Company: KWIK
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002055
Chunk: 344

Company: KwikClick, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 344
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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 will adopt this ASU on a prospective basis.
The Company is currently evaluating the impact of the ASU, but does not expect any material impact upon adoption.

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.

     F-11 

NOTE 3. PROPERTY AND EQUIPMENT

Property and equipment as of December 31, 2024 and
2023 were as follows:

    Schedule of property and equipment 

    2024  
    2023 
  
    Office Equipment 
    $4,483  
    $8,483 
  
    Less Accumulated Depreciation 
     (3,456) 
     (3,968)
  
    Total property and equipment 
    $1,027  
    $4,515 

During the year ended December 31, 2024 and 2023,
the Company recorded depreciation expense of $1,107 and $1,108.

NOTE 4. INTELLECTUAL PROPERTY

Intangible Assets as of December 31, 2024 and 2023
were as follows:

    Schedule of intangible assets 

    2024  
    2023 
  
    Patents 
    $1,416,526  
    $1,455,815 
  
    Domain 
     100,000