v3.25.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 9 – RELATED PARTY TRANSACTIONS

 

Related Parties and Stockholders Notes Payable

 

The following is a summary of related party notes payable:

 

   June 30, 2025   December 31, 2024 
   For the Periods Ended 
   June 30, 2025   December 31, 2024 
Notes payable – stockholders  $35,000   $35,000 
Convertible debt - stockholders   2,540,000    2,236,859 
Notes payable – related parties  $150,000   $150,000 

 

Notes Payable - Stockholders

 

On December 29, 2014, the Company entered into a partially-convertible promissory note with a stockholder in the amount of $35,000. In January of 2015, the stockholder partially-exercised its conversion option, and in May of 2016 the stockholder exercised the remainder of its conversion option. In December 2017, the remaining unpaid principal and interest due on the note was settled in full for a $50,000 note and the Company recognized $151,324 in gain on settlement of debt. The $50,000 note has a current principal balance of $35,000, a stated interest rate of 0%, required payments of $5,000 on or before June 10, 2019, $5,000 on or before August 10, 2019 and the remainder due by the extended due date of September 15, 2019. As of June 30, 2025, the payments due have not been extended and the Company plans to repay the notes in 2025.

 

Convertible Debt - Stockholders

 

   June 30, 2025   December 31, 2024 
         
Principal  $2,540,000   $2,236,859 
Beneficial Conversion Feature   -    - 
Amortization of Debt Discount   -    - 
Adjustment for ASU 2020-06   -    - 
Convertible Debt - Stockholders, net  $2,540,000   $2,236,859 

 

 

CyberloQ Technologies, Inc.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (unaudited)

For the Six Months Ended June 30, 2025

 

As of June 30, 2025 the Company had the following convertible debt outstanding:

 

Issuance Date  Principal   Maturity Date  Conversion Terms 
12/26/2022   30,000.00   12/16/2023   0.02 
12/14/2022   30,000.00   12/16/2023   0.02 
1/13/2023   50,000.00   12/31/2023   0.02 
2/1/2023   10,000.00   2/1/2024   0.02 
2/1/2023   100,000.00   2/2/2024   0.02 
2/21/2023   -   2/21/2024   0.02 
2/24/2023   50,000.00   2/24/2024   0.02 
4/4/2023   50,000.00   4/4/2024   0.02 
5/17/2023   45,000.00   5/17/2024   0.02 
5/17/2023   30,000.00   5/17/2024   0.02 
6/3/2023   50,000.00   5/17/2024   0.02 
6/5/2023   100,000.00   6/5/2024   0.02 
8/2/2023   50,000.00   8/3/2024   0.02 
8/3/2023   30,000.00   8/3/2024   0.02 
8/20/2023   45,000.00   8/3/2024   0.02 
8/29/2023   150,000.00   8/27/2024   0.02 
10/11/2023   10,000.00   10/31/2024   0.02 
10/11/2023   10,000.00   10/31/2024   0.02 
10/11/2023   10,000.00   10/31/2024   0.02 
10/11/2023   10,000.00   10/31/2024   0.02 
10/11/2023   10,000.00   10/31/2024   0.02 
10/23/2023   50,000.00   10/31/2024   0.02 
11/16/2023   60,000.00   11/30/2024   0.02 
12/18/2023   15,000.00   12/31/2024   0.02 
12/19/2023   15,000.00   12/31/2024   0.02 
12/20/2023   10,000.00   12/31/2024   0.02 
12/21/2023   10,000.00   12/31/2024   0.02 
12/22/2023   10,000.00   12/31/2024   0.02 
12/26/2023   300,000.00   12/31/2024   0.02 
1/6/2024   10,000.00   1/11/2025   0.02 
4/1/2024   26,859.00   4/30/2025   0.02 
4/1/2024   -   4/30/2025   0.02 
5/20/2024   100,000.00   5/20/2025   0.02 
5/20/2024   100,000.00   5/20/2025   0.02 
8/21/2024   100,000.00   8/21/2025   0.02 
8/21/2024   100,000.00   8/21/2025   0.02 
8/22/2024   100,000.00   8/22/2025   0.02 
10/10/2024   20,000.00   10/31/2025   0.02 
10/18/2024   20,000.00   10/31/2025   0.02 
11/8/2024   50,000.00   11/8/2025   0.10 
12/9/2024   20,000.00   12/9/2025   0.02 
12/19/2024   250,000.00   12/19/2025   0.10 
04/03/2025   123,141.47   4/03/2026   .10 
05/19/2025   100,000   5/19/2026   .05 
06/24/2025   30,000   6/25/2026   .05 
06/26/2025   40,000   6/26/2026   .05 
06/30/2025   10,000   6/30/2025   .05 
Total   2,540,000         

 

Notes Payable - Related Parties

 

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, with an interest rate of 12.5% and a maturity date of April 1, 2023. The Company was required to pay an extension penalty in the amount of $2,500. On September 30, 2022, the Company entered into a second loan modification agreement with the director extending the maturity date to January 1, 2024. Additionally, the Company will begin paying quarterly installments in the amount of $50,000 plus accrued interest beginning December 1, 2023. On September 30, 2023, the Company entered into a second loan modification agreement with the director extending the maturity date to August 1, 2024. Additionally, the Company paid $7,500 in accrued interest and will begin paying $50,000 plus accrued interest beginning December 1, 2023. On July 2, 2024, the Company entered into third loan modification agreement extending the maturity date to December 31, 2024. The Company was required to pay an extension penalty in the amount of $7,500. On December 19, 2024, the Company entered into a fourth loan modification agreement with the estate of the director extending the maturity date to April 15, 2025. The Company was required to pay an extension penalty in the amount of $7,500. On May 6, 2025, the Company entered into a fifth loan modification agreement with the estate of the director in which the Company will make quarterly interest payments of $7,500, any additional payments will be applied to the outstanding principal. So long as the quarterly interest payments are made the terms will be in effect until the note and accrued interest are paid in full.