CyberloQ Technologies, Inc. reported its financial results for the fiscal year ending December 31, 2024, revealing a net loss of $989,452, a slight improvement from the net loss of $1,026,530 in 2023. The company generated operating revenue of $15,000, a decrease from $15,993 in the previous year. The increase in net loss was attributed to a change in accounting principles related to the amortization of debt discounts, which was offset by rising interest expenses. The company's total assets rose to $1,842,701 from $1,458,565, primarily due to the capitalization of development costs for its CyberloQ platform.
The company's liabilities saw a significant increase, climbing to $2,831,229 from $1,021,359 in 2023. This rise was largely due to an increase in convertible debt, which accounted for $1,662,141 of the total liabilities. The company reported cash assets of $282,866, down from $307,174 in the prior year. CyberloQ's operational cash flow also worsened, with net cash used in operating activities increasing to $715,123 from $340,779 in 2023, driven by higher operational expenses.
In terms of strategic developments, CyberloQ Technologies has focused on enhancing its proprietary software platform, CyberloQ, which is designed for fraud prevention and credit management. The company has made significant investments in upgrading its software infrastructure to meet increased capacity demands and is pursuing SOC 2 compliance certification, expected to be achieved by the second quarter of 2025. The company currently operates with two full-time employees and has a Board of Advisors to guide its strategic direction.
Despite the challenges, CyberloQ Technologies is optimistic about its future. The company is actively seeking to raise additional capital to support its business plan and move towards profitability. The management indicated that future operational revenues will depend heavily on securing material contracts with customers. The company’s ability to compete in the market is bolstered by the unique features of its CyberloQ technology, which offers multi-factor authentication and can be adapted for various industries, including banking and healthcare.
As of December 31, 2024, CyberloQ Technologies' common stock trades on the OTC Bulletin Board under the symbol "CLOQ," with a closing price of $0.3485 per share. The company has not paid any dividends to date and does not anticipate changes to this policy in the near future. The management's focus remains on enhancing product offerings and expanding market reach while navigating the financial challenges ahead.
About CYBERLOQ TECHNOLOGIES, INC.
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