$KWIK
KwikClick, Inc.

2024 Q3 Form 10-Q Financial Statement

#000168316824005328 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $32.53K $13.15K $51.48K
YoY Change -64.29% -74.46% -76.83%
Cost Of Revenue $20.22K $8.144K $40.52K
YoY Change -77.17% -79.9% 23.13%
Gross Profit $12.31K $5.002K $10.96K
YoY Change 384.42% -54.34% -94.21%
Gross Profit Margin 37.85% 38.05% 21.28%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $78.38K $76.52K $265.7K
YoY Change -56.92% -71.2% -2.32%
% of Gross Profit 636.54% 1529.77% 2425.62%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $78.38K $76.52K $832.1K
YoY Change -56.92% -90.8% -47.07%
Operating Profit -$66.07K -$71.52K -$821.2K
YoY Change -63.18% -91.29% -39.17%
Interest Expense $62.84K $55.13K $12.82K
YoY Change 147.53% 329.86%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$368.6K -$338.9K -$793.5K
YoY Change -69.02% -57.28% -41.22%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$368.6K -$338.9K -$793.5K
YoY Change -69.02% -57.28% -41.22%
Net Earnings / Revenue -1132.97% -2578.27% -1541.38%
Basic Earnings Per Share $0.00 $0.00 -$0.01
Diluted Earnings Per Share $0.00 $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 153.1M shares 153.1M shares 149.4M shares
Diluted Shares Outstanding 153.7M shares 153.1M shares 150.5M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $426.1K $31.18K $33.57K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $451.6K $45.45K $33.57K
YoY Change 1534.43% 35.39% -48.72%
LONG-TERM ASSETS
Property, Plant & Equipment $3.685K $3.962K $5.069K
YoY Change -23.1% -21.84% -17.94%
Goodwill
YoY Change
Intangibles $1.334M $1.357M
YoY Change -10.46%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.386M $1.397M $1.536M
YoY Change -11.9% -9.06% 64.76%
TOTAL ASSETS
Total Short-Term Assets $451.6K $45.45K $33.57K
Total Long-Term Assets $1.386M $1.397M $1.536M
Total Assets $1.837M $1.442M $1.569M
YoY Change 14.79% -8.11% 57.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $753.6K $728.5K $823.3K
YoY Change -21.07% -11.51% 60.35%
Accrued Expenses $93.31K $112.0K $123.8K
YoY Change -36.84% -9.52% 198.75%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.647M $3.383M $2.083M
YoY Change 37.61% 62.46% 39.34%
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 $3.647M $3.383M $2.083M
Total Long-Term Liabilities
Total Liabilities $3.647M $3.383M $2.121M
YoY Change 36.37% 59.55% 33.5%
SHAREHOLDERS EQUITY
Retained Earnings -$11.85M -$11.48M -$8.150M
YoY Change 26.84% 40.83% 68.9%
Common Stock $15.57K $15.32K $15.07K
YoY Change 2.84% 1.62% 27.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.809M -$1.941M -$551.2K
YoY Change
Total Liabilities & Shareholders Equity $1.837M $1.442M $1.569M
YoY Change 14.79% -8.11% 57.31%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$368.6K -$338.9K -$793.5K
YoY Change -69.02% -57.28% -41.22%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Nature Of Operations
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<p id="xdx_80D_eus-gaap--NatureOfOperations_zx76AWOpBHC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>NOTE 1. <span id="xdx_82B_z6FfV44SROTe">BUSINESS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white"><b>Going Concern</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since the commencement of the Kwik platform, the Company has accumulated a deficit of $<span id="xdx_90E_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20240630_z8C6GTw1ANQ">11,477,845</span> and working capital deficit of $<span id="xdx_909_ecustom--WorkingCapital_iNI_di_c20240630_zAH9fqLgM2J5" title="Working capital deficit">3,338,012</span> as of June 30, 2024. The Company will require additional funding to finance the growth of its future operations as well as to achieve its strategic objectives. This raises substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and generate revenue. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-11477845 usd
CY2024Q2 KWIK Working Capital
WorkingCapital
-3338012 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zavIm2oAKUPl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Use of Estimates</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q2 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
0 usd
CY2023Q2 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
0 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84C_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zbBflMqlLm55" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white"><b>Reclassification</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications are not material and had no effect on the previously reported financial position, results of operations, or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1086 usd
us-gaap Share Based Compensation
ShareBasedCompensation
407858 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
60000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
149395 usd
CY2024Q2 KWIK Due To Related Parties Current1
DueToRelatedPartiesCurrent1
2506640 usd
CY2023Q4 KWIK Due To Related Parties Current1
DueToRelatedPartiesCurrent1
1754445 usd
CY2024Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
55125 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
102336 usd
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
12824 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
13108 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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