Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 15, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-170132 | |
Entity Registrant Name | CYBERLOQ TECHNOLOGIES, INC. | |
Entity Central Index Key | 0001437517 | |
Entity Tax Identification Number | 26-2118480 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 4837 Swift Road | |
Entity Address, Address Line Two | Suite 210-1 | |
Entity Address, City or Town | Sarasota | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 34231 | |
City Area Code | 612 | |
Local Phone Number | 961-4536 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CLOQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 81,254,515 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 3,369 | $ 26,741 |
Deposits and prepaids | 342,532 | 700 |
Accounts receivable | 300 | |
Total Current Assets | 346,201 | 27,441 |
Total Assets | 346,201 | 27,441 |
Current Liabilities | ||
Accounts Payable and Accrued Expenses | 58,418 | 111,340 |
Accrued interest | 21,230 | 5,524 |
Note Payable – Stockholders | 45,000 | 35,000 |
Note Payable – Related Party | 162,500 | 150,000 |
Total Current Liabilities | 287,148 | 301,864 |
Long Term Liabilities | ||
SBA Loan Payable | 34,900 | 35,600 |
Total Long Term Liabilities | 34,900 | 35,600 |
Total Liabilities | 322,048 | 337,464 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Common stock: $0.001 par value,100,000,000 shares authorized; 80,004,515 and 74,044,515 shares issued and outstanding, respectively | 80,005 | 74,045 |
Preferred Stock $0.001 per value - 30,000 shares authorized; issued and outstanding, respectively | 30 | 30 |
Shares to be Issued: 770,257 and 1,443,333 common shares respectively | 200,500 | 130,141 |
Additional Paid in Capital | 5,500,347 | 4,652,124 |
Accumulated Deficit | (5,756,729) | (5,166,362) |
Total Stockholders’ Equity | 24,153 | (310,023) |
Total Liabilities and Stockholders’ Equity | $ 346,201 | $ 27,441 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 80,004,515 | 74,044,515 |
Common stock, shares outstanding | 80,004,515 | 74,044,515 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 30,000 | 30,000 |
Common shares to be issued | 770,257 | 1,443,333 |
Statement - Consolidated Conde
Statement - Consolidated Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Total Revenue | $ 954 | $ 3,807 | $ 900 | $ 19,916 |
Operational Expense | ||||
Sales Commissions | 131 | 2,011 | ||
Professional Fees | 153,511 | 14,795 | 284,822 | 43,164 |
Research | 47,854 | 50,009 | 2,100 | |
Stock Compensation | 28,140 | 36,140 | ||
Officer’s Compensation | 67,500 | 67,500 | 202,500 | 202,500 |
Travel and Entertainment | 1,705 | 1,766 | 1,784 | |
Rent | 2,189 | 1,917 | 6,842 | 2,307 |
Depreciation | 31,338 | 92,006 | ||
Computer and Internet | 3,508 | 1,696 | 8,236 | 6,376 |
Office Supplies and Expenses | 1,635 | 646 | 5,783 | 4,134 |
Other Operating Expenses | 3,064 | 2,408 | 9,128 | 5,000 |
Bad Debt | 40,000 | 40,000 | ||
Total Operating Expenses | 279,261 | 190,145 | 569,217 | 437,522 |
Loss from Operations | (278,307) | (186,338) | (568,317) | (417,606) |
Other Income (Expense) | ||||
Interest | (5,306) | (1,092) | (15,705) | (1,092) |
SBA grant | 3,000 | |||
Loss on settlement of payables | (2,125) | (120,000) | (6,343) | (120,000) |
Total Other Income (Expenses) | (7,431) | (121,092) | (22,048) | (118,092) |
Provision for Income Taxes | ||||
Net Loss | $ (285,738) | $ (307,430) | $ (590,365) | $ (535,698) |
Loss per common share-Basic and diluted | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
Weighted Average Number of Common Shares Outstanding Basic and diluted | 75,594,515 | 73,884,515 | 73,701,182 | 71,061,182 |
Service Revenue [Member] | ||||
Revenue | ||||
Total Revenue | $ 954 | $ 3,807 | $ 900 | $ 19,916 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock Issued [Member] | Common Stock Unissued [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 68,132 | $ 307,000 | $ 30 | $ 4,148,371 | $ (4,183,091) | $ 340,442 |
Beginning balance, shares at Dec. 31, 2019 | 68,130,515 | 30,000 | ||||
Common stock issued for subscription | ||||||
Common stock issued for subscription, shares | ||||||
Common stock issued for note payable | ||||||
Common stock issued for note payable, shares | ||||||
Common stock for cash | ||||||
Common stock for cash, shares | ||||||
Common stock for officer’s fees | ||||||
Common stock for officer’s fees, shares | ||||||
Common stock subscribed | ||||||
Common stock subscribed, shares | ||||||
Proceeds from issuance of common stock | $ 1,024 | $ 65,642 | 66,666 | |||
Proceeds from issuance of common stock, shares | 1,024,000 | |||||
Common stock for services and prepaid expense | ||||||
Common stock for services and prepaid expense, shares | ||||||
Common stock for services | ||||||
Common stock for services, shares | ||||||
Common stock to be issued for services | $ 80 | $ 7,920 | 8,000 | |||
Common stock issued for services, shares | 80,000 | |||||
Stock subscription | $ 60,000 | 60,000 | ||||
Ending balance, value at Mar. 31, 2020 | $ 69,236 | $ 367,000 | $ 30 | 4,221,933 | $ (4,305,489) | 352,710 |
Ending balance, shares at Mar. 31, 2020 | 69,234,515 | 30,000 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 68,132 | $ 307,000 | $ 30 | 4,148,371 | (4,183,091) | 340,442 |
Beginning balance, shares at Dec. 31, 2019 | 68,130,515 | 30,000 | ||||
Ending balance, value at Jun. 30, 2020 | $ 71,886 | $ 102,000 | $ 30 | 4,484,283 | (4,411,361) | 246,838 |
Ending balance, shares at Jun. 30, 2020 | 71,884,515 | 30,000 | ||||
Beginning balance, value at Dec. 31, 2019 | $ 68,132 | $ 307,000 | $ 30 | 4,148,371 | (4,183,091) | 340,442 |
Beginning balance, shares at Dec. 31, 2019 | 68,130,515 | 30,000 | ||||
Net loss | (535,698) | |||||
Ending balance, value at Sep. 30, 2020 | $ 73,886 | $ 140,140 | $ 30 | 4,642,283 | (4,718,791) | 137,549 |
Ending balance, shares at Sep. 30, 2020 | 73,884,515 | 30,000 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 69,236 | $ 367,000 | $ 30 | 4,221,933 | (4,305,489) | 352,710 |
Beginning balance, shares at Mar. 31, 2020 | 69,234,515 | 30,000 | ||||
Common stock issued for subscription | $ 2,650 | $ (265,000) | 262,350 | |||
Common stock issued for subscription, shares | 2,650,000 | |||||
Net loss | (105,872) | (105,872) | ||||
Ending balance, value at Jun. 30, 2020 | $ 71,886 | $ 102,000 | $ 30 | 4,484,283 | (4,411,361) | 246,838 |
Ending balance, shares at Jun. 30, 2020 | 71,884,515 | 30,000 | ||||
Common stock issued for note payable | $ 2,000 | 158,000 | 160,000 | |||
Common stock issued for note payable, shares | 2,000,000 | |||||
Common stock for cash | $ 10,000 | 10,000 | ||||
Common stock for officer’s fees | 28,140 | 28,140 | ||||
Net loss | (307,430) | (307,430) | ||||
Ending balance, value at Sep. 30, 2020 | $ 73,886 | $ 140,140 | $ 30 | 4,642,283 | (4,718,791) | 137,549 |
Ending balance, shares at Sep. 30, 2020 | 73,884,515 | 30,000 | ||||
Common stock subscribed | $ 160 | $ (10,000) | 9,840 | |||
Common stock subscribed, shares | 160,000 | |||||
Net loss | (447,572) | (447,572) | ||||
Ending balance, value at Dec. 31, 2020 | $ 74,046 | $ 130,140 | $ 30 | 4,652,123 | (5,166,363) | (310,023) |
Ending balance, shares at Dec. 31, 2020 | 74,044,515 | 30,000 | ||||
Common stock for cash | $ 250 | 19,750 | 20,000 | |||
Common stock for cash, shares | 250,000 | |||||
Common stock for officer’s fees | $ 600 | $ (67,500) | 66,900 | |||
Common stock for officer’s fees, shares | 600,000 | |||||
Common stock subscribed | $ 1,600 | (62,640) | 70,258 | 9,218 | ||
Common stock subscribed, shares | 1,600,000 | |||||
Stock subscription | 93,000 | 93,000 | ||||
Net loss | (102,653) | (102,653) | ||||
Ending balance, value at Mar. 31, 2021 | $ 76,496 | $ 93,000 | $ 30 | 4,809,031 | (5,269,015) | (290,458) |
Ending balance, shares at Mar. 31, 2021 | 76,494,515 | 30,000 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 74,046 | $ 130,140 | $ 30 | 4,652,123 | (5,166,363) | (310,023) |
Beginning balance, shares at Dec. 31, 2020 | 74,044,515 | 30,000 | ||||
Net loss | (590,365) | |||||
Ending balance, value at Sep. 30, 2021 | $ 80,006 | $ 200,500 | $ 30 | 5,500,346 | (5,756,729) | 24,153 |
Ending balance, shares at Sep. 30, 2021 | 80,004,515 | 30,000 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 76,496 | $ 93,000 | $ 30 | 4,809,031 | (5,269,015) | (290,458) |
Beginning balance, shares at Mar. 31, 2021 | 76,494,515 | 30,000 | ||||
Common stock for cash | $ 2,050 | 207,950 | 210,000 | |||
Common stock for cash, shares | 2,050,000 | |||||
Common stock for services and prepaid expense | $ 1,000 | 429,000 | 430,000 | |||
Common stock for services and prepaid expense, shares | 1,000,000 | |||||
Common stock to be issued for services | $ 107,500 | 107,500 | ||||
Net loss | (201,975) | (201,975) | ||||
Ending balance, value at Jun. 30, 2021 | $ 79,546 | $ 200,500 | $ 30 | 5,445,983 | (5,470,990) | 255,068 |
Ending balance, shares at Jun. 30, 2021 | 79,544,515 | 30,000 | ||||
Common stock for cash | $ 435 | 49,765 | 50,200 | |||
Common stock for cash, shares | 435,000 | |||||
Common stock for services | $ 25 | 4,600 | 4,625 | |||
Common stock for services, shares | 25,000 | |||||
Net loss | (285,738) | (285,738) | ||||
Ending balance, value at Sep. 30, 2021 | $ 80,006 | $ 200,500 | $ 30 | $ 5,500,346 | $ (5,756,729) | $ 24,153 |
Ending balance, shares at Sep. 30, 2021 | 80,004,515 | 30,000 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||||||
Net loss | $ (285,738) | $ (102,653) | $ (447,572) | $ (307,430) | $ (590,365) | $ (535,698) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation | 31,338 | 92,006 | |||||
Stock Compensation | 198,168 | 36,140 | |||||
Loss on extinguishment of debt | 120,000 | ||||||
Loss on settlement of payables | 6,343 | ||||||
Bad Debt | 40,000 | 40,000 | $ 40,000 | ||||
Change in Operating Assets and Liabilities: | |||||||
Decrease (increase) in accounts receivable | (300) | ||||||
Decrease (increase) in deposits and prepaids | (700) | ||||||
Increase (decrease) in accounts payable and accrued expenses | (47,922) | 38,842 | |||||
Increase (decrease) in accrued interest | 15,706 | 1,092 | |||||
Increase (decrease) in customer prepayments | (14,589) | ||||||
Net Cash Used in Operating Activities | (418,372) | (222,907) | |||||
INVESTING ACTIVITIES | |||||||
Software | |||||||
Net cash provided by (used) in investing activities | |||||||
FINANCING ACTIVITIES | |||||||
Proceeds from Common Stock Issuance | 280,200 | 66,666 | |||||
Proceeds from Common Stock to be Issued | 93,000 | 70,000 | |||||
Repayment of Note Principal | (700) | (36,500) | |||||
Proceeds from Note Payable | 22,500 | 207,100 | |||||
Net Cash Provided by Financing Activities | 395,000 | 307,266 | |||||
Net Increase (Decrease) in Cash and Equivalents | (23,372) | 84,359 | |||||
Cash and Equivalents at Beginning of the Period | $ 26,741 | 84,995 | 26,741 | 636 | 636 | ||
Cash and Equivalents at End of the Period | $ 3,369 | $ 26,741 | $ 84,995 | 3,369 | 84,995 | $ 26,741 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Interest Paid | |||||||
Income Taxes Paid | |||||||
NON-CASH DISCLOSURES | |||||||
Common stock issued for retirement of debt | 40,000 | ||||||
Common stock issued for prepaid expense | 537,500 | ||||||
Common stock issued for accrued expense | 5,000 | ||||||
Common stock issued for accounts payable | $ 2,500 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Nature of Business CyberloQ Technologies Inc. (“CLOQ”, ‘We” or the “Company”) is a development-stage technology company focused on fraud prevention and credit management. The Company was originally incorporated as Advanced Credit Technologies, Inc. in the State of Nevada on February 25, 2008. On November 20, 2019, the Company changed its name from Advanced Credit Technologies, Inc. to CyberloQ Technologies, Inc. The Company offers a proprietary software platform branded as CyberloQ®. While previously the Company licensed CyberloQ, in the third quarter of 2017, the Company acquired the CyberloQ technology and is now the exclusive owner of CyberloQ. CyberloQ is a banking fraud prevention technology that is offered to institutional clients in order to combat fraudulent transactions and unauthorized access to customer accounts. Through the use of a customer’s smart-phone, CyberloQ uses a multi-factor authentication system to control access to a bank card, transaction type or amount, website, database or digital service. The mobile applications for CyberloQ have been built, and have been successfully integrated into the banking ecosystem. The CyberloQ Vault is a “cloud based’ security protocol that allows clients the ability to send/receive secure data without having to use traditional e-mail which is prone to a breach. This CyberloQ service uses cloud-based encryption and a secure web portal to send/receive confidential data, the sender and receiver both must have authenticated their position within the prescribed geo coordinates as well as authenticate their mobile devices prior to sending/receiving any data. Thus, rendering a hack or breach utterly useless for the encrypted data is unusable without the CyberloQ authentication component. In addition to CyberloQ, the Company offers a web-based proprietary software platform under the brand name Turnscor® which allows customers to monitor and manage their credit from the privacy of their own homes. Although individuals can sign-up for Turnscor on their own, the Company also intends to market Turnscor to certain institutional clients, where appropriate, in conjunction with CyberloQ as a value-added benefit to offer their customers. Basis of Presentation The financial statements of the Company have been prepared using the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America and the rules of the Securities and Exchange Commission. All amounts are presented in U.S. dollars. The Company has adopted a December 31 fiscal year end. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with a reading of the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the U.S. Securities and Exchange Commission. Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its wholly-owned or controlled operating subsidiaries. All intercompany accounts and transactions have been eliminated. Use of Estimates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the year reported. Actual results may differ from these estimates. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Cash and Cash Equivalents Cash equivalents are comprised of certain highly liquid investments with maturities of three months or less when purchased. The Company maintains its cash in bank deposit accounts, which at times, may exceed federally insured limits. As of September 30, 2021, and December 31, 2020, the Company had no Research and Development, Software Development Costs, and Internal Use Software Development Costs Software development costs are accounted for in accordance with ASC Topic No. 985. Software development costs are capitalized once technological feasibility of a product is established and such costs are determined to be recoverable. For products where proven technology exists, this may occur very early in the development cycle. Factors we consider in determining when technological feasibility has been established include (i) whether a proven technology exists; (ii) the quality and experience levels of the individuals developing the software; (iii) whether the software is similar to previously developed software which has used the same or similar technology; and (iv) whether the software is being developed with a proven underlying engine. Technological feasibility is evaluated on a product-by-product basis. Capitalized costs for those products that are cancelled or abandoned are charged immediately to cost of sales. The recoverability of capitalized software development costs is evaluated on the expected performance of the specific products for which the costs relate. Internal use software development costs are accounted for in accordance with ASC Topic No. 350 which requires the capitalization of certain external and internal computer software costs incurred during the application development stage. The application development stage is characterized by software design and configuration activities, coding, testing and installation. Training costs and maintenance are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. In accounting for website software development costs, we have adopted the provisions of ASC Topic No. 350. ASC Topic No. 350 provides that certain planning and training costs incurred in the development of website software be expensed as incurred, while application development stage costs are to be capitalized. During the nine months ended September 30, 2021 and 2020, we expensed $ 50,009 2,100 Fixed Assets, Intangibles and Long-Lived Assets The Company records its fixed assets at historical cost. The Company expenses maintenance and repairs as incurred. Upon disposition of fixed assets, the gross cost and accumulated depreciation are written off and the difference between the proceeds and the net book value is recorded as a gain or loss on sale of assets. The Company depreciates its fixed assets over their respective estimated useful lives ranging from three to fifteen years. The Company follows FASB ASC 360-10, “Property, Plant, and Equipment,” 321,725 no Revenue Recognition Effective January 1, 2018, the Company adopted the requirements of ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606 Revenue Recognition Policy Under ASC 606, the Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. To achieve the core principle of ASC 606, the Company performs the following steps: 1) Identify the contract(s) with a customer; 2) Identify the performance obligations in the contract; 3) Determine the transaction price; 4) Allocate the transaction price to the performance obligations in the contract; and 5) Recognize revenue when (or as) we satisfy a performance obligation. The Company derives its revenue from development, customization and user fees for the CyberloQ banking fraud technology products, including CyberloQ Vault, and from licensing fees for the TurnScor product. The revenue derived from the CyberloQ banking fraud technology products are comprised of two components. First, there is a development and customization fee paid to the Company to integrate CyberloQ with the banking institution or program manager’s ecosystem in order to add the CyberloQ authentication to the bank’s payment cards, website or digital service. This fee is customarily paid in multiple payments based upon the Company reaching certain milestones as set forth in the scope of work for each customer. Since completion of a milestone is subject to each customer’s approval, there are significant judgments involved in the determination of timing and satisfaction of performance obligations and the payments are recognized as revenue upon the completion of each milestone. Second, revenue from user fees are accrued monthly based over the number of individual card users each month. The revenue derived from CyberloQ Vault is also comprised of two components. First, there is a development and customization fee paid to the Company to build a customized cloud-based encryption and a secure web portal to send/receive confidential data. This fee is customarily paid in multiple payments based upon the Company reaching certain milestones as set forth in the scope of work for each customer. Since completion of a milestone is subject to each customer’s approval, there are significant judgments involved in the determination of timing and satisfaction of performance obligations and the payments are recognized as revenue over the completion of each milestone. Second, revenue from a monthly user fee is accrued monthly based upon the number of individual users of the product each month. License fees generated by the nonexclusive licensing of the Company’s TurnScor product are accrued monthly. As of September 30, 2021, and December 31, 2020, the Company had $ 0 Accounts Receivable The Company extends credit to customers in the normal course of business. The allowance for doubtful accounts represents the Company’s best estimate of the amount of profitable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on specific customer information, historical write-off experience and current industry and economic data. Account balances are charged off against the allowance when the Company believes that it is probable that the receivable will not be recovered. Management believes that there are no concentrations of credit risk for which an allowance has not been established. Although management believes that the allowance is adequate, it is possible that the estimated amount of cash collections with respect to accounts receivable could change. As of December 31, 2020, the Company has deemed $ 40,000 300 Fair Value Measurements For certain financial instruments, including accounts receivable, accounts payable, accrued expenses, interest payable, advances payable and notes payable, the carrying amounts approximate fair value due to their relatively short maturities. The Company has adopted FASB ASC 820-10, “Fair Value Measurements and Disclosures.” ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company did not identify any other non-recurring assets and liabilities that are required to be presented in the balance sheets at fair value in accordance with FASB ASC 815. In February 2007, the FASB issued FAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities,” “Financial Instruments.” Segment Reporting FASB ASC 280, “Segment Reporting” one Advertising Advertising costs are expensed as incurred. Advertising expense for the three-months ended September 30, 2021 and 2020 were $ 4,420 1,025 Income Taxes Deferred income taxes are provided using the liability method (in accordance with ASC 740) whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all-of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of operations. The Company is not aware of uncertain tax positions. Earnings (Loss) Per Share Earnings per share is calculated in accordance with the FASB ASC 260-10, “Earnings Per Share.” Basic earnings (loss) per share is based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. At September 30, 2021 and December 31, 2020, the Company has no The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements. Stock Based Compensation The Company adopted FASB ASC Topic 718 – Compensation – Stock Compensation (formerly SFAS 123R), which establishes the use of the fair value-based method of accounting for stock-based compensation arrangements under which compensation cost is determined using the fair value of stock-based compensation determined as of the date of grant and is recognized over the periods in which the related services are rendered. For stock-based compensation, the Company recognizes an expense in accordance with FASB ASC Topic 718 and values the equity securities based on the fair value of the security on the date of grant. Stock option and warrant awards are valued using the Black-Scholes option-pricing model, which according to ASC 820-10 is a level 3 value on the hierarchy. Black Scholes assumptions were calculated using stock price at grant date between $ 0.29 0.149 0.15 0.20 ½ year 5 163 68 Leases FASB issued ASU No. 2016-02, Leases (Topic 842) The Company has made an accounting policy election not to recognize right of use assets and lease liabilities that arise from short term leases for any class of asset. In June, 2020, the Company entered into a 12-month lease for office space at a rate of $ 426 500 639 200 In April, 2021, the Company entered into a 12-month lease for office space at a rate of $ 730 1,415 |
FIXED ASSETS
FIXED ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | NOTE 2 – FIXED ASSETS Software and computer equipment, recorded at cost, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT September 30, 2021 December 31, 2020 Software and computer equipment $ $ 736,509 Less: accumulated depreciation - (414,765 ) Impairment expense - (321,735 ) Property and equipment, net $ - $ - Depreciation expense was $ 0 92,006 |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The Company has incurred losses since Inception resulting in an accumulated deficit of $ 5,756,729 590,365 The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that could result from the outcome of this uncertainty. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 4 – STOCKHOLDERS’ EQUITY Common Stock The Company has 100,000,000 .001 During the quarter ended September 30, 2021, the Company received $ 50,200 435,000 25,000 4,625 During the quarter ended June 30, 2021, the Company received $ 210,000 2,050,000 1,000,000 430,000 107,500 250,000 During the quarter ended June 30, 2020, the Company issued 2,650,000 Preferred Stock The Company did not have any preferred stock prior to 2017. In April of 2017, the Company amended its articles of incorporation to create a new class of stock designated Series A Super Voting Preferred Stock consisting of thirty-thousand ( 30,000 0.001 30,000 |
SBA EIDL Loan
SBA EIDL Loan | 9 Months Ended |
Sep. 30, 2021 | |
Long Term Liabilities | |
SBA EIDL Loan | NOTE 5 – SBA EIDL Loan On June 9, 2020, the Company received an Economic Injury Disaster Loan from the Small Business Administration in the amount of $ 35,600 3.75 174 700 On April 30, 2020 the Company received a grant from the Small Business Administration in the amount of $ 3,000 |
COMMITMENTS
COMMITMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 6 – COMMITMENTS In June 2020, the Company entered into a 12-month lease for office space at 871 Venetia Bay Blvd Suite #202 Venice, FL 34285. The monthly rent is $ 426 500 426 639 200 In April, 2021, the Company entered into a 12-month lease for office space at 4837 Swift Rd Sarasota, FL 34231 at a rate of $ 730 685 In 2015, in conjunction with a proposed TurnScor Card platform, the Company signed Investor Royalty and Warrant Agreements with four parties. In exchange for the funds contributed by the four parties, the Company agreed to: 1. Pay the investors monthly residuals of 2.0 5 2. Pay the investors a residual in perpetuity on 2 5 3. Issue warrants to investors all of which have either been exercised or expired, except for one individual that has one unexercised warrant to purchase 250,000 0.20 November of 2020 The Company does not plan to proceed with the TurnScor Card at this time. An agreement with a shareholder and director of the Company stating that the executive will be entitled to a two-and-a half-percent (2.5%) commission of the gross revenue recorded by the Company for any customer contracts that are closed by the Company at the time of and during the duration of the agreement. These commissions are payable quarterly upon receipt of customer revenues An agreement with two sales managers granting each manager a 1 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS Issuance of Warrants/Options All warrants and options are fully vested and exercisable. The following is a summary of the warrants issued in connection with common stock: SUMMARY OF WARRANTS ISSUED AND OUTSTANDING Weighted Avg Price Weighted Avg Life January 1, 2020 250,000 $ .20 .92 Granted - Exercised - Forfeited (250,000 ) December 31, 2020 - $ Granted - Exercised - Forfeited - September 30, 2021 - $ The following is a summary of the options issued in connection with common stock: During 2016 and 2017, a director of the Company was issued two warrants to acquire a total of 1,250,000 625,000 June 19, 2018 625,000 June 28, 2019 0.20 51,592 96,643 0 0 Related Parties and Stockholders Notes Payable The following is a summary of related party notes payable: SCHEDULE OF RELATED PARTY LOANS PAYABLE For the Periods Ended September 30, 2021 December 31, 2020 Notes payable – stockholders $ 45,000 $ 35,000 Notes payable – related parties $ 162,500 $ 150,000 Notes Payable – Stockholders On April 26,2021, the Company into a promissory note with a stockholder in the amount of $ 10,000 May 1, 2023 12.5 937.50 1,250 On December 29, 2014, the Company entered into a partially-convertible promissory note with a stockholder in the amount of $ 35,000 50,000 151,324 35,000 0 5,000 5,000 the payments due have not been extended, and the Company plans to repay the notes in 2021 Notes Payable - Related Parties On November 7, 2019, the Company received a promissory note from a director in the amount of $ 30,000 0 repaid in February 2020 On March 24, 2020, the Company received a loan from a director in the amount of $ 40,000 0 June 30, 2020 2,000,000 120,000 On August 8, 2020, the Company received a promissory note from a director in the amount of $ 25,000 0 September 10, 2020 12.5 August 1, 2021 On September 9, 2020, the Company received a promissory note from a director in the amount of $ 100,000 12.5 August 1, 2021 18,750 On December 28, 2020, the Company received a promissory note from a director in the amount of $ 25,000 12.5 October 1, 2021 On September 20, 2021, the Company received a promissory note from a director in the amount of $ 12,500 0 October 20, 2021 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS On October 18, 2021, the Company issued 150,000 On October 28, 2021, the Company issued 1,100,000 110,000 The Company is not aware of any other subsequent events through the date of this filing that require disclosure or recognition in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Nature of Business | Organization and Nature of Business CyberloQ Technologies Inc. (“CLOQ”, ‘We” or the “Company”) is a development-stage technology company focused on fraud prevention and credit management. The Company was originally incorporated as Advanced Credit Technologies, Inc. in the State of Nevada on February 25, 2008. On November 20, 2019, the Company changed its name from Advanced Credit Technologies, Inc. to CyberloQ Technologies, Inc. The Company offers a proprietary software platform branded as CyberloQ®. While previously the Company licensed CyberloQ, in the third quarter of 2017, the Company acquired the CyberloQ technology and is now the exclusive owner of CyberloQ. CyberloQ is a banking fraud prevention technology that is offered to institutional clients in order to combat fraudulent transactions and unauthorized access to customer accounts. Through the use of a customer’s smart-phone, CyberloQ uses a multi-factor authentication system to control access to a bank card, transaction type or amount, website, database or digital service. The mobile applications for CyberloQ have been built, and have been successfully integrated into the banking ecosystem. The CyberloQ Vault is a “cloud based’ security protocol that allows clients the ability to send/receive secure data without having to use traditional e-mail which is prone to a breach. This CyberloQ service uses cloud-based encryption and a secure web portal to send/receive confidential data, the sender and receiver both must have authenticated their position within the prescribed geo coordinates as well as authenticate their mobile devices prior to sending/receiving any data. Thus, rendering a hack or breach utterly useless for the encrypted data is unusable without the CyberloQ authentication component. In addition to CyberloQ, the Company offers a web-based proprietary software platform under the brand name Turnscor® which allows customers to monitor and manage their credit from the privacy of their own homes. Although individuals can sign-up for Turnscor on their own, the Company also intends to market Turnscor to certain institutional clients, where appropriate, in conjunction with CyberloQ as a value-added benefit to offer their customers. |
Basis of Presentation | Basis of Presentation The financial statements of the Company have been prepared using the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America and the rules of the Securities and Exchange Commission. All amounts are presented in U.S. dollars. The Company has adopted a December 31 fiscal year end. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with a reading of the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the U.S. Securities and Exchange Commission. Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its wholly-owned or controlled operating subsidiaries. All intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the year reported. Actual results may differ from these estimates. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are comprised of certain highly liquid investments with maturities of three months or less when purchased. The Company maintains its cash in bank deposit accounts, which at times, may exceed federally insured limits. As of September 30, 2021, and December 31, 2020, the Company had no |
Research and Development, Software Development Costs, and Internal Use Software Development Costs | Research and Development, Software Development Costs, and Internal Use Software Development Costs Software development costs are accounted for in accordance with ASC Topic No. 985. Software development costs are capitalized once technological feasibility of a product is established and such costs are determined to be recoverable. For products where proven technology exists, this may occur very early in the development cycle. Factors we consider in determining when technological feasibility has been established include (i) whether a proven technology exists; (ii) the quality and experience levels of the individuals developing the software; (iii) whether the software is similar to previously developed software which has used the same or similar technology; and (iv) whether the software is being developed with a proven underlying engine. Technological feasibility is evaluated on a product-by-product basis. Capitalized costs for those products that are cancelled or abandoned are charged immediately to cost of sales. The recoverability of capitalized software development costs is evaluated on the expected performance of the specific products for which the costs relate. Internal use software development costs are accounted for in accordance with ASC Topic No. 350 which requires the capitalization of certain external and internal computer software costs incurred during the application development stage. The application development stage is characterized by software design and configuration activities, coding, testing and installation. Training costs and maintenance are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. In accounting for website software development costs, we have adopted the provisions of ASC Topic No. 350. ASC Topic No. 350 provides that certain planning and training costs incurred in the development of website software be expensed as incurred, while application development stage costs are to be capitalized. During the nine months ended September 30, 2021 and 2020, we expensed $ 50,009 2,100 |
Fixed Assets, Intangibles and Long-Lived Assets | Fixed Assets, Intangibles and Long-Lived Assets The Company records its fixed assets at historical cost. The Company expenses maintenance and repairs as incurred. Upon disposition of fixed assets, the gross cost and accumulated depreciation are written off and the difference between the proceeds and the net book value is recorded as a gain or loss on sale of assets. The Company depreciates its fixed assets over their respective estimated useful lives ranging from three to fifteen years. The Company follows FASB ASC 360-10, “Property, Plant, and Equipment,” 321,725 no |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted the requirements of ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606 Revenue Recognition Policy Under ASC 606, the Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. To achieve the core principle of ASC 606, the Company performs the following steps: 1) Identify the contract(s) with a customer; 2) Identify the performance obligations in the contract; 3) Determine the transaction price; 4) Allocate the transaction price to the performance obligations in the contract; and 5) Recognize revenue when (or as) we satisfy a performance obligation. The Company derives its revenue from development, customization and user fees for the CyberloQ banking fraud technology products, including CyberloQ Vault, and from licensing fees for the TurnScor product. The revenue derived from the CyberloQ banking fraud technology products are comprised of two components. First, there is a development and customization fee paid to the Company to integrate CyberloQ with the banking institution or program manager’s ecosystem in order to add the CyberloQ authentication to the bank’s payment cards, website or digital service. This fee is customarily paid in multiple payments based upon the Company reaching certain milestones as set forth in the scope of work for each customer. Since completion of a milestone is subject to each customer’s approval, there are significant judgments involved in the determination of timing and satisfaction of performance obligations and the payments are recognized as revenue upon the completion of each milestone. Second, revenue from user fees are accrued monthly based over the number of individual card users each month. The revenue derived from CyberloQ Vault is also comprised of two components. First, there is a development and customization fee paid to the Company to build a customized cloud-based encryption and a secure web portal to send/receive confidential data. This fee is customarily paid in multiple payments based upon the Company reaching certain milestones as set forth in the scope of work for each customer. Since completion of a milestone is subject to each customer’s approval, there are significant judgments involved in the determination of timing and satisfaction of performance obligations and the payments are recognized as revenue over the completion of each milestone. Second, revenue from a monthly user fee is accrued monthly based upon the number of individual users of the product each month. License fees generated by the nonexclusive licensing of the Company’s TurnScor product are accrued monthly. As of September 30, 2021, and December 31, 2020, the Company had $ 0 |
Accounts Receivable | Accounts Receivable The Company extends credit to customers in the normal course of business. The allowance for doubtful accounts represents the Company’s best estimate of the amount of profitable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on specific customer information, historical write-off experience and current industry and economic data. Account balances are charged off against the allowance when the Company believes that it is probable that the receivable will not be recovered. Management believes that there are no concentrations of credit risk for which an allowance has not been established. Although management believes that the allowance is adequate, it is possible that the estimated amount of cash collections with respect to accounts receivable could change. As of December 31, 2020, the Company has deemed $ 40,000 300 |
Fair Value Measurements | Fair Value Measurements For certain financial instruments, including accounts receivable, accounts payable, accrued expenses, interest payable, advances payable and notes payable, the carrying amounts approximate fair value due to their relatively short maturities. The Company has adopted FASB ASC 820-10, “Fair Value Measurements and Disclosures.” ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company did not identify any other non-recurring assets and liabilities that are required to be presented in the balance sheets at fair value in accordance with FASB ASC 815. In February 2007, the FASB issued FAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities,” “Financial Instruments.” |
Segment Reporting | Segment Reporting FASB ASC 280, “Segment Reporting” one |
Advertising | Advertising Advertising costs are expensed as incurred. Advertising expense for the three-months ended September 30, 2021 and 2020 were $ 4,420 1,025 |
Income Taxes | Income Taxes Deferred income taxes are provided using the liability method (in accordance with ASC 740) whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all-of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of operations. The Company is not aware of uncertain tax positions. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Earnings per share is calculated in accordance with the FASB ASC 260-10, “Earnings Per Share.” Basic earnings (loss) per share is based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. At September 30, 2021 and December 31, 2020, the Company has no The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements. |
Stock Based Compensation | Stock Based Compensation The Company adopted FASB ASC Topic 718 – Compensation – Stock Compensation (formerly SFAS 123R), which establishes the use of the fair value-based method of accounting for stock-based compensation arrangements under which compensation cost is determined using the fair value of stock-based compensation determined as of the date of grant and is recognized over the periods in which the related services are rendered. For stock-based compensation, the Company recognizes an expense in accordance with FASB ASC Topic 718 and values the equity securities based on the fair value of the security on the date of grant. Stock option and warrant awards are valued using the Black-Scholes option-pricing model, which according to ASC 820-10 is a level 3 value on the hierarchy. Black Scholes assumptions were calculated using stock price at grant date between $ 0.29 0.149 0.15 0.20 ½ year 5 163 68 |
Leases | Leases FASB issued ASU No. 2016-02, Leases (Topic 842) The Company has made an accounting policy election not to recognize right of use assets and lease liabilities that arise from short term leases for any class of asset. In June, 2020, the Company entered into a 12-month lease for office space at a rate of $ 426 500 639 200 In April, 2021, the Company entered into a 12-month lease for office space at a rate of $ 730 1,415 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | Software and computer equipment, recorded at cost, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT September 30, 2021 December 31, 2020 Software and computer equipment $ $ 736,509 Less: accumulated depreciation - (414,765 ) Impairment expense - (321,735 ) Property and equipment, net $ - $ - |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
SUMMARY OF WARRANTS ISSUED AND OUTSTANDING | The following is a summary of the warrants issued in connection with common stock: SUMMARY OF WARRANTS ISSUED AND OUTSTANDING Weighted Avg Price Weighted Avg Life January 1, 2020 250,000 $ .20 .92 Granted - Exercised - Forfeited (250,000 ) December 31, 2020 - $ Granted - Exercised - Forfeited - September 30, 2021 - $ |
SCHEDULE OF RELATED PARTY LOANS PAYABLE | The following is a summary of related party notes payable: SCHEDULE OF RELATED PARTY LOANS PAYABLE For the Periods Ended September 30, 2021 December 31, 2020 Notes payable – stockholders $ 45,000 $ 35,000 Notes payable – related parties $ 162,500 $ 150,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Apr. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Segment$ / shares | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||||
Cash FDIC insured amount | $ 0 | $ 0 | $ 0 | ||||||
Research and development expense | 47,854 | 50,009 | $ 2,100 | ||||||
Fixed asset and intangible assets impairment expense | 0 | 321,725 | |||||||
Contract assets | 0 | 0 | 0 | ||||||
Contract liabilities | 0 | 0 | 0 | ||||||
Bad debt | 40,000 | $ 40,000 | 40,000 | ||||||
Accounts receivable | 300 | $ 300 | |||||||
Operating segment | Segment | 1 | ||||||||
Advertising expense | 4,420 | $ 1,025 | |||||||
Warrants or option outstanding | $ 0 | $ 0 | $ 0 | $ 51,592 | |||||
Payments for rent | $ 730 | $ 639 | $ 426 | ||||||
Payments for deposits | $ 1,415 | $ 200 | $ 500 | ||||||
Stock Option and Warrant Awards [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Volatility, minimum | 163.00% | ||||||||
Volatility, maximum | 68.00% | ||||||||
Stock Option and Warrant Awards [Member] | Minimum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Stock price | $ / shares | $ 0.29 | $ 0.29 | |||||||
Exercise prices | $ / shares | 0.15 | $ 0.15 | |||||||
Life expectancy | 6 months | ||||||||
Stock Option and Warrant Awards [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Stock price | $ / shares | 0.149 | $ 0.149 | |||||||
Exercise prices | $ / shares | $ 0.20 | $ 0.20 | |||||||
Life expectancy | 5 years |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Software and computer equipment | $ 736,509 | |
Less: accumulated depreciation | (414,765) | |
Impairment expense | (321,735) | |
Property and equipment, net |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 0 | $ 92,006 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Accumulated deficit | $ 5,756,729 | $ 5,166,362 | $ 5,756,729 | |||||
Net loss | $ 285,738 | $ 201,975 | $ 102,653 | $ 447,572 | $ 307,430 | $ 105,872 | $ 590,365 | $ 535,698 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2017 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Common stock shares authorized | 100,000,000 | 100,000,000 | |||||
Common stock par value | $ 0.001 | $ 0.001 | |||||
Number of common shares issued during period, value | $ 66,666 | ||||||
Stock issued for services, value | $ 107,500 | $ 8,000 | |||||
Preferred stock, shares authorized | 30,000 | 30,000 | |||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||
Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued for services, shares | 25,000 | 1,000,000 | |||||
Stock issued for services, value | $ 4,625 | $ 430,000 | |||||
Series A Preferred Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Preferred stock, voting rights | The Company did not have any preferred stock prior to 2017. In April of 2017, the Company amended its articles of incorporation to create a new class of stock designated Series A Super Voting Preferred Stock consisting of thirty-thousand (30,000) shares at par value of $0.001 per share. Certain rights, preferences, privileges and restrictions were established for the Series A Preferred Stock as follows: (a) the amount to be represented in stated capital at all times for each share of Series A Preferred Stock shall be its par value of $0.001 per share; (b) except as otherwise required by law, holders of shares of Series A Preferred Stock shall vote together with the common stock as a single class and the holders of Series A Preferred Stock shall be entitled to five-thousand (5,000) votes per share of Series A Preferred Stock; and (c) in the event of any liquidation, dissolution or winding-up of the Company, either voluntary or involuntary, the holders of the Series A Preferred Stock shall be entitled to receive, prior and in preference to any distribution of assets of the Corporation to the holders of the common stock, the original purchase price paid for the Series A Preferred Stock | ||||||
Preferred stock, shares authorized | 30,000 | ||||||
Preferred stock, par value | $ 0.001 | ||||||
Preferred stock, shares issued | 30,000 | ||||||
Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Number of common shares issued during period, value | $ 50,200 | $ 210,000 | |||||
Number of common shares issued during period | 435,000 | 2,050,000 | |||||
Shares To Be Issued [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued for services, shares | 250,000 | 2,650,000 | |||||
Stock issued for services, value | $ 107,500 |
SBA EIDL Loan (Details Narrativ
SBA EIDL Loan (Details Narrative) - USD ($) | Jun. 09, 2020 | Apr. 30, 2020 | Apr. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Short-term Debt [Line Items] | |||||||||
Payments for rent | $ 730 | $ 639 | $ 426 | ||||||
Repayment of debt | $ 700 | $ 36,500 | |||||||
Company received a grant amount | $ 3,000 | ||||||||
Small Business Administration [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Company received a grant amount | $ 3,000 | ||||||||
Small Business Administration [Member] | Economic Injury Disaster Loan [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
SBA loan payable | $ 35,600 | ||||||||
Loan interest rate | 3.75% | ||||||||
Payments for rent | $ 174 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | |
Product Liability Contingency [Line Items] | ||||
Rent expense, monthly | $ 730 | $ 639 | $ 426 | |
Deposit paid | 1,415 | $ 200 | $ 500 | |
Warrant [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Common stock purchase warrants, shares | 250,000 | |||
Exercise price | $ 0.20 | |||
Warrant expiry description | November of 2020 | |||
Minimum [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Investors monthly residuals | 2.00% | |||
Maximum [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Investors monthly residuals | 5.00% | |||
Sub Platform Revenue [Member] | Minimum [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Investors monthly residuals | 2.00% | |||
Sub Platform Revenue [Member] | Maximum [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Investors monthly residuals | 5.00% | |||
Office Space [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Rent expense, monthly | 730 | |||
Deposit paid | $ 685 | |||
Commission Agreements [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Commission agreements description | An agreement with a shareholder and director of the Company stating that the executive will be entitled to a two-and-a half-percent (2.5%) commission of the gross revenue recorded by the Company for any customer contracts that are closed by the Company at the time of and during the duration of the agreement. These commissions are payable quarterly upon receipt of customer revenues | |||
Commission Agreements [Member] | Two Sales Managers [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Gross revenue commissions, percentage | 1.00% |
SUMMARY OF WARRANTS ISSUED AND
SUMMARY OF WARRANTS ISSUED AND OUTSTANDING (Details) - Warrant [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Number of Shares Subject to Warrants, Outstanding, ending balance | 250,000 | |
Weighted Avg Price, outstanding, beginning balance | $ 0.20 | |
Weighted Avg Life Warrants Outstanding, Beginning | 11 months 1 day | |
Number of Shares Subject to Warrants Outstanding, Granted | ||
Number of Shares Subject to Warrants Outstanding, Exercised | ||
Number of Shares Subject to Warrants Outstanding, Forfeited | (250,000) | |
Number of Shares Subject to Warrants, Outstanding, ending balance |
SCHEDULE OF RELATED PARTY LOANS
SCHEDULE OF RELATED PARTY LOANS PAYABLE (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Notes payable - stockholders | $ 45,000 | $ 35,000 |
Notes payable - related parties | $ 162,500 | $ 150,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | May 01, 2022 | Sep. 20, 2021 | Dec. 28, 2020 | Sep. 09, 2020 | Aug. 08, 2020 | Jul. 07, 2020 | Mar. 24, 2020 | Nov. 07, 2019 | Aug. 10, 2019 | Jun. 10, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | Apr. 26, 2021 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 29, 2014 |
Class of Warrant or Right [Line Items] | |||||||||||||||||||
Warrants to acquire shares | 1,250,000 | 1,250,000 | |||||||||||||||||
Warrants | $ 0 | $ 0 | $ 51,592 | ||||||||||||||||
Warrants revalued | $ 96,643 | ||||||||||||||||||
Stock based compensation | 198,168 | $ 36,140 | |||||||||||||||||
Promissory notes | 45,000 | $ 35,000 | |||||||||||||||||
Debt maturity date | Sep. 10, 2020 | Jun. 30, 2020 | |||||||||||||||||
Debt interest percentage | 12.50% | 0.00% | 0.00% | 0.00% | |||||||||||||||
Gain of settlement of debt | $ 120,000 | (120,000) | |||||||||||||||||
Repayments of debt | $ 5,000 | $ 5,000 | |||||||||||||||||
Proceeds from notes payable | $ 100,000 | $ 25,000 | $ 40,000 | $ 30,000 | 22,500 | $ 207,100 | |||||||||||||
Debt repayment, description | repaid in February 2020 | ||||||||||||||||||
Number of shares issued to retire loan | 2,000,000 | ||||||||||||||||||
Payment of monthly charges | $ 18,750 | ||||||||||||||||||
Promissory Note [Member] | |||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||
Debt maturity date | Oct. 20, 2021 | Oct. 1, 2021 | Aug. 1, 2021 | ||||||||||||||||
Debt interest percentage | 0.00% | 12.50% | 12.50% | ||||||||||||||||
Proceeds from notes payable | $ 12,500 | $ 25,000 | |||||||||||||||||
Notes Payable to Stockholders [Member] | |||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||
Promissory notes | $ 10,000 | ||||||||||||||||||
Debt interest percentage | 12.50% | ||||||||||||||||||
Notes Payable to Stockholders [Member] | Subsequent Event [Member] | |||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||
Debt Instrument, Description | the Company into a promissory note with a stockholder in the amount of $10,000 with a maturity date of May 1, 2023. The note bears interest of 12.5% computed on a 365-day year. The Company is required to begin making monthly payments in the amount of $937.50 on May 1, 2022, continuing through April 1, 2023. The Company may prepay the note on or before May 1, 2022 by paying a prepayment penalty of $1,250 | ||||||||||||||||||
Debt maturity date | May 1, 2023 | ||||||||||||||||||
Monthly payment of debt | $ 937.50 | ||||||||||||||||||
Penaly prepayment | $ 1,250 | ||||||||||||||||||
Loan Payable To Stock Holders [Member] | |||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||
Debt interest percentage | 0.00% | ||||||||||||||||||
Convertible promissory notes | $ 35,000 | $ 35,000 | |||||||||||||||||
Settlement of notes payable | $ 50,000 | ||||||||||||||||||
Gain of settlement of debt | $ 151,324 | ||||||||||||||||||
Debt instrument, extended due date | the payments due have not been extended, and the Company plans to repay the notes in 2021 | ||||||||||||||||||
Independent Contractor [Member] | Option Amendment Agreement [Member] | |||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||
Stock based compensation | $ 0 | $ 0 | |||||||||||||||||
Warrant 1 [Member] | |||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||
Warrants to acquire shares | 625,000 | 625,000 | |||||||||||||||||
Warrants, maturity date | Jun. 19, 2018 | Jun. 19, 2018 | |||||||||||||||||
Price per share | $ 0.20 | $ 0.20 | |||||||||||||||||
Other Warrant [Member] | |||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||
Warrants to acquire shares | 625,000 | 625,000 | |||||||||||||||||
Warrants, maturity date | Jun. 28, 2019 | Jun. 28, 2019 | |||||||||||||||||
Price per share | $ 0.20 | $ 0.20 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Oct. 28, 2021 | Oct. 18, 2021 | Mar. 31, 2020 |
Subsequent Event [Line Items] | |||
Fair value of shares issued | $ 66,666 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of common shares issued to consultant as compensation | 150,000 | ||
Number of common shares issued | 1,100,000 | ||
Fair value of shares issued | $ 110,000 |