Company: KWIK
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002055
Chunk: 78

Company: KwikClick, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 78
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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  
     100,000 
  
    Less Accumulated Amortization 
     (235,838) 
     (149,324)
  
    Total intangible assets 
    $1,280,688  
    $1,406,491 

During the year ended December 31, 2024 and 2023,
the Company recorded amortization expense of $90,537 and $88,045, respectively.

Future Amortization Expense

    Schedule of future amortization expense 

    Year 
    Amount 
  
    2025 
    $90,537 
  
    2026 
     90,537 
  
    2027 
     90,537 
  
    2028 
     90,537 
  
    2029 
     90,537 
  
    Thereafter 
     828,003 

    $1,280,688 

NOTE 5. INCOME TAXES

The
Company follows ASC 740, Income Taxes, which requires a company to determine whether it is more likely than not that a tax
position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not-threshold is
met, a company must measure the tax position to determine the amount to recognize in the financial statements. The Company does not have
any material unrecognized tax benefits as of December 31, 2024 or 2023.

Deferred taxes are provided on a liability method
whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred
tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts
of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management,
it is more likely than not that some portion or all of the deferred tax asset will not be realized. Deferred tax assets and liabilities
are adjusted for the effects of changes in tax laws and rates on the date of enactment.

    Schedule of deferred tax assets