Company: CLOQ
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009976
Chunk: 18

Company: CYBERLOQ TECHNOLOGIES, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 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 Carten v. CyberloQ Technologies,
Inc. (UNN-L-3456-22) which was related to the Separation and Release of Claims Agreement. On February 13, 2024, the litigation was dismissed
without prejudice