Company: KWIK
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002055
Chunk: 365

Company: KwikClick, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 365
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 those policies and procedures that (i) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets, if any, of our company;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements
in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management
and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition
of our assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control
over financial reporting may not prevent or detect errors or misstatements in our consolidated financial statements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree or compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of
our internal control over financial reporting on December 31, 2024. In making these assessments, management used the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (COSO).

Based on our assessments and those criteria and on
an evaluation under the supervision and with the participation of our management, our principal executive officer and principal financial
officer have concluded that our internal controls over financial reporting as defined in Rules 13a-15I and 15d-15(e) under the Exchange
Act were not effective as of December 31, 2024 to ensure that information required to be disclosed by us in reports that we file or submit
under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms
and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as
appropriate, to allow timely decisions regarding required disclosure.

Based on this evaluation, our management concluded
that, as of December 31, 2024, our internal control over financial reporting was not effective due to (i) insufficient segregation of
duties in the finance and accounting functions due to limited personnel; and (ii) inadequate corporate governance policies. In the future,
subject to working capital limitations, we intend to take appropriate and reasonable steps to make improvements to remediate these deficiencies.

This annual report on Form 10-K does not include an
attestation report