Company: KWIK
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002055
Chunk: 490

Company: KwikClick, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 490
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 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: 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 December 14, 2023, the FASB issued ASU 2023-09,
Improvements to Income Tax Disclosures, which amends the guidance in ASC 740, Income Taxes. The ASU is intended to improve the transparency
of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation
and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income
tax disclosures. The ASU’s amendments are effective for public business entities for annual periods beginning after December 15,
2024. Entities are permitted to early adopt the standard “for annual financial statements that have not yet been issued or made
available for issuance.” Adoption is either prospectively or retrospectively; the Company will adopt this ASU on a prospective basis.
The Company is currently evaluating the impact of the ASU, but does not expect any material impact upon adoption.

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