Company: KWIK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008410
Chunk: 4

Company: KwikClick, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 4
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 assets
at fair value on the formation date. ASU 2023-05 is effective for all joint venture formations with a formation date on or after January
1, 2025, with early adoption permitted. These amendments are to be applied prospectively, with retrospective application permitted for
joint ventures formed before the effective date. The adoption of ASU 2023-05 did not have a material impact on the Company’s condensed
consolidated financial statements.

     9 

On December 14, 2023, the FASB issued ASU 2023-09,
Improvements to Income Tax Disclosures, which amends the guidance in ASC 740, Income Taxes. The ASU is intended to improve the
transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation
and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income
tax disclosures. The ASU’s amendments are effective for public business entities for annual periods beginning after December 15,
2024. Entities are permitted to early adopt the standard “for annual financial statements that have not yet been issued or made
available for issuance.” Adoption is either prospectively or retrospectively; the Company adopted this ASU on a prospective basis
effective January 1, 2025 and there was not a material impact to the Company’s condensed consolidated financial statements and related
disclosures.

New Accounting Pronouncements, Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06,
Disclosure Improvements: Codification Amendments in Response to the SEC’s 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 its condensed consolidated financial statements and related disclosures.

On November 2024, the FASB issued ASU 2024-03
- Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (