$KWIK
KwikClick, Inc.

2023 Q1 Form 10-Q Financial Statement

#000109690623001102 Filed on May 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $85.32K $253.9K
YoY Change -66.4%
Cost Of Revenue $30.16K $47.12K
YoY Change -35.99%
Gross Profit $55.16K $206.8K
YoY Change -73.33%
Gross Profit Margin 64.65% 81.44%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $197.2K $397.3K
YoY Change -50.37%
% of Gross Profit 357.46% 192.1%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $942.7K $1.177M
YoY Change -19.89%
Operating Profit -$887.5K -$970.0K
YoY Change -8.5%
Interest Expense $284.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$857.4K -$922.9K
YoY Change -7.1%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$857.4K -$922.9K
YoY Change -7.1% 275.75%
Net Earnings / Revenue -1004.92% -363.45%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01
COMMON SHARES
Basic Shares Outstanding 149.8M shares
Diluted Shares Outstanding 149.8M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $98.53K $339.8K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $98.53K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.346K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.408M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $98.53K
Total Long-Term Assets $1.408M
Total Assets $1.507M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $696.5K
YoY Change
Accrued Expenses $120.7K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.303M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.303M
Total Long-Term Liabilities
Total Liabilities $1.354M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$7.357M
YoY Change
Common Stock $15.01K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $152.9K -$1.735M
YoY Change
Total Liabilities & Shareholders Equity $1.507M
YoY Change

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$857.4K -$922.9K
YoY Change -7.1% 275.75%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$633.1K -$725.0K
YoY Change -12.68%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $7.537K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$249.0K -$7.537K
YoY Change 3203.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $950.0K $462.5K
YoY Change 105.42%
NET CHANGE
Cash From Operating Activities -$633.1K -$725.0K
Cash From Investing Activities -$249.0K -$7.537K
Cash From Financing Activities $950.0K $462.5K
Net Change In Cash $67.95K -$270.1K
YoY Change -125.16%
FREE CASH FLOW
Cash From Operating Activities -$633.1K -$725.0K
Capital Expenditures $0.00 $7.537K
Free Cash Flow -$633.1K -$732.5K
YoY Change -13.57%

Facts In Submission

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<p style="font:10pt Times New Roman;margin:0;color:#000000;background-color:#FFFFFF;text-align:justify"><b>NOTE 1. BUSINESS</b></p> <p style="font:8pt Times New Roman;margin:0;color:#000000;background-color:#FFFFFF;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">KwikClick, Inc., (the “Company” or “Kwik”) was organized pursuant to the laws of the State of Delaware on November 16, 1993. Beginning in 2020, the Company commenced its Kwik business operations to allow sellers to make products or services available on the Kwik platform, at Kwik.com, offering a self-determined incentive budget on goods or services in exchange for exposure and substantially increased sales volume. Kwik is a social interaction, selling, and referral software platform.  </p>
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<p style="font:10pt Times New Roman;margin:0;color:#000000"><span style="background-color:#FFFFFF"><b>Return Allowances</b></span></p> <p style="font:13.5pt Times New Roman;margin:0;color:#000000"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><span style="background-color:#FFFFFF">The fees earned by the Company are subject to returns under similar terms as set by the third-party services using the Company’s software platform.  The Company does not assume responsibility for refund or replacement of product costs.  Return allowances are estimated using historical experience.  During the three months ended March 31, 2023 and 2022, the Company did not incur material returns.</span></p>
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><span style="background-color:#FFFFFF"><b>Reclassifications</b></span></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><span style="color:#374151">The </span><span style="background-color:#FFFFFF">Company reclassified certain general and administrative and management and payroll costs totaling approximately $397,000 to research and development in the consolidated statements of operations for the three months ended March 31, 2022 to conform to the current period presentation. These reclassifications did not have any impact on the previously reported financial position, results of operations, or cash flows. </span></p>
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7356822 usd
CY2023Q1 fil Working Capital Deficit
WorkingCapitalDeficit
1204216 usd
CY2023Q1 fil Proceeds From Liability Of Stock Issuance
ProceedsFromLiabilityOfStockIssuance
300000 usd
CY2023Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
60000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3600000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.10
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
600000 usd
CY2023Q1 fil Proceeds From Subscription Receivable
ProceedsFromSubscriptionReceivable
520261 usd
CY2023Q1 us-gaap Loans Payable Current
LoansPayableCurrent
129739 usd

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