Company: KWIK
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002055
Chunk: 79

Company: KwikClick, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 79
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 and liabilities 

    2024  
    2023 
  
    Deferred tax asset: 

    Net operating loss carryover 
    $1,824,029  
    $1,526,143 
  
    Valuation allowance 
     (1,824,029) 
     (1,526,143)
  
    Total deferred tax asset 
    $–  
    $– 

     F-12 

A reconciliation of amounts obtained by applying Federal tax rates of 21%
to pre-tax income to income tax benefit is as follows:

    Schedule of reconciliation income tax benefit 

    2024  
    2023 
  
    Book loss at the federal tax rate 
    $(410,849) 
    $(819,647)
  
    Stock for services 
     117,923  
     244,225 
  
    Depreciation difference 
     8  
     (101)
  
    Amortization difference 
     (4,968) 
     (2,996)
  
    Change in valuation allowance 
     297,886  
     578,519 
  
    Income tax expense 
    $–  
    $– 

The Company periodically reviews its tax positions
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.

The Company’s tax returns are subject to audit
for all years since its inception in 2020.

NOTE 6. STOCKHOLDERS' EQUITY

Common Stock

The Company issued the following shares of common
stock for the years ended December 31, 2024 and 2023:

During the year ended December 31, 2024, the Company
issued 2,500,000 equity units for total cash proceeds of $500,000. Each equity unit consists of one share of common stock and one stock
appreciation right (“SAR”) convertible into common stock at a price per share of $0.20.

During the year ended December 31, 2023, the Company
issued 1,906,100 shares of common stock for services totaling