10-Q - CYBERLOQ TECHNOLOGIES, INC. (0001437517) (Filer)
Tue, Aug 20, 3:06 PM (153 days ago)
CyberloQ Technologies, Inc. reported its quarterly financial results for the period ending June 30, 2024, showing significant shifts in its financial health. Total assets increased to $1,502,984 from $1,458,565 at year-end 2023, driven by capitalized software development costs. However, cash reserves fell sharply to $141,512 from $307,174, reflecting ongoing liquidity challenges. Liabilities surged to $2,126,855, primarily due to a rise in convertible debt, indicating reliance on external financing. The company recorded no revenue for the quarter, maintaining a net loss of $217,987, compared to a loss of $213,727 in the same period last year. This trend reflects escalating operational costs, particularly in professional fees and officer compensation, which totaled $162,020 for the quarter. Despite an uptick in overall revenue for the six-month period to $15,000 from $993, the company remains in a precarious position, heavily reliant on securing additional capital to sustain operations. Future operations may be impacted by the necessity of raising funds amidst a backdrop of increasing operational expenses and no current revenue generation. The company has acknowledged the substantial doubt about its ability to continue as a going concern without profitable operations or additional financing.