Company: KCRD
Filing Date: 2025-06-16
Form Type: 10-Q
Source: 0001477932-25-004628
Chunk: 12

Company: Kindcard, Inc.
Filing Date: 2025-06-16
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 additional $37,505 to the Company in the form of short-term loans with interest rates ranging from 6% to 10% per annum with a maturity date of December 31, 2024. As of January 31, 2025 the loans have been extended to December 31, 2025. In the period ended April 20, 2025 RMR loaned an additional $7,967 to the Company $754 in interest has been accrued and $30,652 in payments have been made for a total balance of $15,574. RMR is a company owned and controlled by the Company’s CEO, Michael Rosen. The total amount owed to the Company’s CEO as of April 30, 2025 was $365,344 and January 31, 2025 was $386,805 with accrued interest of $6,239 and $4,963, respectively.

NOTE 8 – LOANS SBA Loan The balance consists of Small Business Administration Economic Disaster Injury Loan assumed in the acquisition of Kindcard on June 7, 2021, with a principal balance of $150,000 and $3,160 accrued interest for a total balance of $153,160. An additional $20,779 of interest was accrued and $8,114 in installments payments have been made as of April 30, 2025, for a total balance of $165,825. The term of the note is 30 years with an interest rate of 3.75% per annum, installment payments of $731 began April 14, 2023, and consist of interest only for the first thirty months. On March 15, 2024, the Company entered into an SBA accommodation plan with a twelve months of reduced installment payments of $73, as of March 15, 2025 the accommodation plan has been extended for an additional six months with installment payments of $366.

 F-11Table of Contents

Kindcard, Inc. and Subsidiaries

Condensed Notes to Consolidated Financial Statements (unaudited)

April 30, 2025

NOTE 8 – LOANS (continued)

 SBA Loan (continued) Year ending January 31,  2026: $- 2027:  6,579 2028:  8,772 2029:  8,772 2030:  8,772 Thereafter  117,105