Company: CLOQ
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023402
Chunk: 19

Company: CYBERLOQ TECHNOLOGIES, INC.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 pay the
    $50,000 as a severance payment. This was paid on the date of the agreement and a loss of $18,076 was recorded

    ●
    The Company and the employee
    entered into a Common Stock Redemption Agreement by which the Company will purchase 5,400,000 shares of the Company’s common
    stock owned by the employee at $0.10 per share for a total of $540,000. The Company repurchased 500,000 for $50,000 at the date of
    the agreement and recorded a settlement liability of $490,000.

    ○
    Payments under the Common Stock Redemption Agreement
    are as follows:
  
 SCHEDULE OF COMMON STOCK REDEMPTION

    Date 
    Amount  
    Shares Redeemed 
  
    02/28/22 
    $50,000  
     500,000 
  
    09/01/22 
     163,333  
     1,633,333 
  
    03/01/23 
     163,333  
     1,633,333 
  
    09/01/23 
     163,333  
     1,633,334 
  
    9/13/22 Termination of Agreement 
    $(540,000) 
     (5,400,000)
  
    Balance as of 9/30/22 
     —  

    F-10

CyberloQ
Technologies, Inc.

NOTES
TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (unaudited)

For
the Three Months Ended March 31, 2025

On
September 1, 2022, the Company failed to make the stock redemption payment of $163,333 due under the agreement. Thereafter on September
13, 2022, as provided for by the agreement, the employee elected to declare the agreement terminated and null and void. As a result of
the termination, all of the not-yet-redeemed shares became immediately freely transferable by the employee without restriction. The Company
then released the restriction on the shares and eliminated the liabilities and shares to be redeemed on the balance sheet. On February
13, 2024, the Superior Court of New Jersey entered an order granting the request of CyberloQ Technologies, Inc., a Nevada corporation
(the “Company”) to dismiss the matter of Mark