Company: KCRD
Filing Date: 2025-09-22
Form Type: 10-Q
Source: 0001477932-25-006912
Chunk: 24

Company: Kindcard, Inc.
Filing Date: 2025-09-22
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 revenue, we will require additional financing in order to fully implement our plan of operations.

As of July 31, 2025, we had $9,285 in cash, $19,764 in Accounts Receivable, $42,500 in Unbilled revenue, net, and Other Assets of $18,367. Total liabilities as of July 31, 2025, were $1,240,933 compared to $973,174 in total liabilities at January 31, 2025. The funds available to the Company will not be sufficient to fund the planned operations of the Company and maintain reporting status.

The total amount owed to the Company’s CEO as of July 31, 2025, was $342,173. The amounts due to related party consist of an amount due to an executive of the Company of $4,925, a 1% Convertible Promissory Note in the amount of $296,498 (the “Note”) to RMR Management Group LLC (“RMR”) and The Note is convertible at RMR’s option into shares of common stock of the Company at a per share conversion price of $0.01 with the remaining $45,676 unsecured with an interest rate of 10% and a maturity date of December 31, 2025. RMR is a company owned and controlled by the Company’s CEO.

The remaining balance consists of Accounts Payable of $313,310, Accrued Interest of $59,915, Accrued Payroll Expenses of $6,042, Accrued Tax Expense of $4,149, Notes Payable of $343,867, the Small Business Administration Economic Disaster Injury Loan assumed in the acquisition of Kindcard on June 7, 2021 current portion of $8,041, Accrued Interest long term portion of $8,471 and a principal balance of $150,000.

 5Table of Contents

Off-balance sheet arrangements

Other than the situation described in the section titled Capital Recourses and Liquidity, the company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect or change on the company’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term “off-balance sheet arrangement” generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the company is a party, under which the company has (i) any