Company: KWIK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006139
Chunk: 4

Company: KwikClick, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 4
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 there was not a material impact to the Company’s condensed consolidated financial statements and related
disclosures.

New Accounting Pronouncements, Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06,
Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,
which modifies the disclosure or presentation requirements related to variety of FASB Accounting Standard Codification topics. The effective
date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation
S-K is effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending
content of the associated amendment will be removed from the Codification and will not become effective for any entities. The Company
is currently evaluating the effect of adopting this ASU on its condensed consolidated financial statements and related disclosures. 

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 on its condensed consolidated financial statements and related disclosures. 

In November 2024, the FASB issued ASU 2024-04, Debt
- Debt with Conversion and Other Options, which clarifies the requirements for determining whether certain settlements of convertible
debt instruments should be accounted for as an induced conversion. The new guidance will first be effective in our annual disclosures
for the year ending December 31, 2026, and can be applied either prospectively or retrospectively. Early adoption is permitted. The Company
is currently