Company: KCRD
Filing Date: 2025-09-22
Form Type: 10-Q
Source: 0001477932-25-006912
Chunk: 15

Company: Kindcard, Inc.
Filing Date: 2025-09-22
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 Kindcard, Inc. and Subsidiaries

Condensed Notes to Consolidated Financial Statements (unaudited)

July 31, 2025

NOTE 8 – LOANS (continued)

SBA Loan (continued)

 Year ending January 31,  2026: $- 2027:  6,579 2028:  8,772 2029:  8,772 2030:  8,772 Thereafter  117,105 Total future minimum loan payments $150,000  Notes Payable Loans payable consist of a series of short term loans with a combined balance of $343,882 and $221,646 at July 31, 2025 and January 31, 2025. These loans are with vendors, consultants and advisors of the Company, are unsecured and have interest rates ranging from 7% to 12% per annum and maturity dates within one to twelve months.

NOTE 9 – COMMITMENTS AND CONTINGENCIES On May 25, 2022, the Company and an advisor entered into an Advisory Agreement related to the development, design and build of its compliance and state licensing program related to the Company’s Deb Platform. The initial term of the agreement is six months at a rate of $5,000 per month ($30,000) with an option to renew on a month-to-month basis thereafter. The contract includes a stock grant allowing the advisor the opportunity to earn up to a total of 1,000,000 shares of common stock (the “Shares”) of the Company to be issued one year from the effective date of the agreement subject to approval by the Company’s Board of Directors and the achievement of certain mutually agreed goals and objectives. Effective January 31, 2023, the agreement has been suspended and placed on hold by the parties until the Company’s Deb Platform has been released, and, accordingly, the parties have agreed to cease accruing the monthly cash fees due under the agreement. Total fees earned of $40,000 in consulting fees have been recorded as of January 31, 2023, with $7,500 in accrued expenses expected to be paid in the second quarter of FY 2025. As of January 31, 2025, none of the Shares have been issued. In the event that the current suspension / hold status of the agreement is removed, the Shares could be potentially earned by and issued to the advisor in the