CyberloQ Technologies, Inc. (CLOQ) reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which specializes in fraud prevention and credit management technology, experienced a notable increase in revenue, reporting total revenue of $15,000 for the three and nine months ended September 30, 2024, compared to just $993 for the same periods in 2023. This substantial growth in revenue reflects the company's ongoing efforts to enhance its proprietary CyberloQ® technology and expand its market presence.

Despite the increase in revenue, CyberloQ faced rising operating expenses, which totaled $144,365 for the three months ended September 30, 2024, up from $81,422 in the prior year. For the nine-month period, operating expenses rose to $517,419 from $272,596 in 2023. As a result, the company reported a loss from operations of $(144,365) for the third quarter of 2024, compared to $(81,422) in the same quarter of 2023. The net loss for the quarter was $(215,900), a decrease from $(282,697) in the previous year, indicating a slight improvement in overall financial performance despite higher expenses.

For the nine months ended September 30, 2024, CyberloQ recorded a net loss of $(680,694), compared to $(652,936) for the same period in 2023. The net cash used in operating activities also increased to $(461,784) from $(262,541) year-over-year. The company raised $125,000 from the sale of common stock during the nine months ended September 30, 2024, compared to $79,250 in the prior year.

As of September 30, 2024, CyberloQ's total assets increased to $1,670,307 from $1,458,565 at the end of 2023. However, total liabilities surged to $2,495,078, up from $1,021,359, resulting in total stockholders’ equity dropping to $(824,771) from $437,206. The company reported a decrease in cash, with $190,155 as of September 30, 2024, down from $307,174 at the end of 2023.

In terms of strategic developments, CyberloQ capitalized $335,894 in development costs for its CyberloQ platform during the nine months ended September 30, 2024, a decrease from $549,977 in the same period in 2023. The company did not incur any research and development expenses during this period. Additionally, CyberloQ continues to utilize its proprietary software, which includes multi-factor authentication and cloud-based security protocols, to enhance its offerings in the fraud prevention sector.