Wed, May 15, 9:32 PM (305 days ago)
KindCard, Inc. (KCRD) filed its annual report for the fiscal year ended January 31, 2024, highlighting key financial metrics and strategic developments. The company reported total revenues of $486,843, a decrease from $592,735 in the prior year, driven by declines in both gift card program and commission revenues. Operating expenses were $651,253, down from $895,229, primarily due to reduced consulting and salary costs. Despite cost-cutting efforts, the company recorded a net loss of $261,372, improving from a $398,304 loss in the previous year. KindCard's cash balance stood at $9,647, with a working capital deficit of $756,744, raising substantial doubt about its ability to continue as a going concern. The company plans to raise additional capital through private placements and related party advances. Strategically, KindCard is focused on expanding its "Pay with Deb" mobile wallet and Tendercard gift card platforms. Recent developments include app approvals from Apple and Google and a partnership with The Restaurant Heroes Franchisor Group to market Tendercard's platform. Risk factors include reliance on external consultants, limited human resources, and the need for additional funding to sustain operations and achieve growth objectives. The company does not own any patents and faces competition from established payment processors like Visa and MasterCard.