Company: KWIK
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001683168-25-003684
Chunk: 24

Company: KwikClick, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 24
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 Disclosure Update and Simplification Initiative, which
modifies the disclosure or presentation requirements related to variety of FASB Accounting Standard Codification topics. The effective
date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation
S-K is effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the
pending content of the associated amendment will be removed from the Codification and will not become effective for any entities. The
Company is currently evaluating the effect of adopting this ASU. 

On November 2024, the FASB issued ASU 2024-03 - Income
Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement
Expenses. The ASU requires more detailed disclosures about the types of expenses in commonly presented expense captions such as cost of
sales, selling, general and administrative expenses and research and development expenses. This includes separate footnote disclosure
for expenses such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. Public business entities
are required to apply the guidance prospectively and may apply it retrospectively. The ASU's amendments are effective for public business
entities for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Public
business entities are required to apply the guidance prospectively and may apply it retrospectively. The Company is currently evaluating
the effect of adopting this ASU.

NOTE 3. RELATED PARTY TRANSACTIONS

The Company’s related party loans consist of
the following:

    Schedule of related party loans 

    March 31, 2025  
    December 31, 2024 
  
    Related party note payable with a nominal interest
    rate of 10% per annum due on demand 
    $2,541,677  
    $2,541,677 
  
    Accrued interest 
     363,977  
     301,305 
  
    Total related party loans  
    $2,905,654  
    $2,842,982 

During the three months ended March 31, 2025 and 2024,
the Company recognized total interest expense of $62,672 and $47,211, respectively.

NOTE 4. STOCKHOLDERS