Company: KCRD
Filing Date: 2025-05-19
Form Type: 10-K
Source: 0001477932-25-003933
Chunk: 210

Company: Kindcard, Inc.
Filing Date: 2025-05-19
Form: 10-K
Item: Item 15
Chunk 210
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 and Subsidiaries 

Notes to Consolidated Financial Statements 

January 31, 2025 

NOTE 6 – INCOME TAXES (continued)

The provision for income taxes for 2025 and 2024, consisted of the following:   January 31, 2025  January 31, 2024 Federal      Current $-  $- Deferred  -   - Total $-  $-          State        Current $1,430  $1,345 Deferred  -   - Total $1,430  $1,345          Foreign        Current $-  $- Deferred  -   - Total $-  $- Provision for Income Taxes $1,430  $1,345  A reconciliation of the provision for income taxes to the amount by applying the statutory federal income tax rate (21% for 2025 and 2024) to income before provision to income taxes for 2025 and 2024 is as follows:   January 31, 2025  January 31, 2024 Computed expected tax $-   - State taxes, net of federal effect  1,256   1,256 Impacts of the Act  -   - Earnings of foreign subsidiaries  -   - Foreign-derived intangible income deduction  -   - Research and development credit, net  -   - Excess tax benefits from equity awards  -   - Other-Penalties and Interest  174   89 Provision for Income Taxes $1,430  $1,345 

NOTE 7 – DUE TO RELATED PARTY  On September 15, 2023, the Company issued a 1% Convertible Promissory Note in the amount of $296,498 (the “Note”) to RMR Management Group LLC (“RMR”) in exchange for full and final settlement of an aggregate amount of $296,498 previously loaned by RMR to the Company. The Note is convertible at the RMR’s option into shares of common stock of the Company at a per share conversion price of $0.01. As of January 31, 2025, $2,248 in interest has been accrued