Company: CLOQ
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023402
Chunk: 18

Company: CYBERLOQ TECHNOLOGIES, INC.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 its liabilities arising from normal business operations when they come due.

Management
anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The
Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s
efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and
continue as a going concern.

NOTE
4 – SERVICES AGREEMENT

On
September 25, 2023, the Company entered into a Services Agreement with QRails, Inc to integrate the features of CyberloQ® and its
multi-factor security protocol into QRails’ processing platform. As a result of the integration, anyone who has their card processing
services through QRails will have the option to utilize the features of CyberloQ in conjunction with their card programs. The agreement
also includes the integration of CyberloQ into the card network of XTM, Inc. Under the terms of the Agreement, the Company will pay $100,000
to QRails for scoping and planning, and integration payable in two installments. The first installment was paid at signing in the amount
of $50,000 and was capitalized on the balance sheet. The second installment was paid on October 15, 2023 in the amount of $50,000. Additionally,
QRails will pay a monthly API licensing fee in the amount of $5,000 beginning October 30, 2023 and ending on April 30, 2024. During the
period ended June 30, 2024, it was determined that QRails had not and was not going to pay the $5,000 monthly fee, as a result $25,000
in bad debt was recognized.

NOTE
5 – SETTLEMENT AGREEMENT

On
February 28, 2022, the Company signed a Separation and Release of Claims Agreement with an employee, officer and director of the Company.
The terms of the agreement are as follows:

    ●
    The employee resigned from
    the Company’s Board of Directors

    ●
    The employee resigned his
    position as an officer of the Company, and his employment agreement was terminated

    ●
    The employee assigned and
    transferred 10,000 shares of preferred stock to be canceled and extinguished by the Company. A loss of $10 was recorded

    ●
    The Company will