Symptoms
Using a K2 Studio process to iterate through a SharePoint list items and perform a task for sending reminder email based on a certain condition. Tried to validate for each with K2 studio but the looping executes only once while if using the same logic in a K2 designer workflow then it works fine.
Diagnoses
It is not a bug with K2, the issue surfaced because the Smartobject itself was being used, not the reference.
Resolution
Configured the For Each loop correctly, and used the SmartObject reference that was created in the workflow.