Kind of a weird mix up of lightweight parts that appear original...
K serial would be late wartime, I think 1945 (edit - I was looking around and K
also seems to run into '46 and '47 and
here)... That would make this a very early continental if so... Continental didn't "officially" launch until 1946 (as far as I know) and when they did, they looked very different than this one...
At first it looks like a continental: larger diameter tubes, double adjustable stem/neck, typical saddle style on these, T10 pedals, seat post clamp typical to higher end lightweights (not NW), badged continental... But then there are some oddballs: Superior/New World chainring (not the standard continental one), fender style that was exclusively New World during the 30s/40s, additionally those are the blade style fender braces and not the wire ones that were found on the 40s continentals (
@GTs58 noticed that one), chain guard paint style exclusive to the New World during this time period (continental would have the all chrome with paint infill, same striping style as the New World... (edit: just noticed the rear brake line routing follows the top tube and I was looking through my archive and that seems standard for the New World, but the 40s continentals always follows the down tube back to the rear, because on top of the continental guard there was a brake line housing clip to hold it in place, but the NWs didn't have this until later, but the 1946 continentals did. Every original 40s continental I have archived follows the down tube and has the guard clip... See ad below).
Then the decal package makes me think early
paramount/
superiors. I feel like I have seen a continental decal like this before but need to look around to find where, if so. Also notice the "Schwinn" portion of the decal is very similar to the way it was done on the New Worlds and not how it was done on the Paramount/Superiors (as far as I know, still looking...)