Company: KCRD
Filing Date: 2025-05-19
Form Type: 10-K
Source: 0001477932-25-003933
Chunk: 109

Company: Kindcard, Inc.
Filing Date: 2025-05-19
Form: 10-K
Item: Item 11
Chunk 109
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 been accrued. RMR is a company owned and controlled by the Company’s CEO.

 F-14Table of Contents

Kindcard, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

January 31, 2025

NOTE 7 – DUE TO RELATED PARTY (continued)

On May 1, 2024, the Company issued a Promissory Note in the amount of $24,669 to RMR in exchange for expenses paid and funds previously loaned to the company. RMR is a company owned and controlled by the Company’s CEO. The loan is unsecured with an interest rate of 10% per annum and a maturity date of December 31, 2024. As of January 31, 2025 the loan was extended to December 31, 2025 and $2,055 in interest has been accrued for a total balance of $26,724.  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 January 31, 2025, $375 in interest has been accrued and $33,333 in payments have been made for a total balance of $42,042. During the year 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, $284 in interest has been accrued and $13,533 in payments have been made for a total balance of $24,256. 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 January 31, 2025 and January 31, 2024 was $386,805 and