Company: CLOQ
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009976
Chunk: 15

Company: CYBERLOQ TECHNOLOGIES, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 15
---
 obtained
thereby were used to purchase common stock at the average market price during the period.

At March 31, 2025 and
December 31, 2024, the Company has no warrants outstanding, 10,000,000 options outstanding, but none of them have vested, are
not exercisable and therefore not included, and had 99,842,927 and 99,842,927 convertible debt shares irrespectively
that could have been exercised and could have been dilutive to the existing number of shares issued and outstanding. The convertible debt
shares were not included in the weighted average shares outstanding as they were anti-dilutive.

The computation of earnings
per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements.

Stock Based Compensation

The Company adopted FASB
ASC Topic 718 – Compensation – Stock Compensation (formerly SFAS 123R), which establishes the use of the fair value-based
method of accounting for stock-based compensation arrangements under which compensation cost is determined using the fair value of stock-based
compensation determined as of the date of grant and is recognized over the periods in which the related services are rendered. For stock-based
compensation, the Company recognizes an expense in accordance with FASB ASC Topic 718 and values the equity securities based on the fair
value of the security on the date of grant. Stock option and warrant awards are valued using the Black-Scholes option-pricing model, which
according to ASC 820-10 is a level 3 value on the hierarchy.

Leases

FASB issued ASU No. 2016-02, Leases (Topic
842), which establishes a comprehensive new lease accounting model. The new standard: (a) clarifies the definition of a lease; (b)
requires a dual approach to lease classification similar to current lease classifications; and, (c) causes lessees to recognize leases
on the balance sheet as a lease liability with a corresponding right-of-use asset for leases. The standard became effective for calendar
years beginning after December 15, 2018.

The Company has made an accounting policy election
not to recognize right of use assets and lease liabilities that arise from short term leases for any class of asset.

NOTE 2 – INTANGIBLE ASSETS

Software, website and patents, recorded at cost,
consisted of the following:

 SCHEDULE OF SOFTWARE AND COMPUTER EQUIPMENT