What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2020-12-29 compared with 2020-01-10 · 58 added, 53 removed, 101 unchanged (52% of the section changed)

2 unchanged sentences

American Mortgage Company.

Effective August 27, 2014, the Company changed its name to Cipherloc Corporation.

headquarters are located at 825 Main Street, Suite 100, Buda, Texas.

Effective August 27, 2014, we changed our name to Cipherloc Corporation.

Our headquarters are located

at 6836 Bee Cave Road, Building 1, S#279, Austin, TX 78746.

Our website is www.cipherloc.net .

The information

contained, or referred to, on our website is not part of this Annual Report on Form 10-K unless expressly noted.

are developing products and services around its patented

polymorphic encryption technology designed to enable a more efficient and stronger layer of protection to be added

to existing solutions which we believe could be the industry’s first “Polymorphic Cipher Engine”, which

we call Cipherloc ®

We anticipate offering the first secure commercially viable advanced “Polymorphic

Key Progression Algorithmic Cipher Engine”

(“PKPA”).

We believe this morphing cipher can be used in any commercial

data security industry and/or in sensitive applications.

The information contained,

or referred to, on our website is not part of this Annual Report on Form 10-K unless expressly noted.

are developing products and services around our patented polymorphic encryption technology designed to enable a more efficient

and stronger layer of protection to be added to existing solutions.

Through a licensing program, we anticipate offering the first

secure commercially viable advanced “Polymorphic Encryption Core”

(“PEC”) software developers kit to be

used in any commercial data security industry and/or in sensitive applications.

innovative and patented polymorphic technology eliminates the flaws and inadequacies associated with today’s encryption

7 unchanged sentences

power increases.

2019 and 2018, the Company attempted to market several products, services and solutions.

The initial solution suite was

marketed under several product names.

CipherLoc EDGE, a solution to be installed on mobile/handset devices, EDGE was to enable

data to be securely sent between any two mobile devices.

CipherLoc ENTERPRISE, a solution to be installed on desktops, laptops

and tablet computers, ENTERPRISE was to enable data to be securely sent between any two platforms.

CipherLoc GATEWAY, a solution

to be installed on servers, GATEWAY was to enable end-to-end data protection to and from servers, computers, tablets, and/or mobile

devices via the GATEWAY-protected servers.

CipherLoc SHIELD, a solution to be used as a data storage platform.

2018 and 2019, we attempted to market several products, services and solutions.

The initial solution suite was marketed under

several product names.

CipherLoc EDGE, a solution to be installed on mobile/handset devices, was designed to enable data to be

securely sent between any two mobile devices.

CipherLoc ENTERPRISE, a solution to be installed on desktops, laptops and tablet

computers, was designed to enable data to be securely sent between any two platforms.

CipherLoc GATEWAY, a solution to be installed

on servers, was designed to enable end-to-end data protection to and from servers, computers, tablets, and/or mobile devices via

the GATEWAY-protected servers.

CipherLoc SHIELD was designed as a solution to be used as a data storage platform.

2018 and 2019, there were forward-looking public announcements by the Company’s then-management of product names or segments

that were not delivered to the market and are not presently available to customers.

Current management is reassessing all those

previous public claims.

Looking forward, the Company will be investing material resources only with products and services that

are deliverable, have viable economic potential, and may be publicly disclosed without adversely affecting the Company's competitive

The core of the Company’s product and service offerings will continue to be built around its patents and its polymorphic

encryption technology which is a highly secure, quantum-safe data protection technology carrying FIPS 140-2 (Federal Information

Processing Standard 140-2) validation certificate #3381 for the “CipherLoc Polymorphic Encryption Engine Core”

by the National Institute of Standards and Technology (NIST).

Our current management restructured the Company

to invest material resources into only products and services that are deliverable, have viable economic potential, and may be

publicly disclosed without adversely affecting our competitive position.

The core of our product and service offerings will continue

to be built around our patents and our polymorphic encryption technology ,which is a highly secure, quantum-ready data protection

technology carrying FIPS 140-2 (Federal Information Processing Standard 140-2) validation certificate #3381 for the “CipherLoc

Polymorphic Encryption Engine Core”

solution by the National Institute of Standards and Technology (NIST).

We focused our

development efforts during 2020 to develop commercial application of its technology by advancing a Software Development Kit (“SDK”)

for the Polymorphic Encryption Core.

By doing so, we have allowed potential customers to integrate and configure the PEC using

and Development

research and development expenditures for the years ended September 30, 2020 and 2019 were $1,689,455 and $1,744,480, respectively.

During December 2019, management determined that the maturity of the Company’s patented technology justified a cessation

of academic research activity and the elimination of the chief scientist’s role leading academic efforts.

Cost savings from

those actions are now allocated entirely to product development, product engineering, and revenue-generating sales activity.

encryption software market sector is highly competitive, subject

to rapid change, and significantly affected by new product introductions and other activities of market

participants.

During December 2019, management determined that the maturity of our patented technology justified a cessation of academic research

activity and the elimination of the chief scientist’s role leading academic efforts.

Cost savings from those actions are

now allocated entirely to product development, product engineering, and revenue-generating sales activity.

Management continued

to emphasis these three areas during fiscal year 2020 and intends to do so during fiscal year 2021 as well.

encryption software market sector is highly competitive, subject to rapid change, and significantly affected by new product introductions

and other activities of market participants.

of our competitors in certain markets have greater financial, technical, sales, marketing and other resources than we do.

6 unchanged sentences

favorably with respect to ease of use, reliability, performance, range of useful features, reputation, and price.

of our competitors have substantially greater financial, technical, sales, marketing, personnel, and other resources, as well

as greater name recognition and a larger customer base than we do.

We anticipate we will face increasing pricing pressures from

competitors in the future.

Given that there are low barriers to entry into the software market and that the market is subject

to rapid technological change, we believe that competition will persist and intensify in the future.

anticipate we will face increasing pricing pressures from competitors in the future.

Given that there are low barriers to entry

into the software market and that the market is subject to rapid technological change, we believe that competition will persist

and intensify in the future.

intellectual property is an important and vital asset of our company that enables us to develop, market, and sell our products

17 unchanged sentences

Patent and Trademark Office.

We employ procedures to label copyrightable works with the

appropriate proprietary rights notices, and we actively enforce these rights in the U.S.

However, these measures may

not provide adequate protection, and our intellectual property rights may be challenged.

and associated logo, is a registered trademark of the Company in the U.S.

In the U.S., we are generally able to maintain our trademark

rights and renew trademark registrations for as long as the trademarks are in use.

We employ procedures to label copyrightable works with the appropriate

proprietary rights notices, and we actively enforce these rights in the U.S.

However, these measures may not provide

adequate protection, and our intellectual property rights may be challenged.

Cipherloc’s

logo, is a registered trademark of the Company in the U.S.

In the U.S., we are generally able to maintain our trademark rights

and renew trademark registrations for as long as the trademarks are in use.

Control Regulations .

47 unchanged sentences

we use encryption and other security to protect our databases.

of the date of this Annual Report on Form 10-K, we have 11 full-time employees.

of the date of this Annual Report on Form 10-K, we have full-time employee, 1 part-time employee and two full-time contractors.

These low employee and contractor counts reflect the actions made by the Company in March and April to reduce the monthly operating

The Company has determined this level of staffing is appropriate to continue pursuing applications of its technology

with prospective customers.

YOU CAN FIND MORE INFORMATION

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business