Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 1023

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 16
Chunk 1023
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 are complex and highly judgmental due to the estimation required to determine the fair value of the reporting unit. In particular, fair value estimates are sensitive to significant assumptions and factors such as expectations about future market and economic conditions, revenue growth rates, strategic plans, and historical operating results, among others.

How the Critical Account Matter Was Addressed in the Audit

Our principal audit procedures to evaluate management’s valuation of goodwill consistent of the following, among others:

 1.Obtain management’s quantitative analysis and assess the key indicators and analysis regarding discounted cash flows. 2.Assessed the reasonableness of the significant inputs, estimates, and assumptions utilized by management in its quantitative analysis.

Fruci & Associates II, PLLC – PCAOB ID #05525We have served as the Company’s auditor since 2018. Spokane, WashingtonMarch 31, 2025  

F-3Table of Contents

LFTD PARTNERS INC. AND SUBSIDIARY LIFTED LIQUIDS, INC.CONSOLIDATED BALANCE SHEETS(AUDITED)  December 31, 2024  December 31, 2023 ASSETS      Current Assets      Cash and Cash Equivalents $2,146,947  $4,357,539 Prepaid Expenses  1,598,654   2,509,961 Accounts Receivable, net of allowance of $853,329 in 2024 and $375,417 in 2023  2,358,823   3,586,176 Inventory  9,316,291   10,174,667 Income Tax Receivable  682,347   659,376 Current Portion of Settlement Asset and Receivables  460,500   378,597 Other Current Assets  364,443   2,664 Total Current Assets  16,928,005   21,668,980 Restricted Cash  1,000,000   1,000,000 Goodwill  23,092,794   23,092,794 Investment in Ablis  399,200   399,200 Investment in Bendistillery and Bend Spirits  1,497,000   1,497,000 Net Deferred Tax Asset  515,134   - Fixed Assets, less accumulated depreciation of $1,055,666