Company: CLOQ
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009976
Chunk: 28

Company: CYBERLOQ TECHNOLOGIES, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 28
---
 certain institutional clients, where appropriate, in conjunction with CyberloQ as a value-added benefit to offer their customers.

The CyberloQ Vault is a “cloud
based’ security protocol that allows clients the ability to send/receive secure data without having to use traditional e-mail
which is prone to 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.

The Company currently has two full-time employees
— its President and Vice-President. There are no other employees of the Company at this time.

The Company also has a Board of Advisors comprised
of individuals from the banking, business development, and technical sectors to advise the Company as it moves forward with its business
strategy. The Board of Advisors does not have any decision-making authority.

 4 

Liquidity, Capital Resources and Material
Changes in Financial Condition

As of March 31, 2025, the Company’s assets
were $1,801,532 compared to $1,842,701 in assets as of December 31, 2024.

This change in the Company’s financial condition
can be primarily attributed to an increase in intangible assets of $154,972 due to the capitalization of the CyberloQ Platform, website
development and the acquisition of patents, and an increase in the Company’s prepaid expense from $6,964 to $35,484. This increase
in fixed assets was partially offset by a decrease in the Company’s cash assets to $58,270 as of March 31, 2025 as opposed to $282,866
as of December 31, 2024.

As of March 31 2025, the Company’s liabilities
were $2,925,089 compared to $2,831,229 in liabilities as of December 31, 2024. This change in the Company’s financial condition
can be primarily attributed to an increase of $20,690 in accounts payable and accrued expenses, along with an increase of $73,170 in accrued
interest.

Net cash used in operating activities for the
three-month period ending March 31, 2025, was $275,690 compared to $197,562 for 2024