Company: KWIK
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002055
Chunk: 491

Company: KwikClick, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 491
---
 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.

     F-11 

NOTE 3. PROPERTY AND EQUIPMENT

Property and equipment as of December 31, 2024 and
2023 were as follows:

    Schedule of property and equipment 

    2024  
    2023 
  
    Office Equipment 
    $4,483  
    $8,483 
  
    Less Accumulated Depreciation 
     (3,456) 
     (3,968)
  
    Total property and equipment 
    $1,027  
    $4,515 

During the year ended December 31, 2024 and 2023,
the Company recorded depreciation expense of $1,107 and $1,108.

NOTE 4. INTELLECTUAL PROPERTY

Intangible Assets as of December 31, 2024 and 2023
were as follows:

    Schedule of intangible assets 

    2024  
    2023 
  
    Patents 
    $1,416,526  
    $1,455,815 
  
    Domain 
     100,000  
     100,000 
  
    Less Accumulated Amortization 
     (235,838) 
     (149,324)
  
    Total intangible assets 
    $1,280,688  
    $1,406,491 

During the year ended December 31, 2024 and 2023,
the Company recorded amortization expense of $90,537 and $88,045, respectively.

Future Amortization Expense

    Schedule of future amortization expense 

    Year 
    Amount 
  
    2025 
    $90,537 
  
    2026 
     90,537 
  
    2027 
     90,537 
  
    2028 
     90,537 
  
    2029 
     90,537 
  
    Thereafter 
     828,003 

    $1,280,688 

NOTE 5. INCOME TAXES

The
Company follows ASC 740