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Cyberloq Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements showing the company's assets at $1,670,307, an increase from $1,458,565 as of December 31, 2023. This increase is primarily due to the capitalization of the Cyberloq Platform and website development.
The company reported liabilities of $2,495,078, up from $1,021,359 at the end of 2023. This increase is largely attributed to a rise in convertible debt.
Cyberloq Technologies recorded a net loss of $680,694 for the nine months ended September 30, 2024, compared to a net loss of $652,936 for the same period in 2023.
Revenue for the nine-month period was $15,000, compared to $993 for the same period in the previous year. The company remains reliant on raising additional capital to continue operations.
Operating expenses increased to $517,419 for the nine months ended September 30, 2024, compared to $272,596 for the same period in 2023. The increase is mainly due to higher professional fees related to software development costs.
Cyberloq Technologies continues to focus on its proprietary software platform CyberloQ®, aimed at preventing fraud and managing credit.
The company has two full-time employees and is supported by a Board of Advisors from various sectors to guide its business strategy.
The filing also notes that the company is not currently a party to any legal proceedings and is not in default on any financing arrangements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cyberloq Technologies Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.