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Cyberloq Technologies Inc (CLOQ0.00%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $1,842,701, an increase from $1,458,565 in the previous year. The increase is primarily due to the capitalization of the CyberloQ platform and website development.
Total liabilities increased to $2,831,229 from $1,021,359, driven by an increase in convertible debt and accrued interest.
Net cash used in operating activities was $715,123, compared to $340,779 in the previous year. The company reported a net loss of $989,452, slightly reduced from $1,026,530 in the prior year.
The company generated $15,000 in service revenue, consistent with the previous year. Operating expenses increased across all categories, with professional fees rising to $299,504 from $86,778.
Cyberloq Technologies Inc. continues to focus on its proprietary software platform, CyberloQ, which provides multi-factor authentication for fraud prevention. The company also offers TurnScor, a credit management tool.
The company is reliant on raising additional capital to continue operations and does not anticipate significant decreases in operating expenses.
Cyberloq Technologies Inc. has identified material weaknesses in its internal controls over financial reporting due to insufficient staff and lack of segregation of duties.
The company entered into a Services Agreement with QRails, Inc. to integrate CyberloQ into QRails' processing platform, but has recognized $25,000 in bad debt due to non-payment of fees.
Cyberloq Technologies Inc. has a series of convertible promissory notes with stockholders, bearing interest at 12.0% and convertible at a price of $0.02 per share.
The report highlights the company's ongoing efforts to achieve SOC 2 compliance and improve its cybersecurity measures.
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 annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.