Company: KCRD
Filing Date: 2025-06-16
Form Type: 10-Q
Source: 0001477932-25-004628
Chunk: 46

Company: Kindcard, Inc.
Filing Date: 2025-06-16
Form: 10-Q
Item: Part II, Item 8
Chunk 46
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 January 31, 2025 the loan was extended to December 31, 2025 and $2,656 in interest has been accrued for a total balance of $27,325. On May 17, 2024, the Company issued a 6% Promissory Note in the amount of $75,000 to RMR Management Group LLC (“RMR”) in consideration for a $75,000 loan from RMR to the Company. RMR is a company owned and controlled by the Company’s CEO, Michael Rosen. The loan is unsecured with an interest rate of 6% per annum, monthly installments consisting of principal and interest in the amount of $4,541 beginning June 5, 2024, and a maturity date of November 16, 2025. As of April 30, 2025, $375 in interest has been accrued and $45,833 in payments have been made for a total balance of $29,542. During the period ended January 31, 2025 RMR loaned an 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