APPLogiq
Segment operating income
$
6,206,027
$
2,112,988
$
14,340,379
$
22,758,572
Other corporate expenses, net
8,486,664
7,951,920
26,075,798
32,772,548
Total operating income
(
2,280,637
)
(
5,838,932
)
(
11,735,419
)
(
10,013,976
)
Logiq (Nevada) incl DATALogiq
Segment operating income
$
6,930,284
$
4,470,646
$
23,006,480
$
15,151,821
Other corporate expenses, net
9,945,640
5,774,197
31,397,848
19,647,514
Total operating income
(
3,015,356
)
(
1,303,551
)
(
8,391,368
)
(
4,495,693
)
Consolidated
Segment operating income
$
13,136,311
$
6,583,634
$
37,346,859
$
37,910,393
Other corporate expenses, net
18,432,304
13,726,117
57,473,646
52,420,062
Total operating income
(
5,295,993
)
(
7,142,483
)
(
20,126,787
)
(
14,509,669
)
Significant Customers
No revenues from any single customer exceeded
10
% of total net revenues
in 2021 and 2020.
F-
25
NOTE 19 – GEOGRAPHICAL INFORMATION
2021
%
2020
%
2019
%
Southeast Asia
$
7,170,190
19.2
12,109,193
31.9
25,988,621
75.0
EU
3,585,095
9.6
5,570,000
14.7
5,888,800
17.0
South Korea
2,151,056
5.8
3,770,000
9.9
2,771,200
8.0
Africa
1,434,038
3.8
961,200
2.5
-
-
North America
23,006,480
61.6
15,500,000
40.9
-
-
Total revenue
$
37,346,859
100.0
$
37,910,393
100.0
$
34,648,621
100.0
NOTE 20 – BUSINESS COMBINATION
Push Holdings Inc.
On January 8, 2020, the Company acquired substantially
all the assets of Push Holdings Inc in exchange for
35,714,285
shares of the Company's common stock. The fair value of the shares
of common stock at the close of the transaction was $
14,285,714
.
The acquisition of substantially all the assets
of Pushing Holding was accounted for as a business combination in accordance with Accounting Standards Codification Topic 805,
Business
Combinations
("ASC 805"), with the results of Logiq, Inc. (Nevada)'s operations included in the Company's
consolidated financial statements from January 9, 2020. Goodwill has been measured as the excess of the total consideration over the amounts
assigned to identifiable assets acquired and liabilities assumed.
During the period ended December 31, 2020, the
Company, through its wholly-owned subsidiary, Logiq, Inc. (Nevada) acquired substantially all of the assets of Push Holdings, Inc. The
fair values of assets acquired and liabilities assumed were as follows:
Cash and cash equivalents
$
574,572
Restricted cash
1,025,000
Accounts receivable, net
709,053
Prepaid expenses and other current assets
11,940
Property, plant and equipment
225,126
Intangible assets
8,250,000
Accounts payable
(
367,091
)
Accrued expenses and other current liabilities
(
424,094
)
Due to parent company
(
500,000
)
Goodwill
4,781,208
Net assets acquired
$
14,285,714
Fair valuation methods used for the identifiable
net assets acquired in the acquisition make use of quoted prices in active markets, discounted cash flows and risk adjusted weighted cost
of capital. The methods used in determining fair value of the intangible assets included consideration of the three traditional approaches
to value: market, income, and cost. Accordingly, after due consideration of other appropriate and generally accepted valuation methodologies,
the value of intangible assets acquired from Push has been developed primarily on the basis of the income approach. Under the income approach,
the Company evaluated revenue projections derived from the software technology and the appropriate royalty rate that Push Holdings would
have paid if Push Holdings did not own the software technology.
On the acquisition date, goodwill of $
4,781,208
and other intangible assets of $
8,250,000
were recorded. The other intangible asset identified during the acquisition is software technology,
which has a weighted average useful life of five years, which is management's best estimate at the time of the acquisition.
The Company incurred some accounting and legal
fees related to the acquisition of the assets of Push Holdings. The amount attributable to the Company has been included in general and
administrative expenses in the accompanying consolidated statement of operations for the year ended December 31, 2021.
In the consolidated statements of operations,
revenues and expenses include the operations of Logiq, Inc. (Nevada) since January 9, 2020, which is the day after the acquisition date.
Fixel AI Inc.
On November 2, 2020, the Company acquired substantially
all the assets of Fixel AI Inc., a Delaware corporation ("Fixel") in exchange for
564,467
shares of the Company's common
stock. The fair value of the shares of common stock at the close of the transaction was $
8.86
.
On the Closing Date, the Company issued
564,467
restricted shares of its common stock to Fixel Stockholders, of which the shares allocated to the Fixel stockholders that are residents
of Israel ("Israel Stockholders") will be delivered to an independent third-party escrow (the "Escrow Shares"),
where (i) such shares will be released to Israel Stockholders upon each Israel Stockholder's compliance with the 104H tax ruling
issued by certain tax authorities of Israel in connection with the Merger and (ii) shares held by Founders making up approximately
20
%
of the shares issued will be held subject to offset for indemnification purposes.
The Shares were issued at a trailing twenty (20) day
VWAP of $8.86 per share.
F-
26
The fair values of assets acquired and liabilities
assumed were as follows:
Cash and cash equivalents
$
67,167
Restricted cash
10,229
Accounts receivable, net
29,036
Prepaid expenses and other current assets
20,963
Property, plant and equipment
-
Intangible assets
4,678,422
Accounts payable
280
Accrued expenses and other current liabilities
(
47,021
)
Deferred revenue
(
55,958
)
Goodwill
296,882
Net assets acquired
$
5,000,000
Fair valuation methods used for the identifiable
net assets acquired in the acquisition make use of quoted prices in active markets, discounted cash flows and risk adjusted weighted cost
of capital. The methods used in determining fair value of the intangible assets included consideration of the three traditional approaches
to value: market, income, and cost. Accordingly, after due consideration of other appropriate and generally accepted valuation methodologies,
the value of intangible assets acquired from Fixel has been developed primarily on the basis of the income approach. Under the income
approach, the Company evaluated revenue projections derived from the software technology and the appropriate royalty rate that Fixel would
have paid if Fixel did not own the software technology.
On the acquisition date, goodwill of $
296,882
and other intangible assets of $
4,678,422
were recorded. The other intangible asset identified during the acquisition is software technology,
which has a weighted average useful life of
five years
, which is management's best estimate at the time of the acquisition.
The Company incurred some accounting and legal
fees related to the acquisition of the assets of Fixel. The amount attributable to the Company has been included in general and administrative
expenses in the accompanying consolidated statement of operations for the year ended December 31, 2021.
In the consolidated statements of operations,
revenues and expenses include the operations of Fixel AI, Inc. since November 3, 2020, which is the day after the acquisition date.
Rebel AI Inc.
On March 29, 2021, the Company acquired Rebel
for a total cash consideration of $
1,126,000
and in exchange for
1,032,056
shares of the Company's common stock. The fair value
of the shares of common stock at the close of the transaction was $
6.00
.
On the Closing Date, the Company issued
1,032,056
restricted shares of its common stock to Rebel Stockholders, and at a trailing twenty (20) day VWAP of $
6.00
per share.
Cash and cash equivalents
$
7,736
Accounts receivable, net
10,052
Prepaid expenses and other current assets
14,617
Property, plant and equipment
28,236
Intangible assets
6,789,969
Accrued expenses and other current liabilities
(
32,110
)
Goodwill
499,836
Net assets acquired
$
7,318,336
F-
27
Fair valuation methods used for the identifiable
net assets acquired in the acquisition make use of quoted prices in active markets, discounted cash flows and risk adjusted weighted cost
of capital. The methods used in determining fair value of the intangible assets included consideration of the three traditional approaches
to value: market, income, and cost. Accordingly, after due consideration of other appropriate and generally accepted valuation methodologies,
the value of intangible assets acquired from Rebel has been developed primarily on the basis of the income approach. Under the income
approach, the Company evaluated revenue projections derived from the software technology and the appropriate royalty rate that Rebel would
have paid if Rebel did not own the software technology.
On the acquisition date, goodwill of $
499,836
and other intangible assets of $
6,789,969
were recorded. The other intangible asset identified during the acquisition is software
technology, which has a weighted average useful life of
five years
, which is management's best estimate at the time of the acquisition.
The Company incurred some accounting and legal
fees related to the acquisition of the assets of Rebel. The amount attributable to the Company has been included in general and administrative
expenses in the accompanying consolidated statement of operations for the period ended December 31, 2021.
In the consolidated statements of operations,
revenues and expenses include the operations of Rebel AI, Inc. since March 29, 2021, which is the day after the acquisition date.
NOTE 21 – SUBSEQUENT EVENTS
AppLogiq Spin-Off
On December 15, 2021, we entered into various
agreements with Lovarra, a Nevada corporation ("Lovarra") and public reporting subsidiary of the Company, pursuant to which
the Company agreed to transfer its AppLogiq business to Lovarra, subject to customary conditions and approvals and completion of requisite
financial statement audits (the "Separation"). Lovarra is a fully reporting U.S. public company, which is approximately
78.5
%
owned by the Company's wholly owned subsidiary GoLogiq LLC ("GoLogiq"). In connection with the Separation, the Company
intends to distribute, on a pro rata basis,
100
% of the Company's ownership interests in Lovarra to the Company's shareholders
of record as of December 30, 2021 (the "Record Date") (the "Distribution," and collectively with the "Separation,"
the "Spin Off"), which Distribution of said shares is expected to occur six months from completion of the Separation (the
"Distribution Date").
On January 27, 2022, we completed the transfer
of our AppLogiq business to Lovarra. In connection with the completion of the transfer of AppLogiq to Lovarra, Lovarra issued
26,350,756
shares of its common stock to the Company (the "Lovarra Shares"). The Company will hold the Lovarra Shares until it distributes
100
% of the Lovarra Shares to the Company's stockholders of record as of December 30, 2021 on a 1-for-1 basis (i.e. for every 1
share of Logiq held on December 30, 2021, the holder thereof will receive 1 share of Lovarra), which the Company intends to complete approximately
6 months from now, subject to customary conditions and approvals.
Until such time as the Distribution is complete,
we will consolidate and report the financials of the AppLogiq business as a consolidated subsidiary of Logiq.
F-
28
LOGIQ INC.
Consolidated Balance Sheets
March 31,
December 31,
2022
2021
(Unaudited)
(Audited)
ASSETS
Non-current assets
Intangible assets, net
13,779,993
14,797,196
Property and equipment, net
140,246
153,973
Goodwill
5,577,926
5,577,926
Total non-current assets
19,498,165
20,529,095
Current assets
Amount due from associate
-
7,208,700
Accounts receivable
2,857,200
3,966,086
Right to use assets - operating lease
173,803
91,571
Prepayment, deposit and other receivables
606,627
804,011
Financial assets held for resale
-
681
Restricted cash
22,045
22,513
Cash and cash equivalents
3,749,303
1,563,752
Total current assets
7,408,978
13,657,314
Total assets
$
26,907,143
$
34,186,409
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable
2,159,995
2,293,858
Accruals and other payables
1,732,925
1,804,131
Deferred revenue
3,154
10,500
Lease liability - operating lease
173,803
91,571
Deposits received for share to be issued
17,100
401,028
Total current liabilities
4,086,977
4,601,088
Non-Current Liabilities
Other loan
10,000
10,000
Total non-current liabilities
10,000
10,000
Total liabilities
$
4,096,977
$
4,611,088
STOCKHOLDERS' EQUITY
Common stock, $
0.0001
par value,
250,000,000
shares authorized,
29,169,516
and
26,350,756
shares issued and outstanding as of March 31, 2022 and December 31, 2020, respectively
2,917
2,635
Additional paid-in capital
84,068,490
82,473,004
Capital reserves
24,969,396
29,349,795
Accumulated deficit brought forward
(
86,230,637
)
(
82,250,113
)
Total stockholder's equity
22,810,166
29,575,321
Total liabilities and stockholders' equity
$
26,907,143
$
34,186,409
The accompanying notes are an integral
part of these financial statements
F-
29
LOGIQ INC.
Consolidated Statements of Operations
For the three months ended
March 31,
2022
2021
(Unaudited)
(Unaudited)
Service Revenue
$
8,105,384
$
8,080,312
Cost of Service
5,900,723
5,854,056
Gross Profit
2,204,661
2,226,256
Operating Expenses
Depreciation and amortization
1,030,930
689,345
General and administrative
3,600,997
4,144,365
Sales and marketing
299,316
369,261
Research and development
1,257,084
1,103,137
Total Operating Expenses
6,188,327
6,306,108
(Loss) from Operations
(
3,983,666
)
(
4,079,852
)
Other (Expenses)/Income, net
3,142
(
1,897
)
Net (Loss) before income tax
(
3,980,524
)
(
4,081,749
)
Income tax (Corporate tax)
-
-
Net (Loss)
$
(
3,980,524
)
$
(
4,081,749
)
Net (Loss) profit per common share - basic and fully diluted:
(
0.1510
)
(
0.2497
)
Weighted average number of basic and fully diluted common shares outstanding
26,367,804
16,345,439
The accompanying notes are an
integral part of these financial statements.
F-
30
LOGIQ INC.
Consolidated Statements of Cash
Flows
For the three months ended
March 31,
2022
2021
(Unaudited)
(Unaudited)
OPERATING ACTIVITIES:
Net loss
$
(
3,980,524
)
$
(
4,081,749
)
Adjustments to reconciled net loss to net cash used by operating activities:
Depreciation of property, plant, and equipment
13,727
11,641
Amortization of intangible assets
1,017,203
677,705
Changes in operating assets and liabilities:
Accounts receivable
1,108,886
(
699,169
)
Prepayments, deposit and other receivables
197,383
(
30,345
)
Accounts payable
(
133,863
)
573,371
Accruals and other payables
(
71,206
)
1,594,481
Deferred revenue
(
7,346
)
(
45,924
)
Net cash (used in) operating activities
(
1,855,740
)
(
1,999,989
)
INVESTING ACTIVITIES:
Increase in amount due from associate
7,208,700
(
500,000
)
Financial assets held for resale
681
47,062
Net restricted cash acquired in acquisitions
-
7,736
Net cash provided by (used in) investing activities
7,209,381
(
445,202
)
FINANCING ACTIVITIES:
Repayment of bank loan
-
1,531
Proceeds from notes payable-US government CARES Act
-
1,820,521
Proceeds from shares to be issued
(
383,928
)
-
Proceeds from stock issuance, net of expenses
(
2,784,631
)
-
Net cash provided by (used in) financing activities
(
3,168,559
)
1,822,052
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
2,185,082
(
623,139
)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
1,586,265
3,489,778
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
$
3,771,348
$
2,866,639
NON-CASH TRANSACTION
Issuance of shares for services received
$
616,191
$
1,525,904
The accompanying notes are an integral
part of these financial statements
F-
31
LOGIQ INC.
Consolidated Statements of Stockholders'
Equity
Common
stock
Amount
Additional
paid-in
capital
Capital
reserves
Accumulated
(deficit)
Stockholders'
(equity)
Balance December 31, 2021
26,350,756
$
2,635
$
82,473,004
$
29,349,795
$
(
82,250,113
)
$
29,575,321
Issuance of Shares
2,951,080
295
1,595,486
(
4,380,399
)
-
(
2,784,618
)
Cancelation of shares
(
132,320
)
(
13
)
-
-
-
(
13
)
Net loss for period
-
-
-
-
(
3,980,524
)
(
3,980,524
)
Balance March 31, 2022
29,169,516
$
2,917
$
84,068,490
$
24,969,396
$
(
86,230,637
)
$
22,810,166
Common
stock
Amount
Additional
paid-in
capital
Capital reserves
Accumulated
(deficit)
Stockholders'
(equity)
Balance December 31, 2020
15,557,439
$
1,556
$
66,739,895
$
19,285,383
$
(
62,123,326
)
$
23,903,508
Issuance of shares for proceeds
238,194
24
1,420,389
-
-
1,420,413
Issuance of shares for acquisitions
1,032,056
103
-
6,192,336
-
6,192,439
Issuance of shares for services
998,955
100
1,525,904
-
-
1,526,004
Net loss for the period
-
-
-
-
(
4,081,749
)
(
4,081,749
)
Balance March 31, 2021
17,826,644
$
1,783
$
69,686,188
$
25,477,719
$
(
66,205,075
)
$
28,960,615
The accompanying notes are an integral part of
these financial statements
F-
32
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – ORGANIZATION AND BUSINESS DESCRIPTION
Corporate Information
Logiq, Inc., formerly known as Weyland Tech, Inc.,
is a Delaware corporation that was incorporated in 2004. Logiq is headquartered in New York, with offices in New York City, Singapore,
Minneapolis, MN, Denver, CO, and Jakarta, Indonesia. The Company's common stock is quoted on the OTCQX under the symbol "LGIQ",
and the NEO Exchange in Canada under the same symbol.
Business Overview
The Company offers solutions
that help small-to-medium-sized businesses ("SMBs") to provide access to and reduce transaction friction of e-commerce for
their clients globally. The Company's solutions are provided through (i) its "AppLogiq" business segment (operated as
CreateApp (https://www.createapp.com/), which allows SMBs to establish their point-of-presence on the web, and (ii) its "DataLogiq"
business segment, a digital marketing analytics business unit that offers proprietary data management, audience targeting and other digital
marketing services that improve an SMB's discovery and branding within the vast e-commerce landscape.
The Company enables SMBs
to create a mobile app for their business without the need of technical knowledge, high investment, or background in IT by utilizing AppLogiq's
CreateApp platform that is offered as a Platform as a Service ("PaaS") to the Company's customers. The Company's
DataLogiq business segment offers online marketing solutions on a performance marketing and self-serve, Software as a Service ("SaaS")
basis.
We provide our PaaS and
digital marketing to SMBs in a wide variety of industry sectors. We believe that SMBs can increase their sales, reach more customers,
and promote their products and services using our affordable and cost-effective solutions. We recognize revenue on a pay to use subscription
basis when our customers use our PaaS platform to create mobile apps for their business and on our SaaS platform when provisioning services
for their marketing campaigns. We also recognize revenue on CPL and other metrics for engagements undertaken on a performance marketing
basis.
The Company continues
to expand its portfolio of offerings and the industries they serve:
●
In May 2018, the Company expanded
its portfolio to fintech applications with the launch of its PayLogiq mobile payments platform in Indonesia.
●
In the fall of 2019, the Company expanded its portfolio to short-distance food delivery service with the launch of GoLogiq, a PaaS platform that provides mobile payment capabilities for the local food delivery service industry in Indonesia.
●
In January 2020, the Company completed the acquisition of substantially all of the assets of Push Holdings, Inc. This acquired business, which the Company has rebranded as its DataLogiq division, operates a consumer data management platform powered by lead generation, online marketing, and multichannel reengagement strategies through its owned and operated brands. DataLogiq has developed a proprietary data management platform and integrated with several third-party service providers to optimize the return on its marketing efforts. DataLogiq focuses on consumer engagement and enrichment to maximize its return on acquisition through repeat monetization of each consumer. DataLogiq also licenses its software technology and provides managed technology services to various other e-commerce companies. DataLogiq is located in Minneapolis, Minnesota, USA.
●
On November 2, 2020, the Company completed the acquisition of Fixel AI Inc. ("Fixel"), thereby acquiring its self-serve MarTech Audience Targeting platform as a further expansion of its DataLogiq product suite.
●
On March 29, 2021, the Company completed the acquisition of Rebel AI, Inc., a Delaware corporation ("Rebel"). By acquiring Rebel and its platform, the Company enables brands and agencies to securely transact media and activate first-party data.
F-
33
●
On June 21, 2021, the Company completed its Canadian IPO offering of
1,976,434
units of its securities, consisting of shares warrants to purchase shares of common stock, on the NEO exchange in Canada.
●
On March 31, 2022 the Company, Battle Bridge Acquisition Co, LLC, a company beneficially owned entirely by the Company (the "Buyer"), Section 2383 LLC, a Wyoming limited liability company ("Seller"), Travis Phipps, an individual ("Phipps") and Robb Billy ("Billy" and, together with Phipps, the "Founders") and Travis Phipps, as Representative, entered into an asset purchase agreement (the "Battle Bridge Purchase Agreement") whereby the Buyer agreed to purchase from Seller and Seller agreed to sell to Buyer substantially all of the assets of Seller which represents the "Battle Bridge Labs" business (the "Battle Bridge Assets") (collectively, the "Transaction"). The consummation of the Transaction (the "Closing") occurred simultaneously with execution of the Battle Bridge Purchase Agreement on March 31, 2022.
As consideration for the Buyer's acquisition of the Battle Bridge Assets, the Company agreed to pay $
3,250,000
(the "Purchase Price") which consisted of $
250,000
in cash (the "Cash Consideration") and the issuance of
2,912,621
shares of restricted common stock of the Company at $
1.03
per share (the "Stock Consideration") (representing $
3,000,000
in Stock Consideration) which was the volume weighted average price (VWAP) of the Company's Common Stock as reported by Bloomberg LP for the twenty (20) trading days immediately prior to Closing. $
500,000
in Stock Consideration was retained by the Company at the Closing and held as partial security to satisfy indemnification claims for a period of 12 months following the Closing.
In addition, the recipients of the Stock Consideration agreed to sign lock-up and leak-out agreements which provide that, following a 6-month lock-period and ending 18 months after Closing, any sales of the Company's common stock by such recipients do not exceed one percent (
1
%) of the then applicable thirty (30) day trading average volume of the Company's common stock as of such date.
AppLogiq Spin-Off
On December 15, 2021,
the Company entered into various agreements with Lovarra, a Nevada corporation ("Lovarra"), and public reporting majority
owned subsidiary of the Company, pursuant to which the Company agreed to transfer its AppLogiq business to Lovarra, subject to customary
conditions and approvals and completion of requisite financial statement audits (the "Separation"). Lovarra is a fully reporting
U.S. public company, which is approximately
74.9
% owned by the Company's wholly owned subsidiary GoLogiq LLC ("GoLogiq").
In connection with the Separation, the Company intends to distribute, on a pro rata basis,
100
% of the Company's ownership interests
in Lovarra to the Company's shareholders of record as of December 30, 2021 (the "Record Date") (the "Distribution,"
and collectively with the "Separation," the "Spin Off"), which Distribution of said shares is expected to occur
approximately six months from completion of the Separation (the "Distribution Date"), subject to customary conditions and
approvals.
On January 27, 2022,
the Company completed the transfer of its AppLogiq business to Lovarra. In connection with the completion of the transfer of AppLogiq
to Lovarra, Lovarra issued
26,350,756
shares of its common stock to GoLogic (the "Lovarra Shares").
The Company, through GoLogiq,
will hold the Lovarra Shares until it distributes 100% of the Lovarra Shares to the Company's stockholders of record as of December
30, 2021 on a 1-for-1 basis (i.e. for every 1 share of Logiq held on December 30, 2021, the holder thereof will receive 1 share of Lovarra).
Until such time as the
Distribution is complete, the Company will consolidate and report the financials of the AppLogiq business as a consolidated subsidiary
of Logiq.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
BASIS OF PRESENTATION
The financial statements have been prepared on
a historical cost basis to reflect the financial position and results of operations of the Company in accordance with the accounting principles
generally accepted in the United States of America ("US GAAP").
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include
the accounts of Logiq, Inc (Delaware) and its wholly owned material operating subsidiaries, Logiq, Inc. (Nevada), Fixel AI Inc. and Rebel
AI Inc., as well as the accounts of Lovarra, a majority owned subsidiary of Logiq, Inc. Material intercompany balances and transactions
have been eliminated on consolidation.
Unless the context indicates otherwise, references
in these notes to the consolidated financial statements to "AppLogiq," "CreateApp" and "Lovarra" mean
the Company's reportable AppLogiq segment, which reflects the operations of Lovarra (OTC Pink: LOVA) within Logiq, Inc.
USE OF ESTIMATES
The preparation of the Company's financial
statements in conformity with generally accepted accounting principles of the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best
estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements
are prepared. Actual results could differ from those estimates.
F-
34
BUSINESS COMBINATIONS
The Company accounts for acquisitions of entities
that include inputs and processes and have the ability to create outputs as business combinations. The Company allocates the purchase
price of the acquisition to the tangible assets, liabilities and identifiable intangible assets acquired based on their estimated fair
values. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition related expenses and integration
costs are expensed as incurred.
CERTAIN RISKS AND UNCERTAINTIES
The Company relies on cloud-based hosting through
a global accredited hosting provider. Management believes that alternate sources are available; however, disruption or termination of
this relationship could adversely affect our operating results in the near-term.
SEGMENT REPORTING
Operating segments are defined as components of
an enterprise about which separate financial information is available that is evaluated regularly by our chief operating decision maker,
or decision- making group, in deciding how to allocate resources and in assessing performance.
The Company has two operating business
segments:
AppLogiq marketed as CreateApp is a platform acquired
in 2015 and subsequently enhanced in 2016 and 2017, offered on a Platform-as-a-Service ("PaaS") basis providing digital marketing
to SMBs in a wide variety of industry sectors, to increase their sales, reach more customers, and promote their products and services
using our affordable and cost-effective solutions. We recognize revenue on a pay to use subscription basis when our customers use our
PaaS platform to create mobile apps for their business. Our AppLogiq segment was sold and assigned to Lovarra, a majority owned subsidiary
of the Company, on January 27, 2022.
DataLogiq is a business segment created in January
2020 from our acquisition of the assets of Push Holdings Inc, comprising a consumer data management platform powered by lead generation,
online marketing, and multichannel reengagement strategies through its owned and operated brands by Fixel AI Inc and Rebel AI Inc. DataLogiq
has developed a proprietary data management platform and integrates with several third-party service providers to optimize the return
on its marketing efforts. DataLogiq focuses on consumer engagement and data enrichment to maximize its return on acquisition through repeat
monetization of each consumer.
We identify our reportable business segments
as those customer groups that represent more than
10
% of our combined revenue or gross profit or loss of all reported operating
segments. We manage our business on the basis of the two reportable segment e-commerce solutions and service provider. The
accounting policies for segment reporting are the same as for the Company as a whole. We do not segregate assets by segments since
our chief operating decision maker, or decision-making group, does not use assets as a basis to evaluate a segment's
performance.
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill is recorded as the difference between
the aggregate consideration in a business combination and the fair value of the acquired net tangible and intangible assets acquired.
The Company evaluates goodwill for impairment on an annual basis in the fourth quarter or more frequently if indicators of impairment
exist that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company first assesses
qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying
value. Based on that qualitative assessment, if it is more likely than not that the fair value of a reporting unit is less than its carrying
value, the Company conducts a quantitative goodwill impairment test, which involves comparing the estimated fair value of the reporting
unit with its carrying value, including goodwill. The Company estimates the fair value of a reporting unit using a combination of the
income and market approach. If the carrying value of the reporting unit exceeds its estimated fair value, an impairment loss is recorded
for the difference. The Company performed its qualitative assessment and determined that no impairment indicators were present during
the three months ended March 31, 2022 and 2021.
The Company's intangible assets consist
of software technology, which is amortized using the straight-line method over five years. Amortization expense for the three months ended
March 31, 2022 and 2021 amounted to $
1,017,203
and $
677,705
, respectively, which was included in the amortization of intangible assets
expense of the accompanying consolidated statements of operations.
F-
35
IMPAIRMENT OF LONG-LIVED ASSETS
The Company classifies its long-life assets into:
(i) computer and office equipment; (ii) furniture and fixtures, (iii) leasehold improvements, and (iv) finite – life intangible
assets.
Long-life assets held and used by the Company
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be fully
recoverable. It is possible that these assets could become impaired as a result of technology, economy or other industry changes. If circumstances
require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected
to be generated by that asset or asset group to its carrying value. If the carrying value of the long-life asset or asset group is not
recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value.
Fair value is determined through various valuation techniques, including discounted cash flow models, relief from royalty income approach,
quoted market values and third-party independent appraisals, as considered necessary.
The Company makes various assumptions and estimates
regarding estimated future cash flows and other factors in determining the fair values of the respective assets. The assumptions and estimates
used to determine future values and remaining useful lives of long-lived assets are complex and subjective. They can be affected by various
factors, including external factors such as industry and economic trends, and internal factors such as the Company's business strategy
and its forecasts for specific market expansion.
GROUP ACCOUNTING
Subsidiaries are entities (including special purpose
entities) over which the Group has power to govern the financial and operating policies, generally accompanying a shareholding of more
than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible
are considered when assessing whether the Group controls another entity. The purchase method of accounting is used to account for the
acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued or
liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired
and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values on the date of
acquisition, irrespective of the extent of any minority interest. Subsidiaries are consolidated from the date on which control is transferred
to the Group to the date on which that control ceases. In preparing the consolidated financial statements, intercompany transactions,
balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments are made to the financial statements
of subsidiaries to ensure consistency of accounting policies with those of the Group. Minority interest is that part of the net results
of operations and of net assets of a subsidiary attributable to interests which are not owned directly or indirectly by the Group. It
is measured at the minorities' share of the fair value of the subsidiaries' identifiable assets and liabilities at the date
of acquisition by the Group and the minorities' share of changes in equity since the date of acquisition, except when the losses
applicable to the minority in a subsidiary exceed the minority interest in the equity of that subsidiary. In such cases, the excess and
further losses applicable to the minority are attributed to the equity holders of the Company, unless the minority has a binding obligation
to, and is able to, make good the losses. When that subsidiary subsequently reports profits, the profits applicable to the minority are
attributed to the equity holders of the Company until the minority's share of losses previously absorbed by the equity holders of
the Company has been recovered.
SUBSIDIARIES
When subsidiaries are excluded from consolidation on
the basis that their inclusion involving expense and delay out of proportion to the value to members of the Company, investments
in subsidiaries are stated at cost less accumulated impairment losses in the Company's balance sheet. On disposal of investments
in subsidiaries, the difference between net disposal proceeds and the carrying amount of the investment is taken to the income statement.
ASSOCIATES
Associates are all entities over which the group
has significant influence but not control or joint control, generally accompanying a shareholding interest of between
20
% and
50
% of the
voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognized at
cost. The group's investment in associates includes goodwill identified on acquisition. The group's share of its associates'
post-acquisition profits or losses is recognized in profit or loss, and its share of post-acquisition other comprehensive income is recognized
in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Dividends
receivable from associates are recognized as a reduction in the carrying amount of the investment. Where the group's share of losses
in an associate equals or exceeds its interest in the associate, including any other unsecured long-term receivables, the group does not
recognize further losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealized gains on transactions
between the group and its associates are eliminated to the extent of the group's interest in the associates. Unrealized losses are
also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates
have been changed, where necessary, to ensure consistency with the policies adopted by the group.
F-
36
FINANCIAL ASSETS
Financial assets at fair value through profit
or loss are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit
or loss incorporates any dividend or interest earned on the financial asset and is included in 'other gains and losses' line
in the statement of profit or loss and other comprehensive income.
The Company measures certain financial assets
at fair value on a recurring basis, including the available-for-sale debt securities. Fair value is the price the Company would receive
to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company
uses a three-level hierarchy established by the Financial Accounting Standards Board (FASB) that prioritizes fair value measurements based
on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach).
The levels of the fair value hierarchy are described
below:
●
Level 1: Quoted prices in active markets for identical assets or
    liabilities.
●
Level 2: Inputs other than quoted prices that are observable for the
    asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets
    and quoted prices for identical or similar assets or liabilities in markets that are not active.
●
Level 3: Unobservable inputs with little or no market data available,
    which require the reporting entity to develop its own assumptions.
The Company's assessment of the significance
of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial
assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair
value measurement.
LEASE
The Company adopted ASU 2016-02, Leases (Topic
842), on January 8, 2020, using a modified retrospective approach reflecting the application of the standard to leases existing at, or
entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements.
The Company leases its offices which are classified
as operating leases in accordance with Topic 842. Under Topic 842, lessees are required to recognize the following for all leases (with
the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee's obligation to make lease
payments arising from a lease, measured on a discounted basis; and (ii) right-of-use 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.
At the commencement date, the Company recognizes
the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the Company's incremental borrowing rate for the same term as the underlying lease.
The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any
initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets
are reviewed for impairment. No impairment for right-of-use lease assets as of March 31, 2022.
AVAILABLE-FOR-SALES INVESTMENTS
Certain shares and debt securities held by the
group are classified as being available for sale and are stated at fair value. Gains and losses arising from changes in fair value, impairment
losses, interest calculated using the effective interest method and foreign exchange gains and losses on monetary assets are recognized
directly in profit or loss. Dividends on available-for-sale equity instruments are recognized in profit or loss when the Company's
right to receive payments is established. The fair value of available-for-sale monetary assets denominated in a foreign currency is determined
in that foreign currency and translated at the spot rate at end of the reporting period. The change in fair value attributable to translation
differences that result from a change in amortized cost of the available-for-sale monetary asset is recognized in profit or loss, and
other changes are recognized in other comprehensive income.
ACCOUNTS RECEIVABLE AND CONCENTRATION OF RISK
Accounts receivable consists of trade receivables
from customers. The Company records accounts receivable at its net realizable value, recognizing an allowance for doubtful accounts based
on our best estimate of probable credit losses on our existing accounts receivable. Balances are written off against the allowance after
all means of collection have been exhausted and the possibility of recovery is considered remote.
As of March 31, 2022 and 2021, the allowance for
bad debt was approximately $
155,592
and $
54,619
, respectively.
F-
37
CASH AND CASH EQUIVALENTS
Cash and cash equivalents represent cash on hand,
demand deposits, and other short-term highly liquid investments placed with banks, which have original maturities of twelve months or
less and are readily convertible to known amounts of cash.
EARNINGS PER SHARE
Basic (loss) earnings per share is based on the
weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding during
the period are included in diluted earnings per share.
FASB Accounting Standard Codification Topic 260
("ASC 260"), "Earnings Per Share," requires that employee equity share options, non-vested shares and similar
equity instruments granted to employees be treated as potential common shares in computing diluted earnings per share. Diluted earnings
per share should be based on the actual number of options or shares granted and not yet forfeited, unless doing so would be anti-dilutive.
The Company uses the "treasury stock" method for equity instruments granted in share-based payment transactions provided in
ASC 260 to determine diluted earnings per share. Antidilutive securities represent potentially dilutive securities which are excluded
from the computation of diluted earnings or loss per share as their impact was antidilutive.
REVENUE RECOGNITION
The Company's Platform as a Service ("PaaS")
provides the infrastructure allowing users to develop their own applications and IT services, which users can access anywhere via a web
or desktop browser. The Company recognizes revenue on a pay-to-use subscription basis when our customers use our platform. For the territories
licensed to our distributors and on a white label basis, we derive royalty income from the end user use of our platform on a white label
basis.
The Company maintains the PaaS software platform
at its own cost. Any enhancements and minor customization for our resellers/distributors are not separately billed. Major new
proprietary features are billed to the customer separately as development income while re-usable features are added to the features available
to all customers on subsequent releases of our platform.
COST OF REVENUE
The Company cost of revenue comprises fees from
third party cloud-based hosting services and media costs.
INCOME TAXES
The Company uses the asset and liability method
of accounting for income taxes in accordance with Accounting Standards Codification ("ASC") 740, "Income Taxes"
("ASC 740"). Under this method, income tax expense is recognized as the amount of: (i) taxes payable or refundable for the
current year and (ii) future tax consequences attributable to differences between financial statement carrying amounts of existing assets
and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A
valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of available evidence it is more likely
than not that some portion or all of the deferred tax assets will not be realized.
STOCK BASED COMPENSATION
We value stock compensation based on the fair
value recognition provisions
ASC 718
,
Compensation – Stock Compensation,
which establishes accounting
for stock-based awards exchanged for employee services and requires companies to expense the estimated grant date fair value of stock
awards over the requisite employee service period.
We do not ascertain the fair value of restricted
stock awards using the Black-Scholes-Merton option pricing model.
See Note 13, Stockholders' Equity, for further details on our
stock awards.
F-
38
RECENT ACCOUNTING PRONOUNCEMENTS
On October 2, 2017, the FASB issued Accounting
Standards Update (ASU) No. 2017-13, "Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases
(Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting
and Rescission of Prior SEC Staff Announcements and Observer Comments." The ASU adds SEC paragraphs to the new revenue and leases
sections of the Codification on the announcement the SEC Observer made at the July 20, 2017 Emerging Issues Task Force (EITF) meeting.
The SEC Observer said that the SEC staff would not object if entities that are considered public business entities only because their
financial statements or financial information is required to be included in another entity's SEC filing use the effective dates
for private companies when they adopt ASC 606, Revenue from Contracts with Customers, and ASC 842, Leases. This would include entities
whose financial statements are included in another entity's SEC filing because they are significant acquirees under Rule 3-05 of
Regulation S-X, significant equity method investees under Rule 3-09 of Regulation S-X and equity method investees whose summarized financial
information is included in a registrant's financial statement notes under Rule 4-08(g) of Regulation S-X. The ASU also supersedes
certain SEC paragraphs in the Codification related to previous SEC staff announcements and moves other paragraphs, upon adoption of ASC
606 or ASC 842. The Company does not expect that the adoption of this guidance will have a material impact on its condensed consolidated
financial statements.
On November 22, 2017, the FASB ASU No. 2017-14,
"Income Statement-Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers
(Topic 606): Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release 33-10403." The ASU amends
various paragraphs in ASC 220, Income Statement - Reporting Comprehensive Income; ASC 605, Revenue Recognition; and ASC 606, Revenue From
Contracts With Customers, that contain SEC guidance. The amendments include superseding ASC 605-10-S25-1 (SAB Topic 13) as a result of
SEC Staff Accounting Bulletin No. 116 and adding ASC 606-10-S25-1 as a result of SEC Release No. 33-10403. The Company does not expect
that the adoption of this guidance will have a material impact on its condensed consolidated financial statements.
In February 2018, the FASB issued ASU No. 2018-02,
"Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income." The ASU amends ASC 220, Income Statement
- Reporting Comprehensive Income, to "allow a reclassification from accumulated other comprehensive income to retained earnings
for stranded tax effects resulting from the Tax Cuts and Jobs Act." In addition, under the ASU, an entity will be required to provide
certain disclosures regarding stranded tax effects. The ASU is effective for all entities for fiscal years beginning after December 15,
2018, and interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material
impact on its condensed consolidated financial statements.
In March 2018, the FASB issued ASU 2018-05 - Income
Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 ("ASU 2018-05"), which amends
the FASB Accounting Standards Codification and XBRL Taxonomy based on the Tax Cuts and Jobs Act (the "Act") that was signed
into law on December 22, 2017 and Staff Accounting Bulletin No. 118 ("SAB 118") that was released by the Securities and Exchange
Commission. The Act changes numerous provisions that impact U.S. corporate tax rates, business-related exclusions, and deductions and
credits and may additionally have international tax consequences for many companies that operate internationally. The Company does not
believe this guidance will have a material impact on its condensed consolidated financial statements.
In July 2018, the FASB issued ASU 2018-10, "Codification
Improvements to Topic 842, Leases." The ASU addresses 16 separate issues which include, for example, a correction to a cross reference
regarding residual value guarantees, a clarification regarding rates implicit in lease contracts, and a consolidation of the requirements
about lease classification reassessments. The guidance also addresses lessor reassessments of lease terms and purchase options, variable
lease payments that depend on an index or a rate, investment tax credits, lease terms and purchase options, transition guidance for amounts
previously recognized in business combinations, and certain transition adjustments, among others. For entities that early adopted Topic
842, the amendments are effective upon issuance of this Update, and the transition requirements are the same as those in Topic 842. For
entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition
requirements in Topic 842. The Company does not believe this guidance will have a material impact on its condensed consolidated financial
statements.
In July 2018, the FASB issued ASU 2018-11 - Leases
(Topic 842): Targeted Improvements. The ASU simplifies transition requirements and, for lessors, provides a practical expedient for the
separation of non-lease components from lease components. Specifically, the ASU provides: (1) an optional transition method that entities
can use when adopting ASC 842 and (2) a practical expedient that permits lessors to not separate non-lease components from the associated
lease component if certain conditions are met. For entities that have not adopted Topic 842 before the issuance of this Update, the effective
date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Update
2016-02. For entities that have adopted Topic 842 before the issuance of this Update, the transition and effective date of the amendments
in this Update are as follows: 1) The practical expedient may be elected either in the first reporting period following the issuance of
this Update or at the original effective date of Topic 842 for that entity. 2) The practical expedient may be applied either retrospectively
or prospectively. All entities, including early adopters, that elect the practical expedient related to separating components of a contract
in this Update must apply the expedient, by class of underlying asset, to all existing lease transactions that qualify for the expedient
at the date elected. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements.
The Company has considered all new accounting
pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial
condition, or cash flows, based on current information.
F-
39
NOTE 3 – INTANGIBLE ASSETS, NET
As of March 31, 2022 and 2021, the Company has
the following amounts related to intangible assets:
Lovarra Inc (Including CreateApp)
DataLogiq
Total
Cost as of January 1, 2022
$
1,885,330
$
19,718,391
$
21,603,721
Additions
$
-
$
-
$
-
Cost as of March 31, 2022
$
1,885,330
$
19,718,391
$
21,603,721
Amortization
Brought forward as of January 1, 2022
$
1,396,398
$
5,410,127
$
6,806,525
Charge for the period
$
31,283
$
985,920
$
1,017,203
Accumulated depreciation as of March 31, 2022
$
1,427,681
$
6,396,047
$
7,823,728
Net intangible assets as of March 31, 2022
$
457,649
$
13,322,344
$
13,779,993
Net intangible assets as of December 31, 2021
$
488,932
$
14,308,264
$
14,797,196
Amortization expense related to intangible assets
for the quarter ended March 31, 2022 and 2021 amounted to $
1,017,203
and $
677,705
, respectively.
No significant residual value is estimated for
these intangible assets.
The estimated future amortization expense of intangible
costs as of March 31, 2022 in the next five fiscal years and thereafter is as follows:
Remaining of 2022
$
3,051,608
2023
4,068,811
2024
4,068,811
2025
2,251,265
2026 and thereafter
339,498
$
13,779,993
NOTE 4 – PROPERTY AND EQUIPMENT, NET
As of March 31, 2022 and 2021, the Company has
the following amounts related to property and equipment:
Leasehold
Improvements
Computer
and Equipment
Total
Cost as of January 1, 2022
$
165,957
$
87,405
$
253,362
Additions
$
-
-
$
-
Cost as of March 31, 2022
$
165,957
$
87,405
$
253,362
Amortization
Brought forward as of January 1, 2022
$
67,271
$
32,118
$
99,389
Charge for the period
$
8,409
$
5,318
$
13,727
Accumulated depreciation as of March 31, 2022
$
75,680
$
37,436
$
113,116
Net property and equipment as of March 31, 2022
$
90,277
$
49,969
$
140,246
Net property and equipment as of December 31, 2021
$
98,686
$
55,287
$
153,973
Depreciation expense for the quarter ended March 31, 2022 and 2021
amounted to $
13,727
and $
11,641
, respectively.
F-
40
NOTE 5 – GOODWILL
As of
March 31,
As of
December 31,
2022
2021
Goodwill at cost - Push
$
4,781,208
$
4,781,208
Goodwill at cost - Fixel
296,882
296,882
Goodwill at cost - Rebel
499,836
499,836
Total
5,577,926
5,577,926
Accumulated impairment losses
$
-
$
-
Balance at end of period
$
5,577,926
$
5,577,926
Goodwill has been allocated for impairment testing
purposes to the acquisition of the assets of Push Holdings Inc.
The recoverable amount of this unit is determined
based on external valuation performed by a third-party valuation firm on March 20, 2020 as updated to December 31, 2021.
The assets were valued using a Fair Market Value
basis as defined by the Financial Accounting Standards Board (FASB ASC 820-10-20). Liabilities were taken from Push Holdings Inc Consolidated
Balance Sheet as of January 8, 2020, Fixel AI Inc Consolidated Balance Sheet as of November 2, 2020 and Rebel AI Inc Consolidated
Balance Sheet as of March 29, 2021.
NOTE 6 – ACCOUNTS RECEIVABLE
As
of
March 31,
As of
December 31,
2022
2021
Accounts receivable - gross
$
3,012,792
$
4,121,678
Allowance for doubtful debts
(
155,592
)
(
155,592
)
Accounts receivable - net
2,857,200
3,966,086
Movement in allowance for doubtful debts
Balance as at beginning of period
$
155,592
$
54,619
Provision for bad debts
-
100,973
Reversal of the provision
-
-
Balance at end of period
155,592
155,592
Age of Impaired trade receivables
Current
$
1,354,812
45.0
%
1 - 30 days
1,318,353
43.8
%
31 - 60 days
67,905
2.3
%
61-90 days
3,965
0.1
%
91 and over
267,757
8.9
%
Total
3,012,792
100.0
%
F-
41
NOTE 7 – INVESTMENT IN ASSOCIATE
On April 23, 2018, the Company participated in
the incorporation of a company in Indonesia, PT Weyland Indonesia Perkasa ("WIP'), an Indonesian limited liability company
of which the Company held a 49% equity interest with the option to purchase an additional 31% equity interest at a later date. In April
2019, the Company completed the distribution as a dividend in specie, to the Company's shareholders of record at October 12, 2018
of its 49% equity interest in WIP to Weyland AtoZPay Inc. and now holds an equitable interest of 31% in WIP.
The results of operations under brand name PAY/GOLogiq
of WIP from April 23, 2018 has not been included as the amount had been fully impaired.
The Company held a
31% unexercised option in WIP
as of December 31, 2018. Due to the continuing legal restructuring in Indonesia, all the conditions precedent had not been satisfied and
the 31% option had not been exercised as of March 31, 2022.
The Company is in the process of increasing its
equity interest in WIP to
51
% in order to consolidate the financial results of WIP on a going-forward basis.
NOTE 8 – AMOUNT DUE FROM ASSOCIATE
The amount due from associate is interest free,
unsecured with no fixed repayment terms.
The amount due from associate of $
7,243,700
has
been acquired by Lovarra as of January 27, 2022.
As of
March 31,
As of
December 31,
2022
2021
Amount due from associate
$
-
$
7,208,700
$
-
$
7,208,700
NOTE 9 – PREPAYMENTS, DEPOSIT AND OTHER RECEIVABLES
Prepayments, deposits and other receivables consist of the following:
As of
March 31,
As of
December 31,
2022
2021
Deposit
$
401,151
$
400,801
Other receivables
-
-
Prepayments
205,476
403,210
$
606,627
$
804,011
NOTE 10 – ACCRUALS AND OTHER PAYABLE
Accruals and other payable consist of the following:
As of
March 31,
As of
December 31,
2022
2021
Accruals
$
1,732,925
$
1,804,131
Other payables
-
-
$
1,732,925
$
1,804,131
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42
NOTE 11 – INCOME TAX
The United States of America
Logiq, Inc. is incorporated in the State of Delaware
in the U.S., and is subject to a gradual U.S. federal corporate income tax of
21
%. The Company generated no taxable income for the three
months ended March 31, 2022 and 2021, which, had the Company generated any taxable income, would have been subject to U.S. federal corporate
income tax rate of
21
% and
34
%, respectively.
As of
March 31,
2021
As of
December 31,
2020
U.S. statutory tax rate
21.00
%
21.00
%
Effective tax rate
21.00
%
21.00
%
As of March 31, 2022, the Company does not have
any deferred tax assets.
NOTE 12 – NOTES PAYABLE
On April 24, 2020, the Company's
subsidiary Logiq, Inc. (Nevada) formerly known as Origin8, Inc. received loan proceeds in the amount of $
503,700
(the
"PPP Loan") under the Paycheck Protection Program ("PPP") under the Coronavirus Aid, Relief and Economic Security
Act and applicable regulations (the "CARES Act").
Under the terms of the CARES Act, as amended by
the Paycheck Protection Program Flexibility Act of 2020, Logiq, Inc. (Nevada) was eligible to apply for and receive forgiveness for all
or a portion of its PPP Loan. Such forgiveness was to be determined, subject to limitations, based on the use of the loan proceeds for
certain permissible purposes as set forth in the PPP, including, but not limited to, payroll costs (as defined under the PPP) and mortgage
interest, rent or utility costs (collectively, "Qualifying Expenses") incurred during the 24 weeks subsequent to funding,
and on the maintenance of employee and compensation levels, as defined, following the funding of the PPP Loan. Logiq, Inc. (Nevada) used
the proceeds of its PPP Loan for Qualifying Expenses.
On May 20, 2021, the PPP Loan of $
503,700
was
fully forgiven by the Small Business Administration of the CARES Act.
NOTE 13 – STOCKHOLDERS' EQUITY
Common Stock
On February 25, 2020, the Company filed a certificate
of amendment (the "Certificate of Amendment") to the Company's Certificate of Incorporation, as amended, with the Secretary
of State of the State of Delaware, to effect a reverse stock split of the Company's common stock, $0.0001 par value per share ("Common
Stock"), at a rate of approximately 1-for-13 (the "Reverse Stock Split").
Upon the filing of the Certificate of Amendment,
and the resulting effectiveness of the Reverse Stock Split, every 13 outstanding shares of the Company's Common Stock were, without
any further action by the Company, or any holder thereof, combined into and automatically became 1 share of the Company's Common
Stock.
No fractional shares were issued as a result of the Reverse Stock Split. In lieu thereof, fractional shares were cancelled, and
stockholders received a cash payment in an amount equal to the fair market value of such fractional shares on the effective date. All
shares of Common Stock eliminated as a result of the Reverse Stock Split have been returned to the Company's authorized and unissued
capital stock, and the Company's capital was reduced by an amount equal to the par value of the shares of Common Stock so retired.
F-
43
The Reverse Stock Split did not change the Company's
current authorized number of shares of Common Stock or its par value. As such, the Company is authorized to issue up to
250,000,000
shares
of Common Stock, par value $
0.0001
.
Issuance of Common Stock
In the year 2021 we have below common stock issuance:
Sale of Common Stock – January 2021
On January 12, 2021, Logiq entered into a Stock
Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering,
101,694
shares
of the Company's common stock to the purchasers at an offering price of $
8.50
per share.
The offering resulted in gross proceeds of approximately
$
864,000
before deducting offering expenses. The shares of common stock were offered by the Company pursuant to a prospectus supplement
to the Company's effective shelf registration statement on Form S-3 (Registration No. 333-248069), which was initially filed with
the Securities and Exchange Commission on August 17, 2020, and was declared effective on August 26, 2020 (the "Registration Statement").
Agreement and Plan of Merger – Rebel AI, Inc.
On March 29, 2021, Logiq, RAI Acquisition Sub,
Inc., a Delaware corporation and a wholly-owned subsidiary of the Company ("Merger Sub"), Rebel AI, Inc., a Delaware corporation
("Rebel AI"), and Emmanuel Puentes, on behalf of the stockholders of Rebel AI (in such capacity, the "Stockholders'
Agent"), consummated a transaction pursuant to the terms of that certain Agreement and Plan of Merger (the "Merger Agreement")
whereby the parties effectuated a merger of Merger Sub with and into Rebel AI, and as a result, Rebel AI became a wholly-owned subsidiary
of the Company (the "Merger").
As consideration for the Merger, the Company delivered
to those persons set forth in the Merger Agreement an aggregate total cash payment of $
1,126,000
(the "Cash Consideration"),
and an aggregate number of restricted shares of the Company's common stock, par value $
0.0001
per share ("Common Stock"),
equal to
(i) (x) $7,000,000, divided by (ii) the volume weighted average closing price of the Company's Common Stock for the
twenty consecutive trading days prior to Closing (the "Stock Consideration," and together with the Cash Consideration, the
"Merger Consideration"), subject in each case to adjustment as provided in the Merger Agreement. Notwithstanding the foregoing,
pursuant to the terms of the Merger Agreement, (i) a portion of the Cash Consideration, in an amount equal to the outstanding balance
of that PPP Loan made to Rebel AI in January 2021, shall be withheld at Closing and placed into an escrow account, pending forgiveness
or repayment of the PPP Loan, as applicable, and (ii) $2,000,000 of Common Stock shall be withheld from the Stock Consideration and deposited
into an escrow account, pending release in accordance with the terms of the Merger Agreement.
On June 30, 2021, the parties entered into an
Amendment No. 1 to Agreement and Plan of Merger (the "Amendment"), pursuant to which the parties amended the Merger Agreement
to eliminate any potential reductions to the total cash purchase price payable pursuant to the Merger Agreement in the event that the
PPP Loan made to Rebel AI in January 2021 is not forgiven in full. As a result, Schedule A to the Merger Agreement was deleted and eliminated
in its entirety.
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44
Sale of Common Stock – March 2021
On March 8, 2021, Logiq entered into a Stock Purchase
Agreement with an accredited investor, pursuant to which the Company agreed to issue and sell, in a registered direct offering,
100,000
shares
of the Company's common stock, to the purchaser at an offering price of $
5.00
per share.
The offering resulted in gross proceeds of approximately
$
500,000
before deducting offering expenses. The shares were offered by the Company pursuant to a prospectus supplement to the Company's
Registration Statement.
Sale of Common Stock – April 2021
On April 15, 2021, Logiq entered into a Stock
Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering,
304,000
shares
of the Company's common stock, to the purchasers at an offering price of $
5.00
per share.
The offering resulted in gross proceeds of approximately
$
1,520,000
before deducting offering expenses. The shares were offered by the Company pursuant to a prospectus supplement to the
Company's Registration Statement.
Sale of Units in Connection With Canadian
IPO - June 2021
On June 9, 2021,
Logiq entered into an Agency
Agreement (the "Agency Agreement") with Research Capital Corporation (the "Agent") relating to the offering (the
"Offering") by the Company of a minimum of 1,666,667 units of securities (each, a "Unit"), and a maximum of 3,333,333
Units, at a price of C$3.00 per Unit (the "Offering Price"), for minimum gross proceeds of C$5,000,000, and maximum gross
proceeds of C$10,000,000. Each Unit consists of (i) one share of common stock of the Company, par value $0.0001 per share (and the Common
Stock included in a Unit being a "Unit Share"), and (ii) one Common Stock purchase warrant (each, a "Warrant"),
where each Warrant entitles the holder thereof to acquire one share of Common Stock (each, a "Warrant Share") at an exercise
price of C$3.50 per Warrant Share, subject to adjustment, at any time before the third anniversary (the "Warrant Expiry Date")
of June 17, 2021 (the "Closing Date").
In consideration for the Agent's services
to the Company in connection with the Offering, the Company agreed to pay the Agent a cash fee (the "Agent's Commission")
equal to
8.0
% of the aggregate gross proceeds of the Offering. As additional compensation, the Company also agreed to issue to the
Agent such number of non-transferrable compensation options (the "Agent Options") equal to
8.0
% of the number of Units
sold pursuant to the Offering. Each Agent Option is exercisable for one Unit (an "Agent Unit") at an exercise price of C$
3.00
until
the third anniversary of the Closing Date. Each Agent Unit consists of (i) one share of Common Stock, and (ii) one Common Stock purchase
warrant (each, an "Agent Unit Warrant"). The Agent Unit Warrants will be issued under a Warrant Indenture, and have the same
attributes as the Warrants to be comprised in the Units.
Furthermore, the Company agreed to issue
83,333
units
of securities (the "Advisory Fee Units") to the Agent as compensation for certain strategic advisory and support services
rendered. This number was determined by dividing C$
250,000
by the Offering Price. Each Advisory Fee Unit is comprised of (i)
one share of Common Stock, and (ii) one warrant exercisable to purchase one share of Common Stock at an exercise price of C$
3.50
for a
period of 36 months from the Closing Date.
Pursuant to the terms of the Agency Agreement,
the Company also agreed to grant the Agent an option (the "Over-Allotment Option"), exercisable in whole or in part, at the
sole discretion of the Agent, at any time up to 30 days following the Closing Date, to purchase from the Company: (i) up to such additional
number of Units (the "Over-Allotment Units") equal to 15% of the number of Units sold under the Offering (the "Over-Allotment
Number") at the Offering Price; (ii) up to such number of additional Warrants (the "Over-Allotment Warrants") equal
to 15% of the number of Warrants comprising the Units sold under the Offering at C$0.4898 per Over-Allotment Warrant; (iii) up to such
number of additional shares of Common Stock (the "Over-Allotment Unit Shares") equal to 15% of the number of shares of Common
Stock comprising the Units sold under the Offering at C$2.5102 per Over-Allotment Unit Share; or (iv) any combination of Over-Allotment
Units, Over-Allotment Warrants, and Over-Allotment Unit Shares, so long as the aggregate number of Over-Allotment Units, Over-Allotment
Warrants, and Over-Allotment Unit Shares does not comprise together more than what is included in the Over-Allotment Number of Over-Allotment
Units.
The Over-Allotment Option was granted to the Agent solely to cover over-allotments, if any, and for market stabilization purposes.
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45
On June 21, 2021, the Offering closed whereby
the Company sold
1,976,434
Units for aggregate gross proceeds of C$
5,929,302
before deducting offering expenses. The Company
also issued
83,333
Advisory Fee Units and
158,115
Agent Options to the Agent at the closing of the Offering. In connection
with the closing of the Offering, the Company entered into a Warrant Indenture (the "Warrant Indenture") with Odyssey Trust
Company (the "Warrant Agent"), pursuant to which the Company issued Warrants to purchase up to a maximum of
4,223,333
shares
of Common Stock. Each Warrant is exercisable at any time after June 21, 2021, and prior to June 21, 2024.
On June 21, 2021, the Company filed a prospectus
supplement (the "Resale Prospectus Supplement") to the Registration Statement. The Resale Prospectus Supplement covered the
resale of the shares of Common Stock, Warrants (and the Warrant Shares underlying the Warrants), and Agent Options sold in the Offering,
and may be used by the selling stockholders or certain of their respective assigns identified therein to resell such securities.
Overallotment-Allotment Offering –
July 2021
On July 27, 2021, the Company closed the partial
exercise of the over-allotment option granted to the Agent in connection with the Offering in Canada (the "Over-Allotment Offering"),
whereby the Company sold an additional
201,700
Units for aggregate gross proceeds of C$
605,100
before deducting offering
expenses. The Company also issued an additional
16,136
non-transferrable Agent Options to the Agent as compensation for certain
strategic advisory and support services rendered to the Company in connection with the Offering.
In connection with the Over-Allotment Offering,
on July 27, 2021, the Company filed a prospectus supplement to its shelf registration statement on Form S-3 (Registration No. 333-248069),
which was initially filed with the Commission on August 17, 2020, and was declared effective on August 26, 2020. The prospectus supplement
covers the resale of the shares of Common Stock, Warrants (and the Warrant Shares underlying the Warrants), and Agent Options sold in
the Over-Allotment Offering, and may be used by the selling stockholders or certain of their respective assigns identified therein to
resell such securities.
Conversion of promissory notes-July 2021
On July 21, 2021, the total outstanding convertible
promissory notes of $
2,911,000
, with the exception of two convertible promissory notes issued amounting to principal amount of $
30,000
,
converted their notes into shares issued as additional paid in capital.
Sale of Common stock & Warrants - August
2021
On August 6, 2021, Logiq entered into a Stock
Purchase Agreement with certain investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering,
1,668,042
shares
of the Company's common stock to the purchasers at an offering price of $
2.40
per share.
The offering resulted in gross proceeds of approximately
$
4,003,301
before deducting offering expenses. The Shares were offered by the Company pursuant to a prospectus supplement to the
Company's Registration Statement.
On August 6, 2021, the Company issued warrants
(each, a "Warrant") to purchase up to
1,668,042
shares of common stock. Each Warrant is a cash warrant and is exercisable
at any time after August 6, 2021, and prior to August 6, 2024, with an exercise price of $
2.85
per share (subject to a contractual
8
%
discount for one holder).
The Warrants were issued in reliance on the exemption
from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, to a limited number of persons who are "accredited
investors" or "sophisticated persons" as those terms are defined in Rule 501 of Regulation D promulgated by the SEC
or Regulation S thereunder, without the use of any general solicitation or advertising to market or otherwise offer the Warrants for sale.
None of the Warrants or the Common Stock underlying such Warrants have been registered under the Securities Act of 1933, as amended, or
applicable state securities laws, and none may be offered or sold in the United States absent registration under the Securities Act of
1933, as amended, or an exemption from such registration requirements.
During the period from October 1, 2021 to December
31, 2021, a total of
106,041
shares with par value of $
0.0001
per share were issued to various stockholders.
In the year 2022 we have below common stock issuance:
F-
46
Sale of Common Stock – March 2022
On March 30, 2022, Logiq, Inc., a Delaware corporation
(the "Company"), entered into a Purchase Agreement with Ionic Ventures, LLC ("Ionic"), whereby the Company has
the right, but not the obligation, to sell to Ionic, and Ionic is obligated to purchase up to in the aggregate $
40,000,000
worth of the
Company's common stock (the "Purchase Shares"), par value $
0.0001
per share ("Common Stock"). Sales of Common
Stock by the Company under the Purchase Agreement will be subject to certain limitations, and may occur from time to time, at the Company's
sole discretion, over the 24-month period commencing on March 30, 2020 (the "Primary Commencement Date").
In connection with the execution of the Purchase
Agreement, the Company is registering
2,926,000
shares of Common Stock to Ionic in connection with the purchase of $
3,000,000
in shares
of Common Stock (the "Primary Shares") in connection with the initial purchase of Common Stock under the Purchase Agreement,
which reflects an estimated value equal to the product of (A) the quotient of (y) the purchase amount (i.e., $
3,000,000
) divided by (z)
the Pre-Settlement Regular Purchase Price (defined below), multiplied by (B)
125
% (which Ionic may increase at its discretion). The "Pre-Settlement
Regular Purchase Price" is equal to
80
% of the closing price of the Common Stock on the OTCQX Market on the date immediately preceding
the Company's receipt of a purchase notice under the Purchase Agreement.
The Regular Purchase Price, which is the price
at which future shares of Common Stock sold under the Purchase Agreement will be sold at, for the Purchase Shares shall equal
97
% of the
arithmetic average of the five lowest VWAPs during the period starting on the date that Ionic receives Pre-Settlement Regular Purchase
Shares and ending on such date that the aggregate dollar volume of our common stock traded on our Principal Market equals five times the
Purchase Amount, in the aggregate, subject to a five Trading Day minimum (provided, however, that each day on which Ionic has requested
Purchase Shares which cannot be delivered to Ionic shall be excluded from such calculation). This is a forward pricing mechanism based
on an estimate and true up and as of the date of this filing, the Regular Purchase Price has yet to be calculated.
Also in connection with the execution of the Purchase
Agreement, the Company issued a Warrant to purchase
631,579
shares of Common Stock (
1.5
% of the total $
40,000,000
commitment amount) to
Ionic for no consideration as a commitment fee, and has agreed to register the shares issuable upon exercise of the Warrant. The Warrant
may be exercised for cash, but may also be exercised on a cashless exercise basis, which means the Company may not receive any proceeds
from such cashless exercise. Under the Warrant, the Company does not have the right to control the timing and amount of any Warrant exercises
by Ionic, except that there is a
9.99
% ownership limitation blocker in the Warrant. Ionic may ultimately decide to exercise all, some
or none of the Warrant.
The Company intends to register the remaining
up to $
37,000,000
worth of Common Stock under the Purchase Agreement, or any additional Primary Shares that may be issued after the date
hereof to Ionic, or any Purchase Shares which may be issuable to Ionic as a "true up" pursuant to the initial purchase described
above pursuant to a resale registration statement on Form S-1 to be filed subsequently with the Securities and Exchange Commission (the
"SEC"). The Company and Ionic entered into a Registration Rights Agreement (the "RRA") dated as of March 30, 2022,
for such purpose.
Actual sales of Common Stock to Ionic under the
Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including, among others, an
effective resale registration statement, which is a condition to the commencement of additional sales under the Purchase Agreement (each,
a "Secondary Commencement"), market conditions, the trading price of the Common Stock and determinations by the Company as
to the appropriate sources of funding for the Company and its operations.
The Company expects that any net proceeds received
by the Company from sales to Ionic under the Purchase Agreement will be used for working capital and general corporate purposes.
The purchase price of the Common Stock purchased
by the Ionic under the Purchase Agreement will be derived from prevailing market prices of the Company's Common Stock immediately
preceding the time of sale. The Company will control the timing and amount of future sales, if any, of Common Stock to Ionic. Ionic has
no right to require the Company to sell any Common Stock to it, but Ionic is obligated to make purchases as the Company directs, subject
to certain conditions.
The Purchase Agreement and the RRA each contains
certain representations, warranties, covenants, closing conditions and indemnification and termination provisions by, between and for
the benefit of the parties which are customary of transactions of this nature. Ionic may not assign or transfer its rights and obligations
under the Purchase Agreement.
The issuance of the Primary
Shares and the shares issuable upon exercise of the Warrant have been registered pursuant to the Company's effective shelf registration
statement on Form S-3 (File No. 333-259851) (the "Registration Statement"), and the related base prospectus included in the
Registration Statement dated October 8, 2021, as supplemented by a prospectus supplement to be filed on or about March 31, 2022 (the "Prospectus
Supplement"). A copy of the legal opinion of Procopio, Cory, Hargreaves & Savitch LLP as to the legality of the Primary Shares
and the legal opinion of Carter Ledyard & Milburn LLP with respect to the legality of the Warrant are filed as Exhibits 5.1 and 5.2,
respectively, attached hereto.
The foregoing is a summary
description of certain terms of the Purchase Agreement, the RRA and the Warrant and, by its nature, is incomplete. Copies of the Purchase
Agreement, RRA and Warrant are filed as Exhibits 10.1, 10.2 and 4.1, respectively, attached hereto. The foregoing descriptions of the
Purchase Agreement, the RRA and the Warrant are qualified in their entirety by reference to the full text of such exhibits.
The provisions of the
Purchase Agreement including any representations and warranties contained therein, are not for the benefit of any party other than the
parties thereto and are not intended as documents for investors and the public to obtain factual information about the current state of
affairs of the parties thereto. Rather, investors and the public should look to other disclosures contained in the Company's annual,
quarterly and current reports it may file with the SEC.
F-
47
On March 31, 2022 the Company, Battle Bridge Acquisition
Co, LLC, a company beneficially owned entirely by the Company (the "Buyer"), Section 2383 LLC, a Wyoming limited liability
company ("Seller"), Travis Phipps, an individual ("Phipps") and Robb Billy ("Billy" and, together
with Phipps, the "Founders") and Travis Phipps, as Representative, entered into an asset purchase agreement (the "Battle
Bridge Purchase Agreement") whereby the Buyer agreed to purchase from Seller and Seller agreed to sell to Buyer substantially all
of the assets of Seller which represents the "Battle Bridge Labs" business (the "Battle Bridge Assets") (collectively,
the "Transaction"). The consummation of the Transaction (the "Closing") occurred simultaneously with execution
of the Battle Bridge Purchase Agreement on March 31, 2022.
As consideration for
the Buyer's acquisition of the Battle Bridge Assets, the Company agreed to pay $
3,250,000
(the "Purchase Price") which
consisted of $
250,000
in cash (the "Cash Consideration") and the issuance of
2,912,621
shares of restricted common stock of
the Company at $
1.03
per share (the "Stock Consideration") (representing $
3,000,000
in Stock Consideration) which was the
volume weighted average price (VWAP) of the Company's Common Stock as reported by Bloomberg LP for the twenty (20) trading days
immediately prior to Closing. $
500,000
in Stock Consideration was retained by the Company at the Closing and held as partial security
to satisfy indemnification claims for a period of 12 months following the Closing.
In addition, the recipients
of the Stock Consideration agreed to sign lock-up and leak-out agreements which provide that, following a 6-month lock-period and ending
18 months after Closing, any sales of the Company's common stock by such recipients do not exceed one percent (
1
%) of the then applicable
thirty (30) day trading average volume of the Company's common stock as of such date.
During the period from January 1, 2022 to March
31, 2022, a total of
2,951,080
shares with par value of $
0.0001
per share were issued to various stockholders.
Capital Reserve
On January 9, 2020, the Company issued
35,714,285
shares
to Conversion Point Technologies Inc. as consideration for the acquisition of all the assets of Logiq, Inc. Nevada formerly known as Origin8,
Inc. incorporating Push Holdings Inc) in the amount of $
14,284,714
and represents the excess of consideration over the par value
of common stock of $
0.0001
issued.
On November 2, 2020, the Company acquired substantially
all the assets of Fixel AI Inc., a Delaware corporation ("Fixel") in exchange for
564,467
shares of the Company's
common stock. In the amount of $
5,000,000
and represents the excess of consideration over the par value of common stock of $
0.0001
issued.
In July 2019, the Company issued a total of
51,762,839
Reg
S shares to high net worth individuals and family offices in South East Asia.
During the year ended December 31, 2019, a total
of
19,311,309
shares with par value of $
0.0001
per share were issued for consultancy services received including shares issued to Senior
Management, Directors, Operational Staff, Legal Consultants, Strategy Advisors and Technology Consultants received and
58,627,601
shares
with par value of $
0.0001
per share were issued to various stockholders.
During the year ended December 31, 2020, a total
of
1,318,640
shares with par value of $
0.0001
per share were issued for consultancy services received including shares issued to Senior
Management, Directors, Operational Staff, Legal Consultants, Strategy Advisors and Technology Consultants received and
5,677,684
shares
with par value of $
0.0001
per share were issued to various stockholders.
During the period from January 1, 2022 to March
31, 2022, a total of
25,080
shares with par value of $
0.0001
per share were issued for consultancy services received.
Cancellation of Common Stock
During the three months ended March 31, 2022,
132,320
shares
of common stock par value of $
0.0001
per share, were cancelled.
Stock-Based Compensation
For the three months ended March 31, 2022 for
Logiq, Inc., a total of
132,320
shares of common stock was returned and
25,080
shares of common stock was issued for stock-based compensation
to consultants.
F-
48
NOTE 14 – (LOSS) PER SHARE
The following table sets forth the computation
of basic and diluted earnings per common share for the three months ended March 31, 2022 and 2021, respectively:
For the three months ended
March 31,
2022
2021
Numerator - basic and diluted
Net (Loss)
$
(
3,980,524
)
$
(
4,081,749
)
Denominator
Weighted average number of common shares outstanding - basic and diluted
26,367,804
16,345,439
(Loss) per common share - basic and diluted
$
(
0.1510
)
$
(
0.2497
)
NOTE 15 – COMMITMENTS AND CONTINGENCIES
Leases
The Company's current executive offices
are currently leased for $
923
per month.
Logiq Inc (Nevada) leases approximately
12,422
square
feet comprising
8,737
square feet of office space and
3,685
square feet of warehouse space in Minneapolis, Minnesota,
at a rate of $
210,000
per annum. The original lease of office space from a related party under common ownership was a
7.5
-year
lease expiring December 31, 2021.   The Company extended its lease on the primary offices with a renewal option providing for
additional lease period of twelve (12) months expiring
December 31, 2022
.
The operating lease is listed as separate
line item on Logiq, Inc. (Nevada)'s March 31, 2022 and December 31, 2021 consolidated balance sheets and represent the Group's
right to use the underlying asset for the lease term. The Group's obligations to make lease payments are also listed as a separate
line items on the Group's March 31, 2022 and December 31, 2021 consolidated balance sheets. Based on the present value of the
lease payments for the remaining lease term of the Group's existing leases, the Group recognized right-of-use assets and lease liabilities
for operating leases of approximately $
693,000
, on January 8, 2020. Operating lease right-of-use assets and liabilities commencing after
January 8, 2020 are recognized at commencement date based on the present value of lease payments over the lease term. As of March 31,
2022 and December 31, 2021, total operating right-of-use assets were $
173,803
and $
91,571
, respectively. All operating lease expense
is recognized on a straight-line basis over the lease term.
Because the rate implicit in the lease is not
readily determinable, the Group uses its incremental borrowing rate to determine the present value of the lease payments.
Information related to the Group's operating
lease liabilities are as follows:
As of
March 31,
2022
As of
December 31,
2021
Cash paid for operating lease liabilities
$
208,304
367,200
Remaining lease term
9 months
1 years
Discount rate
1.5
%
1.5
%
Future minimum lease payments under the non-cancellable
operating lease agreements are as follows:
2022
$
175,000
Less imputed interest
(
1,197
)
Total lease liability
$
173,803
F-
49
Legal proceedings
None.
NOTE 16 – SEGMENT INFORMATION
The Group has determined that it operates in two
operating and reportable business segments: DataLogiq and Lovarra (including CreateApp (Formerly known as AppLogiq). The Company determined
its reportable segments based on operating and financial reports regularly reviewed by the Company's Chief Operating Decision Maker
("CODM"), which is the Company's Chief Executive Officer ("CEO").
The DataLogiq reportable segment is comprised
of the subsidiaries' accounts of Logiq, Inc. (a Nevada Corporation), Fixel AI, Inc. and Rebel AI Inc.
The Lovarra reportable segment is comprised of
the reportable segment of the CreateApp (Formerly known as AppLogiq), which is held by the Company's majority owned subsidiary, Lovarra.
The Logiq reportable segment is not a business
segment but comprise Corporate activities.
The following table presents the segment information
for the three months ended March 31, 2022 and 2021:
For the three months ended
March 31,
2022
2021
Logiq (Delaware)
Segment operating income
$
-
$
2,441,128
Other corporate expenses, net
(
256,531
)
5,270,305
Total operating (loss) income
(
256,531
)
(
2,829,177
)
Lovarra (including CreateApp)
Segment operating income
$
3,309,017
$
-
Other corporate expenses, net
4,699,640
-
Total operating (loss)
(
1,390,623
)
-
Logiq (Nevada) incl DataLogiq
Segment operating income
$
4,796,367
$
5,639,184
Other corporate expenses, net
7,642,798
6,891,756
Total operating (loss)
(
2,846,431
)
(
1,252,572
)
Consolidated
Segment operating income
$
8,105,384
$
8,080,312
Other corporate expenses, net
12,085,908
12,162,061
Total operating (loss)
(
3,980,524
)
(
4,081,749
)
Significant Customers
No revenues from any single customer exceeded
10
% of total net revenues
for the three months ended March 31, 2022 and 2021.
NOTE 17 – GEOGRAPHICAL INFORMATION
Revenue by geographical region for the three months
ended March 31, 2022 and 2021 were as follows:
For the three months ended
March 31,
For the three months ended
March 31,
2022
%
2021
%
Southeast Asia
$
2,398,184
29.6
1,220,564
15.1
EU
1,199,092
14.8
610,282
7.6
South Korea
719,455
8.9
366,169
4.5
Africa
479,637
5.9
244,113
3.0
North America
3,309,017
40.8
5,639,184
69.8
Total revenue
$
8,105,384
100.0
$
8,080,312
100.0
F-
50
NOTE 18 – BUSINESS COMBINATION
Push Holdings Inc.
On January 8, 2020, the Company acquired substantially
all the assets of Push Holdings Inc in exchange for
35,714,285
shares of the Company's common stock. The fair value of the shares
of common stock at the close of the transaction was $
14,285,714
.
The acquisition of substantially all the assets
of Pushing Holding was accounted for as a business combination in accordance with Accounting Standards Codification Topic 805,
Business
Combinations
("ASC 805"), with the results of Logiq Inc (Nevada)'s operations included in the Company's consolidated
financial statements from January 9, 2020. Goodwill has been measured as the excess of the total consideration over the amounts assigned
to identifiable assets acquired and liabilities assumed.
During the year ended December 31, 2020, the Company,
through its wholly-owned subsidiary, Logiq Inc (Nevada) acquired substantially all of the assets of Push Holdings, Inc. The fair values
of assets acquired and liabilities assumed were as follows:
Cash and cash equivalents
$
574,572
Restricted cash
1,025,000
Accounts receivable, net
709,053
Prepaid expenses and other current assets
11,940
Property, plant and equipment
225,126
Intangible assets
8,250,000
Accounts payable
(
367,091
)
Accrued expenses and other current liabilities
(
424,094
)
Due to parent company
(
500,000
)
Goodwill
4,781,208
Net assets acquired
$
14,285,714
Fair valuation methods used for the identifiable
net assets acquired in the acquisition make use of quoted prices in active markets, discounted cash flows and risk adjusted weighted cost
of capital. The methods used in determining fair value of the intangible assets included consideration of the three traditional approaches
to value: market, income, and cost. Accordingly, after due consideration of other appropriate and generally accepted valuation methodologies,
the value of intangible assets acquired from Push has been developed primarily on the basis of the income approach. Under the income approach,
the Company evaluated revenue projections derived from the software technology and the appropriate royalty rate that Push Holdings would
have paid if Push Holdings did not own the software technology.
On the acquisition date, goodwill of $
4,781,208
and other intangible assets of $
8,250,000
were recorded. The other intangible asset identified during the acquisition is software technology,
which has a weighted average useful life of
five years
, which is management's best estimate at the time of the acquisition.
The Company incurred some accounting and legal
fees related to the acquisition of the assets of Push Holdings. The amount attributable to the Company has been included in general and
administrative expenses in the accompanying consolidated statement of operations for the three months ended March 31, 2021.
In the consolidated statements of operations,
revenues and expenses include the operations of Logiq Inc (Nevada) since January 9, 2020, which is the day after the acquisition date.
Fixel AI Inc.
On November 2, 2020, the Company acquired Fixel
AI Inc., a Delaware corporation ("Fixel") in exchange for
564,467
shares of the Company's common stock. The fair value
of the shares of common stock at the close of the transaction was $
8.86
.
On the closing date, the Company issued
564,467
restricted shares of its common stock to Fixel Stockholders, of which the shares allocated to the Fixel stockholders that are residents
of Israel ("Israel Stockholders") will be delivered to an independent third-party escrow (the "Escrow Shares"),
where (i) such shares will be released to Israel Stockholders upon each Israel Stockholder's compliance with the 104H tax ruling
issued by certain tax authorities of Israel in connection with the Merger and (ii) shares held by Founders making up approximately
20
%
of the shares issued will be held subject to offset for indemnification purposes. The Shares were issued at a trailing twenty (
20
) day
VWAP of $
8.86
per share.
F-
51
The fair values of assets acquired and liabilities
assumed were as follows:
Cash and cash equivalents
$
67,167
Restricted cash
10,229
Accounts receivable, net
29,036
Prepaid expenses and other current assets
20,963
Intangible assets
4,678,422
Accounts payable
280
Accrued expenses and other current liabilities
(
47,021
)
Deferred revenue
(
55,958
)
Goodwill
296,882
Net assets acquired
$
5,000,000
Fair valuation methods used for the identifiable
net assets acquired in the acquisition make use of quoted prices in active markets, discounted cash flows and risk adjusted weighted cost
of capital. The methods used in determining fair value of the intangible assets included consideration of the three traditional approaches
to value: market, income, and cost. Accordingly, after due consideration of other appropriate and generally accepted valuation methodologies,
the value of intangible assets acquired from Fixel has been developed primarily on the basis of the income approach. Under the income
approach, the Company evaluated revenue projections derived from the software technology and the appropriate royalty rate that Fixel would
have paid if Fixel did not own the software technology.
On the acquisition date, goodwill of $
296,882
and other intangible assets of $
4,678,422
were recorded. The other intangible asset identified during the acquisition is software technology,
which has a weighted average useful life of
five years
, which is management's best estimate at the time of the acquisition.
The Company incurred some accounting and legal
fees related to the acquisition of the assets of Fixel. The amount attributable to the Company has been included in general and administrative
expenses in the accompanying consolidated statement of operations for the three months ended March 31, 2021.
In the consolidated statements of operations,
revenues and expenses include the operations of Fixel AI, Inc. since November 3, 2020, which is the day after the acquisition date.
Rebel AI Inc.
On March 29, 2021, the Company acquired Rebel
for a total cash consideration of $
1,126,000
and in exchange for
1,032,056
shares of the Company's common stock. The fair value
of the shares of common stock at the close of the transaction was $
6.00
.
On the Closing Date, the Company issued
1,032,056
restricted shares of its common stock to Rebel Stockholders, and at a trailing twenty (
20
) day VWAP of $
6.00
per share.
Cash and cash equivalents
$
7,736
Accounts receivable, net
10,052
Prepaid expenses and other current assets
14,617
Property, plant and equipment
28,236
Intangible assets
6,789,969
Accrued expenses and other current liabilities
(
32,110
)
Goodwill
499,836
Net assets acquired
$
7,318,336
Fair valuation methods used for the identifiable
net assets acquired in the acquisition make use of quoted prices in active markets, discounted cash flows and risk adjusted weighted cost
of capital. The methods used in determining fair value of the intangible assets included consideration of the three traditional approaches
to value: market, income, and cost. Accordingly, after due consideration of other appropriate and generally accepted valuation methodologies,
the value of intangible assets acquired from Rebel has been developed primarily on the basis of the income approach. Under the income
approach, the Company evaluated revenue projections derived from the software technology and the appropriate royalty rate that Rebel would
have paid if Rebel did not own the software technology.
On the acquisition date, goodwill of $
499,836
and other intangible assets of $
6,789,969
were recorded. The other intangible asset identified during the acquisition is software
technology, which has a weighted average useful life of
five years
, which is management's best estimate at the time of the acquisition.
F-
52
The Company incurred
some accounting and legal fees related to the acquisition of the assets of Rebel. The amount attributable to the Company has been included
in general and administrative expenses in the accompanying consolidated statement of operations for the period ended March 31, 2021.
In the consolidated
statements of operations, revenues and expenses include the operations of Rebel AI, Inc. since March 29, 2021, which is the day after
the acquisition date.
Lovarra
On January 27,
2022, the Company sold substantially all the assets of CreateApp to Lovarra, a fully reporting majority owned subsidiary of the Company,
in exchange for
26,350,756
of Lovarra's common stock at a price per share of $
1.195411
(of par value $
0.001
). The fair value of
the shares of common stock at the close of the transaction was $
31,500,000
as determined by a valuation of the business. As a result
of the transaction, Lovarra became a majority owned subsidiary of the Company.
The acquisition
by Lovarra of substantially all the assets of CreateApp was accounted for as a business combination in accordance with Accounting Standards
Codification Topic 805, Business Combinations ("ASC 805"), with the results of Lovarra's operations included in the
Company's consolidated financial statements from January 1, 2022. Goodwill has been measured as the excess of the total consideration
over the amounts assigned to identifiable assets acquired and liabilities assumed.
During the period
ended March 31, 2022, Lovarra acquired substantially all of the assets of CreateApp. The fair value of assets acquired assumed were as
follows:
Intangible assets, net
$
24,000,000
Goodwill
7,500,000
Net assets acquired
31,500,000
Fair
valu
ation methods used for the identifiable net assets acquired in the acquisition make
use of quoted prices in active markets, discounted cash flows and risk adjusted weighted cost of capital. The methods used in determining
fair value of the intangible assets included consideration of the three traditional approaches to value: market, income, and cost. Accordingly,
after due consideration of other appropriate and generally accepted valuation methodologies, the value of intangible assets acquired
from Logiq, Inc. has been developed primarily on the basis of the income approach. Under the income approach, the Company evaluated revenue
projections derived from the software technology and the appropriate royalty rate that Lovarra would have paid if Lovarra did not own
the software technology.
On the acquisition
date, goodwill of $
7,500,000
and intangible assets of $
24,000,000
were recorded. The intangible asset identified during the acquisition
is software technology for CreateApp and Atoz Pay/Go platform, which has a weighted average useful life of
five years
, which is management's
best estimate at the time of the acquisition.
The CreateApp
platform enables SMBs to create a mobile app for their business without the need of technical knowledge, high investment, or background
in IT by utilizing "CreateApp," which is a platform that is offered as a Platform as a Service ("PaaS") to our
customers.
AtozPay
competes primarily with credit card and debit card service providers, banks with payment processing offerings, other offline payment options
and other electronic payment system operators. AtozGo is our PaaS platform that provides mobile payment capabilities for the local food
delivery service industry.
The Company
incurred some accounting and legal fees related to the acquisition of the assets of CreateApp. The amount attributable to the Company
has been included in general and administrative expenses in the accompanying consolidated statement of operations for the quarter ended
March 31, 2022.
In the consolidated
statements of operations, revenues and expenses include the operations of CreateApp since January 27, 2022, which is the day after the
acquisition date.
NOTE 19 – SUBSEQUENT EVENTS
None
F-
53
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution
The following table sets forth
the costs and expenses, other than underwriting discounts and commissions, to be paid by the Registrant in connection with the issuance
and distribution of the securities being registered. All amounts other than the SEC registration fees and FINRA fees are estimates.
SEC Registration Fee
$
867.68
FINRA Filing Fee
$
-
Printing Fees and Expenses*
$
-
Accounting Fees and Expenses*
$
10,000.00
Legal Fees and Expenses*
$
15,000.00
Transfer Agent and Registrar Fees
$
-
Miscellaneous Fees and Expenses*
$
1,000
Total*
$
26,867.68
*
Estimated expenses.
Item 14. Indemnification of Directors and Officers
Our Amended and Restated Bylaws,
effective January 25, 2022, as amended (the "A&R Bylaws") contains provisions that limit the liability of our directors
for monetary damages to the fullest extent permitted by Delaware law. Consequently, our directors will not be personally liable to us
or our stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for:
●
any breach of the director's duty of loyalty to us or our stockholders;
●
any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
●
any act related to unlawful stock repurchases, redemptions, or other distributions or payment of
dividends; or
●
any transaction from which the director derived an improper personal benefit.
Our A&R Bylaws provides that we are required to indemnify our directors
and officers, in each case to the fullest extent permitted by Delaware law. Our A&R Bylaws also provides that we are obligated to
advance expenses incurred by a director or officer in advance of the final disposition of any action or proceeding, and permit us to secure
insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her actions in that capacity
regardless of whether we would otherwise be permitted to indemnify him or her under the provisions of Delaware law.
The limitation of liability and indemnification provisions in our A&R
Bylaws may discourage stockholders from bringing a lawsuit against our directors and officers for breach of their fiduciary duty. They
may also reduce the likelihood of derivative litigation against our directors and officers, even though an action, if successful, might
benefit us and other stockholders. Further, a stockholder's investment may be adversely affected to the extent that we pay the costs
of settlement and damage awards against directors and officers as required by these indemnification provisions.
In addition, in the future, we may enter into indemnification agreements
with our directors and officers and other employees or agents that may contain certain indemnification and advancement rights arising
under their agreements with us. These indemnification agreements may require us, among other things, to indemnify our directors and officers
for some expenses, including attorneys' fees, judgments, fines and settlement amounts incurred by a director or officer in any action
or proceeding arising out of his or her service as one of our directors or officers, or any of our subsidiaries or any other company or
enterprise to which the person provides services at our request. We may also grant certain indemnification and advancement rights to other
employees or agents, or other persons providing services at our request that may be equivalent to, or greater or less than those indemnification
and advancement rights as set forth in our A&R Bylaws.
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The above discussion of our A&R Bylaws and Delaware law is not
intended to be exhaustive and is respectively qualified in its entirety by such A&R Bylaws and applicable Delaware law.
These indemnification provisions
and the indemnification agreements may be sufficiently broad to permit indemnification of our officers and directors for liabilities,
including reimbursement of expenses incurred, arising under the Securities Act. We have been advised that, in the opinion of the SEC,
indemnification of directors or officers for liabilities arising under the Securities Act is against public policy and, therefore, such
indemnification provisions may be unenforceable.
We maintain a general liability
insurance policy that covers certain liabilities of directors and officers of our corporation arising out of claims based on acts or omissions
in their capacities as directors or officers.
Item 15. Recent Sales of Unregistered Securities
During the year ended December
31, 2019, the Company engaged in the following sales and issuances of unregistered securities:
In between January 16, 2019
and May 10, 2019, the Company completed a private placement pursuant to which it sold 3,706,000 shares of its common stock to individuals
at a price of $0.10 per share resulting in proceeds of $370,600 to the company.
On January 28, 2019, February
12, 2019, May 6, 2019, June 5, 2019, and June 20, 2019, the Company issued 661,202 shares of its common stock to advisor for services
provided to the Company.
On February 14, 2019, the
Company issued 820,000 shares of its common stock to legal consultant in exchange for services provided to the Company; and 605,000 shares
in connection with advisory on the Myanmar initiative.
On March 12, 2019, the Company
issued 250,000 shares of its common stock to legal consultant in exchange for services provided to the Company.
On April 30, 2019, the Company
issued 250,000 shares of its common stock to financial advisor in exchange for services provided to the Company.
On May 10, 2019, the Company
issued 875,000 shares of its common stock to finder and consultant in exchange for services provided to the Company.
On June 5, 2019, the Company
issued 1,086,000 shares of its common stock to legal consultant, technology consultants and strategy consultant in exchange for services
provided to the Company.
On June 14, 2019, the Company
issued 325,500 shares of its common stock to strategy consultants and up listing consultant in exchange for services provided to the Company.
On June 14, 2019, the Company
completed a private placement pursuant to which it sold 500,000 shares of its common stock to an individual at a price of $0.20 per share
resulting in proceeds of $100,000 to the Company.
On June 20, 2019, the Company
issued 3,329,940 shares of its common stock with a two-year lock-up from the date of issuance, as part of a legal settlement. On 9 July,
2019, 3,550,000 shares of the Company's common stock were returned to treasury as part of the legal settlement.
On July 12, 2019, July 16,
2019 and July 26, 2019, the Company issued 2,545,000 shares of its common stock to consultants and up listing consultant in exchange for
services provided to the Company.
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On July 12, 2019, the Company
issued 250,000 shares of its common stock to board advisor in exchange for services provided to the Company.
On July 16, 2019, the Company
issued 447,000 shares of its common stock to legal consultants in exchange for services provided to the Company.
On July 16, 2019, the
Company completed a private placement pursuant to which it sold 500,000 shares of its common stock to an individual at a price of $0.20
per share resulting in proceeds of $100,000 to the Company.
On August 22, 2019, the Company
issued 1,450,000 shares of its common stock to strategy consultant in exchange for services provided to the Company.
On August 22, 2019, the Company
issued 666,667 shares to individual investor in advance of $100,000 investment to come in 2020.
On August 22, 2019, the Company
completed a private placement pursuant to which it sold 270,000 shares of its common stock to individuals at a price of $0.15 per share
resulting in proceeds of $40,500 to the Company.
On October 23, 2019, the Company
issued 250,000 shares of its common stock to legal consultants in exchange for services provided to the Company.
On November 13, 2019, the
Company issued 2,150,000 shares of its common stock to senior management and founder in exchange for services provided to the Company.
On November 21, 2019, the
Company issued 6,000,000 shares of its common stock to senior management, directors and operational staff in exchange for services provided
to the Company.
On November 21, 2019, the
Company issued 144,761 shares of its common stock to strategy consultants in exchange for services provided to the Company.
On December 4, 2019, the Company
completed a private placement pursuant to which it sold 40,000 shares of its common stock to an individual at the price of $0.10 per share
resulting in proceeds of $4,000 to the Company.
On December 5, 2019, the Company
issued 160,000 shares of its common stock to consultant in exchange for services provided to the Company.
On August 19, 2019 and November
15, 2019, the Company completed private placements pursuant to which it sold 45,511,676 shares of its common stock to individuals at prices
of $0.15 and $0.25 per share resulting in proceeds of $7,023,350.
On December 31, 2019, the
Company partially completed a private placement pursuant to which it sold 6,251,162.67 shares of its common stock to individuals at prices
of $$0.30 and $0.15 per share resulting in proceeds of $1,808,350 to the Company.
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During the year ended December
31, 2020, the Company engaged in the following sales and issuances of unregistered securities:
None.
During the year ended December
31, 2021, the Company engaged in the following sales and issuances of unregistered securities:
On August 6, 2021, the Company
issued warrants (each, a "Warrant") to purchase up to 1,668,042 shares of Common Stock. Each Warrant is a cash warrant and
is exercisable at any time after August 6, 2021, and prior to August 6, 2024, with an exercise price of $2.85 per share (subject to a
contractual 8% discount for one holder).
On March 29, 2021, the Company
issued 1,032,056 shares of the Company's common stock in connection with its acquisition of Rebel.
During the nine months ended
September 30, 2021, a total of 2,292,135 shares with par value of $0.0001 per share were issued for consultancy services received including
shares issued to Senior Management, Directors, Operational Staff, Legal Consultants, Strategy Advisors and Technology Consultants received,
and 6,418,707 shares with par value of $0.0001 per share were issued to various stockholders and 1,976,434 shares with par value of $0.0001
per share were issued to various stockholders of the IPO on NEO Exchange in Canada on June 21, 2021.
Subsequent to the year ended
December 31, 2021, the Company engaged in the following sales and issuances of unregistered securities:
On March 31, 2022, the Company
issued 2,912,621 shares of the Company's common stock in connection with its acquisition of the Battle Bridge Labs assets.
No underwriters were involved
in the transactions described above. All of the securities issued in the foregoing transactions were issued by the Company in reliance
upon the exemption from registration available under Section 4(a)(2) of the Securities Act, including Regulation D and/or Regulation S
promulgated thereunder, in that the transactions involved the issuance and sale of the Company's securities to financially sophisticated
individuals or entities that were aware of the Company's activities and business and financial condition, and took the securities
for investment purposes and understood the ramifications of their actions. The Company did not engage in any form of general solicitation
or general advertising in connection with the transactions. The individuals or entities represented that they were each an "accredited
investor" as defined in Regulation D at the time of issuance of the securities, and that each of such individuals or entities was
acquiring such securities for their own account and not for distribution. All certificates representing the securities issued have a legend
imprinted on them stating that the shares have not been registered under the Securities Act and cannot be transferred until properly registered
under the Securities Act or an exemption applies.
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Item 16. Exhibits and Financial Statement Schedules
(a)
Exhibits
We have filed the exhibits listed on the accompanying
Exhibit Index of this registration statement and below in this Item 16:
Exhibit
    No.
Description
    of Exhibit
2.1
Asset
    Purchase Agreement by and among Logiq, Inc. and its wholly-owned subsidiary, Origin8, Inc., Push Holdings, Inc. and ConversionPoint
    Technologies, Inc., dated as of December 16, 2019 (3)
2.2
Agreement
    and Plan of Merger by and among Fixel AI Inc., Logiq, Inc., Logiq Merger Sub, Inc., Etgar Shpivak, Hadar Shpivak and Elad Levy, dated
    as of October 30, 2020 (7)
2.3
Agreement
    and Plan of Merger by and among Logiq, Inc., RAI Acquisition Sub, Inc., Rebel AI, Inc, and Emmanuel Puentes, dated as of March 3,
    2021 (9)
2.4
Amendment
    No. 1 to Agreement and Plan of Merger, dated June 30, 2021 (13)
2.5
Master
    Distribution Agreement by and between Logiq, Inc. and Lovarra, dated December 15, 2021 (16)
2.6
Separation
    Agreement by and between Logiq, Inc. and Lovarra, dated December 15, 2021 (16)
2.7
Binding
    Letter of Intent, dated February 16, 2022 by and between Logiq, Inc., Battle Bridge Labs LLC, and Section 2383 LLC. (18)
2.8
Asset Purchase Agreement, dated March 31, 2022, by and among Logiq, Inc., Battle Bridge Acquisition Co, LLC, Section 2383 LLC, Travis Phipps and Robb Billy (19)
3.1
Certificate of Incorporation, filed November 18, 2004 (1)
3.2
Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed March 1, 2007 (4)
3.3
Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed August 2, 2011(4)
3.4
Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed January 14, 2013(4)
3.5
Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed April 10, 2013(4)
3.6
Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed May 10, 2013(4)
3.7
Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed September 18, 2013(4)
3.8
Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed December 5, 2013(4)
3.9
Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed August 5, 2015(4)
3.10
Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed February 25, 2020(4)
3.11
Certificate
    of Amendment to the Certificate of Incorporation of the Company, filed July 31, 2020 (4)
3.12
Bylaws
    (1)
3.13
First
    Amended and Restated Bylaws, dated January 25, 2022 (11)
4.2
Form
    of Warrant Indenture, dated June 21, 2021 (12)
4.3
Form
    of Warrant to Purchase Common Stock (14)
4.4
Form
    of Indenture (15)
4.5
Warrant
    to Purchase Common Stock, dated March 30, 2022. (17)
5.1**
Opinion of Procopio, Cory,
Hargreaves & Savitch LLP
10.1
Consultancy
    Service Agreement by and between the Company and Falcon Capital Partners Limited, dated June 7, 2019 (2)
10.2
Executive
    Employment Agreement with Tom Furukawa, dated as of September 1, 2020 (5)
10.3
Executive
    Employment Agreement by and between Logiq, Inc. and Steven J. Hartman, dated as of November 4, 2020 (8)
10.4
Logiq,
    Inc. 2020 Equity Incentive Plan and related form agreements (6)
10.5
Logiq,
    Inc. Amended and Restated 2020 Equity Incentive Plan and related form agreements (10)
10.6
Second
    Amended and Restated 2020 Equity Incentive Plan (11)
10.7
Transition
    Services Agreement by and between Logiq, Inc. and Lovarra, dated December 15, 2021 (16)
10.8
Tax
    Sharing Agreement by and between Logiq, Inc. and Lovarra, dated December 15, 2021 (16)
10.9
Purchase
    Agreement, dated March 30, 2022, by and between Logiq, Inc. and Ionic Ventures, LLC. (17)
10.10
Registration
    Rights Agreement, dated March 30, 2022, by and between Logiq, Inc. and Ionic Ventures, LLC.
(17)
21.1
Subsidiaries
    of the Company (18)
23.1*
Consent of Centurion ZD CPA & Co.
23.2**
Consent of Procopio, Cory, Hargreaves & Savitch
LLP (included in Exhibit 5.1)
101.INS
*
Inline XBRL Instance Document
101.SCH
*
Inline XBRL Taxonomy Extension Schema Document
101.CAL
*
Inline XBRL Taxonomy Extension Calculation Linkbase
    Document
101.DEF
*
Inline XBRL Taxonomy Extension Definition Linkbase
    Document
101.LAB
*
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
*
Inline XBRL Taxonomy Extension Presentation Linkbase
    Document
104
*
Cover Page Interactive Data File (formatted as Inline
    XBRL and contained in Exhibit 101)
107*
Calculation of Filing Fee
*
Filed herewith
**
To be filed by amendment.
(1)
Incorporated by reference to Form SB-2 of the Company filed with the Securities and Exchange Commission on September 19, 2005
(2)
Incorporated by reference to Form 10-Q of the Company filed with the Securities and Exchange Commission on November 14, 2019
(3)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on December 18, 2019
(4)
Incorporated by reference to Form 10-K of the Company filed with the Securities and Exchange Commission on March 31, 2021
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(5)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on September 4, 2020
(6)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on October 1, 2020
(7)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on November 5, 2020
(8)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on November 10, 2020
(9)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on March 5, 2021
(10)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on April 27, 2021
(11)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on January 26, 2022
(12)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on June 21, 2021
(13)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on June 30, 2021
(14)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on August 6, 2021
(15)
Incorporated by reference to Form S-3 of the Company filed with the Securities and Exchange Commission on September 28, 2021
(16)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on December 16, 2021
(17)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on March 31, 2022
(18)
Incorporated by reference to Form 10-K of the Company filed with the Securities and Exchange Commission on April 1, 2022
(19)
Incorporated by reference to Form 8-K of the Company filed with the Securities and Exchange Commission on April 6, 2022
(b) Financial Statement Schedules.
All schedules have been omitted because either
they are not required, are not applicable or the information is otherwise set forth in the financial statements and related notes thereto.
Item 17. Undertakings
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
provided, however,
that paragraphs (1)(i), (1)(ii)
and (1)(iii) do not apply if the registration statement is on Form S-1 and the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13
or 15(d) of the Exchange Act that are incorporated by reference in the registration statement.
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(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
(5)
That, for purposes
of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report
pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof..
(6)
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in
Item 14 above, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against
public policy as expressed in the Securities Act of 1993 and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York, in the State of New York, on July 18, 2022.
LOGIQ, INC.
By:
/s/ Brent Suen
Name:
Brent Suen
Title:
Chief Executive Officer, Principal Executive & Financial Officer
Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates
indicated:
Signature
Title
Date
/s/ Brent Suen
Chief Executive Officer, President, Executive Chairman & Director  (Principal Executive and Financial Officer)
July 18, 2022
Brent Suen
/s/ Lionel Choong
Chief Financial Officer, Director
July 18, 2022
Lionel Choong
(Principal Accounting Officer)
/s/ John MacNeil
Chief Operating Officer, Chief Of Staff, Director
July 18, 2022
John MacNeil
/s/ Matthew Burlage
Independent Director
July 18, 2022
Matthew Burlage
/s/ Ross O'Brien
Independent Director
July 18, 2022
Ross O'Brien
/s/ Josh Jacobs
Independent Director
July 18, 2022
Josh Jacobs
/s/ Lea Hickman
Independent Director
July 18, 2022
Lea Hickman
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