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KwikClick, Inc. has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's business operations, which focus on a social interaction, selling, and referral software platform. KwikClick connects brands with promoters, influencers, and customers, generating revenue from incentive budgets set by brands.
The company reported a net loss of $1,956,424 for the year, compared to a net loss of $3,903,079 in the previous year. This decrease in net loss is attributed to a reduction in operating expenses.
Operating expenses for the year were $1,914,551, down from $4,194,407 in the prior year. The reduction is primarily due to decreased payroll costs and research and development expenses.
Revenue for the year totaled $157,371, a decrease from $288,229 in the previous year. The decrease is mainly due to a reduction in small retailer and influencer campaigns.
The company continues to face challenges with liquidity and capital resources, with current liabilities totaling $3,720,580 and cash and cash equivalents of $192,996 as of December 31, 2024.
KwikClick's management has expressed substantial doubt about the company's ability to continue as a going concern, citing the need for additional capital to finance operations and achieve strategic objectives.
The filing also notes legal proceedings involving NAI Liquidation Trust, which claims ownership of KwikClick's intellectual property. The company intends to defend its intellectual property rights vigorously.
KwikClick has entered into a new operating lease for its corporate headquarters, effective January 2025, with a term of two years and monthly payments starting at $3,700.
The company is planning a reverse stock split on a 1-for-40 basis, to be effected no later than December 31, 2025, reducing the number of authorized shares from 400,000,000 to 50,000,000.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the KwikClick Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.