LEGAL PROCEEDINGS
−Removed: Company is currently not involved in any litigation that it believes could have a material adverse effect on its financial condition
−Removed: or results of operations.
+Added: As of the filing date of this Annual Report on Form 10-K, there are no material pending legal proceedings.
+Added: to time, we may be involved in ordinary routine litigation incidental to our business, to which we are a party or which our property is
+Added: In addition, none of our officers, directors, affiliates or 5% stockholders (or any associates thereof) is a party adverse
+Added: to us, or has a material interest adverse to us, in any material proceeding.
Pending Litigation
April 2021, Eric Marquez, the former Secretary/Treasurer and Chief Financial Officer of the Company, and certain other plaintiffs, filed
−Removed: a lawsuit against Cipherloc Corporation and Michael De La Garza, Cipherloc’s former Chief Executive Officer and President, in the
+Added: a lawsuit against Cipherloc Corporation, our predecessor, and Michael De La Garza, Cipherloc’s former Chief Executive Officer and President, in the
20 th Judicial District for Hays County, Texas (Case No.
12 unchanged sentences
to continue to vigorously defend against the litigation.
−Removed: Settled During the Year Ended September 30, 2022
−Removed: December 2017, Robert LeBlanc filed a petition against Cipherloc and Michael De La Garza, Cipherloc’s former Chief Executive Officer
−Removed: and President, in the 20th Judicial District for Hays County, Texas (Case No.
−Removed: LeBlanc sought damages against Cipherloc
−Removed: exceeding $1 million, but less than $10 million.
−Removed: On May 19, 2022, Mr.
−Removed: LeBlanc entered into a joint settlement agreement with Cipherloc,
−Removed: Cipherloc’s directors and officer’s liability carrier, and Mr.
−Removed: As part of this settlement agreement, Cipherloc
−Removed: LeBlanc $109,432 in cash and issued him 200,000 shares of Cipherloc’s common stock in exchange for his release of Cipherloc
−Removed: from all past and future liabilities associated with this matter.
MINE SAFETY DISCLOSURES
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.