Company: KWIK
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002055
Chunk: 537

Company: KwikClick, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 537
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 “more likely than not” test, no tax benefit is recorded.

Foreign Currency Translation

The Company’s functional and reporting currency
is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate
prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of
exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses
arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income.
The Company did not have material translation adjustments during the periods presented.

Reclassifications

Certain prior year amounts have been reclassified
for consistency with the current year presentation. These reclassifications are not material and had no effect on the previously reported
financial position, results of operations, or cash flows.

     F-10 

Recent Accounting Pronouncements

From time to time, new accounting pronouncements
are issued by the Financial Accounting Standards Board (“FASB”) under its accounting standard codifications (“ASC”)
or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below.

New Accounting Pronouncements Adopted 

In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements
through enhanced disclosures about significant segment expenses. These amendments enhance interim disclosure requirements, require disclosure
of the title and position of the chief operating decision maker, require disclosure of significant segment expenses that are regularly
provided to the CODM, clarify circumstances for disclosure of more than one segment profit or loss measure and require that a public entity
that has a single reportable segment provide all disclosures required by ASC 280 and amendments. This ASU update is effective for fiscal
years beginning after December 15, 2023 for the Company’s annual report, and interim periods within fiscal years beginning after
December 15, 2024. The Company adopted this ASU for the annual report for the year beginning January 1, 2024 and evaluated the impact
of the adoption of the ASU. It did not result in a material impact on the Company's financial statements and related disclosures.

New Accounting Pronouncements, Not yet Adopted

In October 2023, the FASB issued ASU 2023-06,
Disclosure Improvements: Cod