Company: KCRD
Filing Date: 2025-12-22
Form Type: 10-Q
Source: 0001477932-25-009119
Chunk: 56

Company: Kindcard, Inc.
Filing Date: 2025-12-22
Form: 10-Q
Item: Part II, Item 8
Chunk 56
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 117,105 Total future minimum loan payments $150,000  Notes Payable Loans payable consist of a series of short term loans with a combined balance of $347,960 and $221,646 at October 31, 2025 and January 31, 2025. These loans are with vendors, consultants and advisors of the Company, are unsecured and have interest rates ranging from 7% to 12% per annum and maturity dates within one to twelve months.

NOTE 9 – COMMITMENTS AND CONTINGENCIES On May 25, 2022, the Company and an advisor entered into an Advisory Agreement related to the development, design and build of its compliance and state licensing program related to the Company’s Deb Platform. The initial term of the agreement is six months at a rate of $5,000 per month ($30,000) with an option to renew on a month-to-month basis thereafter. The contract includes a stock grant allowing the advisor the opportunity to earn up to a total of 1,000,000 shares of common stock (the “Shares”) of the Company to be issued one year from the effective date of the agreement subject to approval by the Company’s Board of Directors and the achievement of certain mutually agreed goals and objectives. Effective January 31, 2023, the agreement has been suspended and placed on hold by the parties until the Company’s Deb Platform has been released, and, accordingly, the parties have agreed to cease accruing the monthly cash fees due under the agreement. Total fees earned of $40,000 in consulting fees have been recorded as of January 31, 2023, with $7,500 in accrued expenses. As of December 10, 2025 the advisor has agreed to waive the outstanding advisory fees, the parties have agreed to terminate the agreement and no shares will be issued.

F-12Table of Contents

Kindcard, Inc. and Subsidiaries

Condensed Notes to Consolidated Financial Statements (unaudited)

October 31, 2025

NOTE 9 – COMMITMENTS AND CONTINGENCIES (continued)

 On September 15, 2023, the Company issued a 1% Convertible Promissory Note in the amount of $296,498 (the “Note”) to RMR Management Group LLC (“RMR”) in exchange for full and final settlement of an aggregate amount of $296,498 previously loaned by RMR to the Company. The Note is convertible at the