Hi
If you would like to check your hardware you can download an SD card boot loader for the KWIKSTIK V5 here:
http://www.utasker.com/SW_Demos.html#K40
This will display the state on the SD card on your board on its LCD display so that you can detect whether it is not seeing it, it is not formatted, etc. The display images are detailed on page 23 of http://www.utasker.com/docs/uTasker/uTaskerSerialLoader.PDF
The SW can be loaded to the board using CW's flash utility. If the SD card is being detected you can put the file "software_1.4.003" onto it in the root directory and rename it to "software.bin" and then it will be loaded to the K40 and executed (this displays a clock in the LCD). If this works it will verify that the problem is not due to a local HW issue.
Regards
Mark