StrikeForce Technologies Clarifies their 10K for 2020

Rhea-AI Summary

StrikeForce Technologies, Inc. (OTC PINK: SFOR) has clarified details from its recent 10K filing, addressing a $7M deficit from a total of $10M. CEO Mark L. Kay emphasized that this should be viewed positively, as it indicates that nearly all toxic loans have been paid off. Specifically, $6.8M of the deficit includes various costs related to convertible notes issued in 2020. By January 2021, all toxic loans were fully extinguished, enhancing the company's financial stability. StrikeForce continues to provide data protection solutions to combat cyber theft.

Positive

• Almost all toxic loans paid off, enhancing financial health.
• Clarification of 10K filing could improve investor confidence.

Negative

• $7M deficit may raise concerns among shareholders.
• Continued dependence on convertible notes might pose risks.

EDISON, N.J., April 21, 2021 (GLOBE NEWSWIRE) -- StrikeForce Technologies, Inc. (OTC PINK: SFOR), a cyber technology company that reduces the risk of identity theft and data breaches and a provider of innovative cyber, privacy and data protection solutions for business and home, clarifies their 10K recently put out for the year 2020.

In our recent 10K filing, the $7M deficit of the $10M seems to have had a negative reaction says Mark L. Kay, CEO of StrikeForce, whereas, it should be considered positive news given that it shows almost all toxic loans have been paid off as stated in the following footnote in the 10k and eliminated forever:

– $6.8M of the $10 mil deficit for the year that ended 12/31/2020 is made up of:

• $175K for Private Placement Costs relating to new convertible notes issued in 2020
• $605K for Debt Discount Amortization to be expensed over the life of outstanding convertible notes
• $1.19M for the Change in the Fair Value of Derivative Liabilities relating to convertible Notes that contained an embedded derivative
• $4.84M for the Loss (Net) relating to the Extinguishment of Debt relating to convertible Notes that contained an embedded derivative

Even though all toxic loans were not paid off at the end of 2020, ALL toxic loans were fully paid off or extinguished by the end of January 2021.

About StrikeForce Technologies Inc.
StrikeForce Technologies helps to prevent Cyber theft and data security breaches for consumers, corporations, and government agencies. It provides powerful two-factor, “Out-of-Band” authentication, keystroke encryption along with mobile solutions. StrikeForce Technologies, Inc. (OTC PINK:SFOR) is headquartered in Edison, N.J., and can be reached at www.strikeforcetech.com, on its Twitter and Facebook pages, or by phone at (732) 661-9641 or toll-free at (866) 787-4542.

Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the sales of the company's identity protection software products into various channels and market sectors, the issuance of the company's pending patent application, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the company.

Corporate Info:
StrikeForce Technologies, Inc.
Mark L. Kay
(732) 661-9641
marklkay@strikeforcetech.com

StrikeForce Media
George Waller
(732) 661-9641
gwaller@strikeforcetech.com

 

FAQ

What is the total deficit reported by StrikeForce Technologies in their 2020 10K filing?

The total deficit reported by StrikeForce Technologies is $7M out of a total of $10M.

How has StrikeForce Technologies addressed its toxic loans?

StrikeForce Technologies has reported that almost all toxic loans have been paid off by January 2021.

What does the $6.8M of the deficit consist of according to the 10K filing?

The $6.8M deficit consists of private placement costs, debt discount amortization, changes in fair value of derivative liabilities, and losses related to the extinguishment of debt.

What solutions does StrikeForce Technologies provide?

StrikeForce Technologies provides data protection solutions including two-factor authentication and keystroke encryption.