KwikClick, Inc 10-Q for FY2023 Q1

KwikClick, Inc. (KWIK)

10-Q 2023-05-16 For: 2023-03-31

Added on April 06, 2026

About this 10-Q

KwikClick, Inc filed this 10-Q on May 16, 2023, covering the quarter ended March 31, 2023 (FY2023 Q1).

Headline figures

Quarter ended March 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $85.32K; down 66.4% from $253.91K a year earlier
Net loss: $857.37K; compared with a net loss of $922.85K a year earlier

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Delaware	95-4463033
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

585 West 500 South Suite 130
Bountiful, Utah	84010
(Address of principal executive offices)	(Zip Code)

	Large Accelerated Filer ¨	Accelerated Filer ¨
	Non-Accelerated Filer x	Small Reporting Company ☒
		Emerging Growth Company ☐

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Balance Sheets, March 31, 2023 and December 31, 2022 (Unaudited)	1
	Statements of Operations for the Three Months ended March 31, 2023 and 2022 (Unaudited)	2
	Statements of Stockholders’ Equity (Deficit) for the Three Months ended March 31, 2023 and 2022 (Unaudited)	3
	Statements of Cash Flows for the Three Months ended March 31, 2023 and 2022 (Unaudited)	4
	Notes to Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	11
Item 4.	Controls and Procedures	11

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	12
Item 1A.	Risk Factors	12
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	12
Item 3.	Defaults Upon Senior Securities	12
Item 4.	Mine Safety Disclosures	12
Item 5.	Other Information	12
Item 6.	Exhibits	13
SIGNATURES		14

	March 31,		December 31,
	2023		2022
ASSETS
Current assets:
Cash and cash equivalents	$	`98,532`		`30,583`
Total current assets		`98,532`		`30,583`

Equipment, net		`5,346`		`5,623`
Intellectual property, net		`1,297,690`		`1,066,780`
Right of use asset		`105,445`		`118,684`
Total assets	$	`1,507,013`		`1,221,670`

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	`696,470`		`546,807`
Accrued liabilities		`120,687`		`124,551`
Lease obligation, current portion		`55,852`		`54,295`
Shareholder advances		`129,739`		-
Stock issuable		`300,000`		`4,010`
Total current liabilities		`1,302,748`		`729,663`
Long-term liabilities:
Lease obligation, net of current portion		`51,411`		`66,053`
Total liabilities		`1,354,159`		`795,716`

Stockholders' equity
Preferred stock, $0.0001 par value; 5,000,000 shares authorized and none issued and outstanding		-		-
Common stock, $0.0001 par value; 400,000,000 shares authorized and 150,042,605 and 149,442,605 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively		`15,005`		`14,945`
Additional paid-in-capital		`7,494,671`		`7,430,721`
Subscription receivable		-		`(520,261)`
Accumulated deficit		`(7,356,822)`		`(6,499,451)`
Total stockholders' equity		`152,854`		`425,954`
Total liabilities and stockholders' equity	$	`1,507,013`		`1,221,670`

	For the Three Months Ended
	March 31,
	2023		2022

Revenues:
Brand services	$	`85,317`		`103,911`
Software licensing		-		`150,000`
Net revenue		`85,317`		`253,911`

Operating costs and expenses:
Cost of sales		`30,159`		`47,118`
Research and development		`197,168`		`397,257`
Management and payroll		`283,038`		`492,262`
General and administrative		`432,323`		`240,126`
Total operating costs and expenses		`942,688`		`1,176,763`

Loss before income taxes		`(857,371)`		`(922,852)`
Provision for (benefit from) income taxes		-		-

Net loss	$	`(857,371)`		`(922,852)`

Basic and diluted loss per share	$	`(0.01)`		`(0.01)`

Weighted average shares outstanding - basic and diluted		`149,840,384`		`115,912,605`

							Additional							Total
	Preferred Stock			Common Stock			Paid-in		Subscription		Accumulated		Stockholders'
	Shares	Amount		Shares	Amount		Capital		Receivable		Deficit		Equity (Deficit)
Balance, December 31, 2022	-	$	-	149,442,605	$	`14,945`	$	`7,430,721`	$	`(520,261)`	$	`(6,499,451)`	$	`425,954`
Capital contribution	-		-	-		-		`4,010`		-		-		`4,010`
Issuance of common stock for services	-		-	600,000		`60`		`59,940`		-		-		`60,000`
Proceeds from subscription receivable	-		-	-		-		-		`520,261`		-		`520,261`
Net loss	-		-	-		-		-		-		`(857,371)`		`(857,371)`
Balance, March 31, 2023	-	$	-	150,042,605	$	`15,005`	$	`7,494,671`	$	-	$	`(7,356,822)`	$	`152,854`


Balance, December 31, 2021	-		-	115,912,605		`11,591`		`1,728,675`		-		`(2,552,660)`		`(812,394)`
Net loss	-		-	-		-		-		-		`(922,852)`		`(922,852)`
Balance, March 31, 2022	-	$	-	115,912,605	$	`11,591`	$	`1,728,675`	$	-	$	`(3,475,512)`	$	`(1,735,246)`

	Common Stock			Weighted Average Fair Value
Outstanding at January 1, 2023		3,600,000		$	0.10
Granted		-			-
Forfeited or cancelled		-			–
Vested		(600,000	)		0.10
Outstanding at March 31, 2023		3,000,000			0.10

Exhibit No.		Description
This Form 10-Q
31.1		Certification of principal executive officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 executed by Matt Williams
31.2		Certification of principal financial officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 executed by Jeffrey Yates
32.1		Certification of principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 executed by Matt Williams
32.2		Certification of principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 executed by Jeffrey Yates

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KwikClick, Inc.

By: /s/ Matt Williams
Matt Williams
President
Principal Executive Officer
Date: May 15, 2023

By: /s/ Jeffrey Yates
Jeffrey Yates
Principal Financial Officer
Date: May 15, 2023

1.	I have reviewed this report on Form 10-Q of KwikClick, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and I have:

	a)	designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

	d)	disclosed in this report any change in registrant’s internal control over financial reporting the occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a)	all deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

5.	I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.