Company: CLOQ
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009976
Chunk: 21

Company: CYBERLOQ TECHNOLOGIES, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 $32,450 

NOTE 8 – COMMITMENTS

In June 2024, the Company signed a new lease for
office space at its existing location at 4837 Swift Rd Sarasota, FL 34231 at a rate of $804 per month. This lease can be terminated
by the Company upon sixty days’ notice.

The Company has commission agreements as follows:

    ●
    An agreement with a shareholder and director of the Company stating that the executive will be entitled to a two-and-a half-percent (2.5%) commission of the gross revenue recorded by the Company for any customer contracts that are closed by the Company at the time of and during the duration of the agreement. These commissions are payable quarterly upon receipt of customer revenues.

    ●
    An agreement with two sales managers granting each manager a 1% commission on the gross revenue of the Company. These commissions are payable quarterly upon receipt of customer revenues.

NOTE 9 – RELATED PARTY TRANSACTIONS

Related Parties and Stockholders Notes Payable

The following is a summary of related party notes
payable:

 SCHEDULE OF RELATED PARTY LOANS PAYABLE

    March 31, 2025  
    December 31, 2024 

    For the Periods Ended 

    March 31, 2025  
    December 31, 2024 
  
    Notes payable – stockholders 
    $35,000  
    $35,000 
  
    Convertible debt - stockholders 
     2,236,859  
     2,236,859 
  
    Notes payable – related parties 
    $150,000  
    $150,000 

Notes Payable - Stockholders

On December 29, 2014, the Company entered into
a partially-convertible promissory note with a stockholder in the amount of $35,000. In January of 2015, the stockholder partially-exercised
its conversion option, and in May of 2016 the stockholder exercised the remainder of its conversion option. In December 2017, the remaining
unpaid principal and interest due on the note was settled in full for a $50,000 note and the Company recognized $151,324 in
gain on settlement of debt. The $50,000 note has a current principal balance of $35,000, a stated interest rate of 0%, required
payments of $