Company: KCRD
Filing Date: 2025-06-16
Form Type: 10-Q
Source: 0001477932-25-004628
Chunk: 43

Company: Kindcard, Inc.
Filing Date: 2025-06-16
Form: 10-Q
Item: Part II, Item 8
Chunk 43
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 loss reserves for accounts receivable on an individual receivable basis. A specific allowance is established based on expected future cash flows and the financial condition of the debtor. We charge off customer balances in part or in full when it is more likely than not that we will not collect that amount of the balance due. We consider any balance unpaid after the contract payment period to be past due. Fees are collected in arrears resulting in accounts receivable, net – unbilled and are recorded as accrued revenue at the end of each month. There are $21,160 and $17,907 in accounts receivable net of $514 and $179 allowances at April 30, 2025 and January 31, 2025, respectively.

 F-8Table of Contents

Kindcard, Inc. and Subsidiaries

Condensed Notes to Consolidated Financial Statements (unaudited)

April 30, 2025

NOTE 3 – UNBILLED RECEIVABLES, net  Unbilled receivables, net represents the balance of recoverable costs comprised of revenue recognized on contracts for which billings have not been presented to the customer because the amounts were earned but not contractually billable at the balance sheet date. These amounts include expected annual contract fees and have been accrued over the twelve month period based on prior year receipts. There are $29,750 and $17,000 unbilled receivables at April 30, 2025 and January 31, 2025, respectively. Please note that certain balances were reclassified for presentation and for consistency.

NOTE 4 – PROPERTY AND EQUIPMENT, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of the asset generally ranging from three to seven years. Property and equipment, net consists of the following at:   April 30,  January 31,    2025   2025 Merchandise and equipment: Vault $10,000  $10,000 Merchandise and equipment: Office Equipment  4,286   4,286 Merchandise and equipment: IT Equipment  4,945   4,945 Total Cost $19,231  $19,231 Less: accumulated depreciation  (17,621 )  (16,994 )Property and equipment, net $1,610