Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 26,447,545 | ||
Entity Common Stock, Shares Outstanding | 91,003,216 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Fruci & Associates II, PLLC | ||
Auditor Firm ID | 5525 | ||
Auditor Location | Spokane, Washington |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 54,295 | $ 26,741 |
Deposits and prepaids | 210,208 | 700 |
Total Current Assets | 264,503 | 27,441 |
Total Assets | 264,503 | 27,441 |
Current Liabilities | ||
Accounts Payable and Accrued Expenses | 43,560 | 111,340 |
Accrued interest | 26,420 | 5,524 |
Loans Payable – Stockholders | 45,000 | 35,000 |
Loans Payable–Related Party | 150,000 | 150,000 |
Total Current Liabilities | 264,980 | 301,864 |
Long Term Liabilities | ||
SBA Loan Payable | 34,550 | 35,600 |
Total Long Term Liabilities | 34,550 | |
Total Liabilities | 299,530 | 337,464 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Common stock: $0.001 par value,100,000,000 shares authorized; 82,754,515 and 74,044,515 shares issued and outstanding, respectively | 82,755 | 74,045 |
Preferred Stock $0.001 per value - 30,000 shares authorized; issued and outstanding, respectively | 30 | 30 |
Shares to be Issued:8,200,000 and 1,443,333 common shares, respectively | 392,900 | 130,141 |
Additional Paid in Capital | 5,743,362 | 4,652,124 |
Accumulated Deficit | (6,254,074) | (5,166,362) |
Total Stockholders’ Equity | (35,027) | (310,023) |
Total Liabilities and Stockholders’ Equity | $ 264,503 | $ 27,441 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 82,754,515 | 74,044,515 |
Common stock, shares outstanding | 82,754,515 | 74,044,515 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 30,000 | 30,000 |
Preferred stock, shares issued | 30,000 | 30,000 |
Preferred stock, shares outstanding | 30,000 | 30,000 |
Common shares to be issued | 8,200,000 | 1,443,333 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | ||
Total Revenue | $ 197 | $ 19,944 |
Operating Expenses | ||
Sales Commissions | 2,011 | |
Professional Fees | 468,449 | 56,483 |
Research | 180,063 | 2,100 |
Officer’s Compensation | 370,400 | 306,140 |
Travel and Entertainment | 1,766 | 1,785 |
Rent | 9,031 | 3,585 |
Depreciation | 122,675 | |
Computer and Internet | 10,859 | 7,759 |
Office Supplies and Expenses | 6,608 | 4,369 |
Bad Debt | 40,000 | |
Software Impairment | 321,735 | |
Other Operating Expenses | 13,494 | 12,049 |
Total Operating Expenses | 1,060,670 | 880,691 |
Loss from Operations | (1,060,473) | (860,747) |
Other Income (Expense) | ||
Interest | (20,896) | (5,524) |
SBA Grant | 3,000 | |
Loss on extinguishment of debt | (120,000) | |
Loss on settlement of payables | (6,343) | |
Total Other Income (Expense) | (27,239) | (122,524) |
Provision for Income Taxes | ||
Net Loss | $ (1,087,712) | $ (983,271) |
Loss per common share-Basic and diluted | $ (0.01) | $ (0.01) |
Weighted Average Number of Common Shares Outstanding Basic and diluted | 78,428,682 | 71,767,015 |
Service Revenue [Member] | ||
Revenue | ||
Total Revenue | $ 197 | $ 19,944 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity (Deficit) - 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 | ||||
Proceeds from Issuance of Common Stock | $ 1,184 | 75,482 | 76,666 | |||
Proceeds from Issuance of Common Stock, shares | 1,184,000 | |||||
Common stock issued for services | $ 80 | 7,920 | 8,000 | |||
Common stock issued for services, shares | 80,000 | |||||
Common stock issued for stock subscription | $ 2,650 | (205,000) | 262,350 | 60,000 | ||
Common stock issued for stock subscription, shares | 2,650,000 | |||||
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 officers’ fees | 28,140 | 28,140 | ||||
Net loss for period ended December 31, 2021 | (983,271) | (983,271) | ||||
Ending balance, value at Dec. 31, 2020 | $ 74,046 | $ 130,140 | $ 30 | 4,652,123 | (5,166,362) | (310,023) |
Ending balance, shares at Dec. 31, 2020 | 74,044,515 | 30,000 | ||||
Proceeds from Issuance of Common Stock | $ 5,335 | $ 100,000 | 484,865 | $ 590,200 | ||
Proceeds from Issuance of Common Stock, shares | 5,335,000 | 8,000,000 | ||||
Common stock issued for services | $ 1,175 | 469,215 | $ 470,390 | |||
Common stock issued for services, shares | 1,175,000 | |||||
Common stock issued for stock subscription | $ 1,600 | (62,640) | 70,258 | 9,218 | ||
Common stock issued for stock subscription, shares | 1,600,000 | |||||
Common stock for officers’ fees | $ 600 | (67,500) | 66,900 | |||
Common stock for officers’ fees, shares | 600,000 | |||||
Common stock to be issued for services | 107,500 | 107,500 | ||||
Stock subscription | 93,000 | 93,000 | ||||
Common stock to be issued for officers’ fees | 92,400 | 92,400 | ||||
Net loss for period ended December 31, 2021 | (1,087,712) | (1,087,712) | ||||
Ending balance, value at Dec. 31, 2021 | $ 82,756 | $ 392,900 | $ 30 | $ 5,743,361 | $ (6,254,074) | $ (35,027) |
Ending balance, shares at Dec. 31, 2021 | 82,754,515 | 30,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (1,087,712) | $ (983,271) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 122,675 | |
Stock Compensation | 460,708 | 36,140 |
Loss on Extinguishment of Debt | 120,000 | |
Bad Debt | 40,000 | |
Software Impairment | 321,735 | |
Loss on Settlement of Payables | 6,343 | |
Change in Operating Assets and Liabilities: | ||
Accounts Receivable | 300 | |
Deposits and prepaids | (2,051) | |
Accounts Payable and Accrued Expenses | (62,780) | 46,025 |
Accrued Interest | 20,896 | 5,524 |
Customer Prepayments | (14,589) | |
Net Cash Used by Operating Activities | (664,596) | (306,161) |
INVESTING ACTIVITIES | ||
Net Cash Used by Investing Activities | ||
FINANCING ACTIVITIES | ||
Proceeds from Common Stock Issuance | 490,200 | 76,666 |
Proceeds from Common Stock to be Issued | 193,000 | 60,000 |
Repayment of Note Principal | (13,550) | (36,500) |
Proceeds from note payable | 22,500 | 232,100 |
Net Cash Provided by Financing Activities | 692,150 | 332,266 |
Net Increase (Decrease) in Cash and Equivalents | 27,554 | 26,105 |
Cash and Equivalents at Beginning of the Period | 26,741 | 636 |
Cash and Equivalents at End of the Period | 54,295 | 26,741 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Interest Paid | ||
Income Taxes Paid | ||
NON-CASH DISCLOSURES | ||
Common stock issued for note payable | 160,000 | |
Stock issued from to be issued | 130,140 | 265,000 |
Common stock issued for prepaid expense | 537,500 | |
Common stock issued for accounts payable | $ 5,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 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. 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 December 31, 2021, and December 31, 2020, the Company had no deposits in excess of federally-insured limits. 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 periods ended December 31, 2021 and 2020, we expensed $ 180,063 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,” wrote-off the book value of the Cyberloq technology software fixed asset and recorded software impairment expense of $ 321,735 . 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 December 31, 2021, the Company had $ 0 0 2,083 SCHEDULE OF CONTRACT ASSET AND CONTRACT LIABILITY Contract Asset Contract Liability December 31, 2019 $ - $ 14,589 Less: revenue earned and recognized - (14,589 ) December 31, 2020 $ - $ - 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 the probable credit losses related to 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, management deemed $ 40,000 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” Advertising Advertising costs are expensed as incurred. Advertising expense for the year ended December 31, 2021 and 2020 was $ 5,920 6,787 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 December 31, 2021 and 2020 the Company had no warrants or options outstanding that could have been exercised and could have been dilutive to the existing number of shares issued and outstanding. 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. 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 Recent Accounting Pronouncements None. Reclassification Certain reclassifications have been made to conform previously reported data to the current presentation. These reclassifications have no effect on our net income (loss) or financial position as previously reported. |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Dec. 31, 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 December 31, 2021 December 31, 2020 Software and computer equipment $ 736,500 $ 736,500 Less: Accumulated depreciation (414,765 ) (414,765 ) Impairment expense (321,735 ) (321,735 ) Property and equipment, net $ - $ - Depreciation expense was $ 0 and $ 122,675 for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2020, the Company wrote-off the book value of the Cyberloq technology software fixed asset and recorded software impairment expense of $ 321,735 . |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN 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 Company has incurred losses since Inception resulting in an accumulated deficit of $ 6,254,074 1,087,712 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 debt and/or 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 | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 4 – STOCKHOLDERS’ EQUITY Common Stock The Company has 100,000,000 .001 During 2021, the Company received $ 193,000 8,000,000 490,200 5,335,000 1,000,000 482,500 175,000 82,390 1,600,000 600,000 92,400 300,000 During 2020, the Company received $ 60,000 923,076 66,666 1,024,000 10,000 160,000 80,000 8,000 Additionally, the Company had an agreement to issue 3,333,333 300,000 0.09 265,000 3,333,333 2,650,000 265,000 Also, the Company issued 2,000,000 40,000 120,000 At December 31, 2020, the “shares to be issued” is comprised of 600,000 70,140 923,076 60,000 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) 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 10,000 |
SBA EIDL Loan and Grant
SBA EIDL Loan and Grant | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
SBA EIDL Loan and Grant | NOTE 5 – SBA EIDL Loan and Grant 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 1,050 SCHEDULE OF PAYMENT OBLIGATIONS Payment Obligations Amount 2022 $ 2,088 2023 2,088 2024 2,088 2025 2,088 2026 2,088 2027 to 2050 24,110 Total $ 34,550 On April 30, 2020 the Company received a grant from the Small Business Administration in the amount of $ 3,000 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 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 #228Venice, 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 The Company has commission agreements as follows: ● 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 | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS Issuance of Warrants/Options All outstanding warrants and options are fully vested and exercisable. The following is a summary of the warrants issued and outstanding in connection with common stock: SUMMARY OF WARRANTS ISSUED AND OUTSTANDING Weighted Avg Price Weighted Avg Life January 1, 2020 250,000 $ 0.20 0.92 Granted - Exercised - Forfeited (250,000 ) December 31, 2020 - $ - - Granted - Exercised - Forfeited - December 31, 2021 - Related Party Notes Payable The following is a summary of related party notes payable: SCHEDULE OF RELATED PARTY LOANS PAYABLE December 31, 2021 December 31, 2020 For the Years Ended December 31, 2021 December 31, 2020 Notes payable – stockholders $ 45,000 $ 35,000 Notes - related parties $ 150,000 $ 150,000 Notes Payable - Stockholders On April 26,2021, the Company into a promissory note with a stockholder in the amount of $10,000 with a maturity date of 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 2022 Notes Payable - Related Parties On November 7, 2019, the Company received a loan 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 September 20, 2021, the Company received a promissory note from a director in the amount of $ 12,500 0 October 20, 2021 October 8, 2021 On December 31, 2021, the Company entered into a loan modification agreement with a director which consolidated three outstanding promissory notes dated August 8, 2020, September 9, 2020, and December 28, 2020 into one loan. The total amount borrowed is $ 150,000 12.5 April 1, 2023 2,500 As of December 31, 2021, accrued interest is $ 26,420 25,000 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8 – INCOME TAXES At December 31, 2021, the Company had available federal net operating loss carry forwards to reduce future taxable income. The amount available was approximately $ 5,682,184 net operating loss carry forwards begin to expire in 2029 FASB ASC Topic 740 – Income Taxes (formerly SFAS 109) requires that the Company establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. Due to restrictions imposed by Internal Revenue Code Section 382 regarding substantial changes in ownership of companies with net operating loss carry forwards, the utilization of the Company’s net operating loss carry-forward will likely be limited as a result of cumulative changes in stock ownership. The Company has not recognized a deferred asset and, as a result, the change in stock ownership will not result in any change to the valuation allowances. Upon the attainment of taxable income by the Company, management will assess the likelihood of realizing the tax benefit associated with the use of the carry forwards and will recognize a deferred tax asset at that time. The provision for Federal income tax consists of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 2021 2020 For the Year Ended December 31, 2021 2020 Federal income tax benefit attributable to: Net operating loss $ 92,909 $ 206,487 Less: valuation allowance $ (92,909 ) $ (206,487 ) Provision for Federal tax benefit $ - $ - The Tax Cuts and Jobs Act of 2018 will reduce the dollar value of the net operating loss carry-forwards due to the corporate tax rate decrease to 21 SCHEDULE OF DEFERRED TAX ASSETS 2021 2020 For the Year Ended December 31, 2021 2020 Deferred tax assets attributable to: Net operating loss carryover $ 1,177,845 $ 994,888 Less: valuation allowance $ (1,177,845 ) $ (994,888 ) Net deferred tax assets $ - $ - The Company files income tax returns in the U.S. federal jurisdiction and various states. The Company is current on all income tax filings. The Company is subject to U.S. federal or state income tax examinations by tax authorities for three years following the filing of such returns. During the periods open to examination, the Company has net operating loss and tax credit carry forwards for U.S. federal and state tax purposes that have attributes from closed periods. Since these NOL’s and tax credit carry forwards may be utilized in future periods, they remain subject to examination. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS On February 23, 2022, the Company received a promissory note from a director in the amount of $ 50,000 12 April 9, 2022 On February 23, 2022, the Company received a promissory note from a director in the amount of $ 50,000 12 April 9, 2022 0.02 On February 28, 2022, the Company and Mark Carten entered into a separation agreement as a result of which Mr. Carten is no longer an employee of the Company. In addition, the separation agreement includes resignations of Mr. Carten from his positions as the Chief Technology Officer of Company and as a director of the Company effective February 28, 2022. Pursuant to the separation agreement, the Company is redeeming all of Mr. Carten’s common and preferred shares ( 500,000 10,000 0.10 On February 28, 2022 the Board of Directors of the Company (the “Board”) decided to reduce the number of directors of the Company to four. Subsequent to December 31, 2021, the Company issued 8,748,701 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) | 12 Months Ended |
Dec. 31, 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. 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 December 31, 2021, and December 31, 2020, the Company had no deposits in excess of federally-insured limits. |
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 periods ended December 31, 2021 and 2020, we expensed $ 180,063 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,” wrote-off the book value of the Cyberloq technology software fixed asset and recorded software impairment expense of $ 321,735 . |
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 December 31, 2021, the Company had $ 0 0 2,083 SCHEDULE OF CONTRACT ASSET AND CONTRACT LIABILITY Contract Asset Contract Liability December 31, 2019 $ - $ 14,589 Less: revenue earned and recognized - (14,589 ) December 31, 2020 $ - $ - |
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 the probable credit losses related to 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, management deemed $ 40,000 |
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” |
Advertising | Advertising Advertising costs are expensed as incurred. Advertising expense for the year ended December 31, 2021 and 2020 was $ 5,920 6,787 |
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 December 31, 2021 and 2020 the Company had no warrants or options outstanding that could have been exercised and could have been dilutive to the existing number of shares issued and outstanding. 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. |
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 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements None. |
Reclassification | Reclassification Certain reclassifications have been made to conform previously reported data to the current presentation. These reclassifications have no effect on our net income (loss) or financial position as previously reported. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF CONTRACT ASSET AND CONTRACT LIABILITY | SCHEDULE OF CONTRACT ASSET AND CONTRACT LIABILITY Contract Asset Contract Liability December 31, 2019 $ - $ 14,589 Less: revenue earned and recognized - (14,589 ) December 31, 2020 $ - $ - |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 December 31, 2020 Software and computer equipment $ 736,500 $ 736,500 Less: Accumulated depreciation (414,765 ) (414,765 ) Impairment expense (321,735 ) (321,735 ) Property and equipment, net $ - $ - |
SBA EIDL Loan and Grant (Tables
SBA EIDL Loan and Grant (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF PAYMENT OBLIGATIONS | SCHEDULE OF PAYMENT OBLIGATIONS Payment Obligations Amount 2022 $ 2,088 2023 2,088 2024 2,088 2025 2,088 2026 2,088 2027 to 2050 24,110 Total $ 34,550 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
SUMMARY OF WARRANTS ISSUED AND OUTSTANDING | The following is a summary of the warrants issued and outstanding in connection with common stock: SUMMARY OF WARRANTS ISSUED AND OUTSTANDING Weighted Avg Price Weighted Avg Life January 1, 2020 250,000 $ 0.20 0.92 Granted - Exercised - Forfeited (250,000 ) December 31, 2020 - $ - - Granted - Exercised - Forfeited - December 31, 2021 - |
SCHEDULE OF RELATED PARTY LOANS PAYABLE | The following is a summary of related party notes payable: SCHEDULE OF RELATED PARTY LOANS PAYABLE December 31, 2021 December 31, 2020 For the Years Ended December 31, 2021 December 31, 2020 Notes payable – stockholders $ 45,000 $ 35,000 Notes - related parties $ 150,000 $ 150,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF PROVISION FOR INCOME TAXES | The provision for Federal income tax consists of the following: SCHEDULE OF PROVISION FOR INCOME TAXES 2021 2020 For the Year Ended December 31, 2021 2020 Federal income tax benefit attributable to: Net operating loss $ 92,909 $ 206,487 Less: valuation allowance $ (92,909 ) $ (206,487 ) Provision for Federal tax benefit $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS | SCHEDULE OF DEFERRED TAX ASSETS 2021 2020 For the Year Ended December 31, 2021 2020 Deferred tax assets attributable to: Net operating loss carryover $ 1,177,845 $ 994,888 Less: valuation allowance $ (1,177,845 ) $ (994,888 ) Net deferred tax assets $ - $ - |
SCHEDULE OF CONTRACT ASSET AND
SCHEDULE OF CONTRACT ASSET AND CONTRACT LIABILITY (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | |
Beginning Balance, Contract Asset | |
Beginning Balance, Contract Liability | 14,589 |
Less revenue earned and recognized | |
Less revenue earned and recognized | (14,589) |
Ending Balance, Contract Asset | 0 |
Ending Balance, Contract Liability | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||||||
Research and development expense | $ 180,063 | $ 2,100 | ||||
Capitalized Computer Software, Impairments | 321,735 | |||||
Contract liabilities | 0 | 0 | $ 14,589 | |||
Reduced changes in contract liability | 2,083 | |||||
Bad debt | 40,000 | |||||
Advertising expense | $ 5,920 | $ 6,787 | ||||
Payments for rent | $ 730 | $ 639 | $ 426 | |||
Payments for deposits | $ 1,415 | $ 200 | $ 500 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Less: Accumulated depreciation | $ (414,765) | $ (414,765) |
Impairment expense | (321,735) | (321,735) |
Property and equipment, net | ||
Software And Computer Equipment [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Software and computer equipment | $ 736,500 | $ 736,500 |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Depreciation | $ 122,675 | |
[custom:AccumulatedImpairmentExpense-0] | (321,735) | $ (321,735) |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
[custom:AccumulatedImpairmentExpense-0] | $ 321,735 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 6,254,074 | $ 5,166,362 |
Net loss | $ 1,087,712 | $ 983,271 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Jul. 07, 2020 | Jun. 30, 2020 | Apr. 30, 2017 | Mar. 27, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2022 |
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 | |||||
Stock issued, amount | $ 590,200 | $ 76,666 | |||||
Stock issued, shares | 8,000,000 | ||||||
Stock issued for services, amount | $ 470,390 | $ 8,000 | |||||
Loss on extinguishment of debt | $ 120,000 | ||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||
Preferred stock, shares issued | 30,000 | 30,000 | |||||
Promissory note [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued, shares | 2,000,000 | ||||||
Loss on extinguishment of debt | $ 120,000 | ||||||
Stock Subscription Agreement [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued, amount | $ 300,000 | ||||||
Stock issued, shares | 3,333,333 | ||||||
Shares issued price per share | $ 0.09 | ||||||
Procceds from issuance of equity | $ 265,000 | ||||||
Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued, amount | $ 60,000 | ||||||
Stock issued, shares | 923,076 | ||||||
Common Stock [Member] | Stock Subscription Agreement [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued, amount | $ 265,000 | ||||||
Stock issued, shares | 2,650,000 | ||||||
Common Stock One [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued, amount | $ 66,666 | ||||||
Stock issued, shares | 1,024,000 | ||||||
Common Stock Two (Issued) [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued, amount | $ 10,000 | ||||||
Stock issued, shares | 160,000 | ||||||
Common Stock Three [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued for services, shares | 80,000 | ||||||
Stock issued for services, amount | $ 8,000 | ||||||
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, par value | $ 0.001 | ||||||
Series A Preferred Stock [Member] | Subsequent Event [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Preferred stock, shares issued | 10,000 | ||||||
Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued, amount | $ 193,000 | $ 60,000 | |||||
Stock issued, shares | 923,076 | ||||||
Stock issued for services, shares | 175,000 | ||||||
Stock issued for services, amount | $ 82,390 | ||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued, shares | 8,748,701 | ||||||
Common Stock [Member] | Officer [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued, amount | $ 92,400 | $ 70,140 | |||||
Stock issued, shares | 300,000 | 600,000 | |||||
Common Stock One [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued, amount | $ 490,200 | ||||||
Stock issued, shares | 5,335,000 | ||||||
Stock issued for services, shares | 1,600,000 | ||||||
Common Stock One [Member] | Officer [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued for services, shares | 600,000 | ||||||
Common Stock Two (Issued) [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued for services, shares | 1,000,000 | ||||||
Stock issued for services, amount | $ 482,500 |
SCHEDULE OF PAYMENT OBLIGATIONS
SCHEDULE OF PAYMENT OBLIGATIONS (Details) | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 2,088 |
2023 | 2,088 |
2024 | 2,088 |
2025 | 2,088 |
2026 | 2,088 |
2027 to 2050 | 24,110 |
Total | $ 34,550 |
SBA EIDL Loan and Grant (Detail
SBA EIDL Loan and Grant (Details Narrative) - USD ($) | Jun. 09, 2020 | Apr. 30, 2020 | Aug. 10, 2019 | Jun. 10, 2019 | Apr. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 24, 2020 | Nov. 07, 2019 |
Short-term Debt [Line Items] | |||||||||||
SBA loan payable | $ 45,000 | $ 35,000 | |||||||||
Debt instrument, interest rate, percentage | 0.00% | 0.00% | |||||||||
Payments for rent | $ 730 | $ 639 | $ 426 | ||||||||
Repayments of debt | $ 5,000 | $ 5,000 | 1,050 | ||||||||
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 | ||||||||||
Debt instrument, interest rate, percentage | 3.75% | ||||||||||
Payments for rent | $ 174 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Rent expense, monthly | $ 730 | $ 639 | $ 426 | |
Deposit paid | 1,415 | $ 200 | $ 500 | |
Office Space [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Rent expense, monthly | 730 | |||
Deposit paid | $ 685 | |||
Commission Agreements [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [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] | Sales Managers [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Gross revenue commissions, percentage | 1.00% |
SUMMARY OF WARRANTS ISSUED AND
SUMMARY OF WARRANTS ISSUED AND OUTSTANDING (Details) - Warrant [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares Subject to Warrants, Outstanding,beginning 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 ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Notes payable – stockholders | $ 45,000 | $ 35,000 |
Notes - related parties | $ 150,000 | $ 150,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Feb. 23, 2022 | Oct. 08, 2021 | Sep. 20, 2021 | Apr. 26, 2021 | Jul. 07, 2020 | Mar. 24, 2020 | Nov. 07, 2019 | Aug. 10, 2019 | Jun. 10, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | Jul. 01, 2022 | Dec. 29, 2014 |
Debt maturity date | Jun. 30, 2020 | Apr. 1, 2023 | ||||||||||||
Debt interest percentage | 0.00% | 0.00% | ||||||||||||
Gain of settlement of debt | $ 120,000 | |||||||||||||
Repayments of debt | $ 5,000 | $ 5,000 | $ 1,050 | |||||||||||
Proceeds from notes payable | $ 40,000 | $ 30,000 | 22,500 | $ 232,100 | ||||||||||
Debt repayment, description | repaid in February 2020 | |||||||||||||
Shares retired, shares | 2,000,000 | |||||||||||||
Borrowed amount | $ 150,000 | |||||||||||||
Debt interest percentage | 12.50% | |||||||||||||
Paid Penalty | $ 2,500 | |||||||||||||
Interest paid | $ 26,420 | 5,524 | ||||||||||||
Subsequent Event [Member] | ||||||||||||||
Debt maturity date | Apr. 9, 2022 | |||||||||||||
Debt interest percentage | 12.00% | |||||||||||||
Interest paid | $ 25,000 | |||||||||||||
Promissory note [Member] | ||||||||||||||
Debt maturity date | Oct. 8, 2021 | Oct. 20, 2021 | ||||||||||||
Debt interest percentage | 0.00% | |||||||||||||
Gain of settlement of debt | $ 120,000 | |||||||||||||
Proceeds from notes payable | $ 12,500 | |||||||||||||
Notes Payable to Stockholders [Member] | ||||||||||||||
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 | |||||||||||||
Debt interest percentage | 12.50% | |||||||||||||
Monthly payment of debt | $ 937.50 | |||||||||||||
Prepayment of penalty | $ 1,250 | |||||||||||||
Loan Payable To Stock Holders [Member] | ||||||||||||||
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 2022 |
SCHEDULE OF PROVISION FOR INCOM
SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss | $ 92,909 | $ 206,487 |
Less: valuation allowance | (92,909) | (206,487) |
Provision for Federal tax benefit |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryover | $ 1,177,845 | $ 994,888 |
Less: valuation allowance | (1,177,845) | (994,888) |
Net deferred tax assets |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Operating loss carryforwards | $ 5,682,184 |
Net operating loss carry forward expiry date description | net operating loss carry forwards begin to expire in 2029 |
Corporate tax rate | 2100.00% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Feb. 23, 2022 | Mar. 24, 2020 | Mar. 27, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2022 |
Subsequent Event [Line Items] | ||||||
Debt instrumentPercentage | 12.50% | |||||
Debt instrument Maturity date | Jun. 30, 2020 | Apr. 1, 2023 | ||||
Shares issued, shares | 8,000,000 | |||||
Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Shares issued, shares | 923,076 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument face amount | $ 50,000 | |||||
Debt instrumentPercentage | 12.00% | |||||
Debt instrument Maturity date | Apr. 9, 2022 | |||||
Share price | $ 0.02 | |||||
Common stock redemption | 500,000 | |||||
Preferred stock redemption | 10,000 | |||||
Redemption Price | $ 0.10 | |||||
Subsequent Event [Member] | Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Shares issued, shares | 8,748,701 | |||||
Subsequent Event [Member] | Director [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument face amount | $ 50,000 | |||||
Debt instrumentPercentage | 12.00% | |||||
Debt instrument Maturity date | Apr. 9, 2022 |