Company: CLOQ
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009976
Chunk: 8

Company: CYBERLOQ TECHNOLOGIES, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 a breach. This CyberloQ service uses cloud-based encryption and a secure web portal to send/receive confidential data, the sender and
receiver both must have authenticated their position within the prescribed geo coordinates as well as authenticate their mobile devices
prior to sending/receiving any data. Thus, rendering a hack or breach utterly useless for the encrypted data is unusable without the CyberloQ
authentication component.

In addition to CyberloQ, the Company offers a
web-based proprietary software platform under the brand name Turnscor® which allows customers to monitor and manage
their credit from the privacy of their own homes. Although individuals can sign-up for Turnscor on their own, the Company also intends
to market Turnscor to certain institutional clients, where appropriate, in conjunction with CyberloQ as a value-added benefit to offer
their customers.

Basis of Presentation

The financial statements of the Company have been
prepared using the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America
and the rules of the Securities and Exchange Commission. All amounts are presented in U.S. dollars. The Company has adopted a December
31 fiscal year end.

Certain information and note disclosures normally
included in our annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or
omitted. These consolidated financial statements should be read in conjunction with a reading of the financial statements and notes thereto
included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the U.S. Securities and Exchange
Commission.

Principles of Consolidation – The consolidated
financial statements include the accounts of the Company and its wholly-owned or controlled operating subsidiaries. All intercompany accounts
and transactions have been eliminated.

Use of Estimates

In preparing these financial statements, management
makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses
during the year reported. Actual results may differ from these estimates. The Company bases its estimates and assumptions on current facts,
historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the
basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily
apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s
estimates. To the extent there are material differences between the estimates and the actual results