Company: KCRD
Filing Date: 2025-05-19
Form Type: 10-K
Source: 0001477932-25-003933
Chunk: 702

Company: Kindcard, Inc.
Filing Date: 2025-05-19
Form: 10-K
Item: Item 9
Chunk 702
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 2024, respectively.

NOTE 3 – PROPERTY AND EQUIPMENT, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of the asset generally ranging from three to seven years. Property and equipment, net consists of the following at:     January 31,  January 31,    2025   2024 Merchandise and equipment: Vault $10,000  $10,000 Merchandise and equipment: Office Equipment  4,286   4,286 Merchandise and equipment: IT Equipment  4,945   4,945 Total Cost $19,231  $19,231 Less: accumulated depreciation  (16,994)  (13,104)Property and equipment, net $2,237  $6,127   Depreciation expense amounted to $3,890 and $5,627 with $2,241 and $5,443 reclassified as cost of goods sold at January 31, 2025 and January 31, 2024, respectively. Please note that certain balances were reclassified for presentation and for consistency. 

 F-11Table of Contents

Kindcard, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

January 31, 2025

NOTE 4 – INTANGIBLE ASSETS Intangible assets Intangible assets are comprised of customer relationships and brands acquired in a business combination specifically related to the Company’s Tendercard division (see Note 2) and also comprised of development costs for its proprietary payment processing “DEB Platform” through the Company’s wholly owned subsidiary, Deb, Inc. The Company amortizes intangible assets with a definitive life over their respective useful lives of 3-5 years. Assets with indefinite lives are tested for impairment on an annual basis, or more frequently if the Company believes indicators of impairment exist. The Company did not note any impairment at January 31, 2025 and January 31, 2024, respectively. On December 21, 2021 the Company entered into a contract to develop its proprietary payment processing DEB Platform. The platform is currently in testing, is anticipated to go into production in the fourth quarter of FY 2025 and is depreciated over 3 - 5 years.   January 31,