Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 1125

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 1125
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. Consequently, the delay in Lifted’s receipt of payments from certain customers has a direct impact on the Company’s net receivables, net income, and earnings per share.

Collaboration Commission and Royalty Expense

For the year ended December 31, 2024, the Company reported collaboration commission and royalty expense of $692,971. For the year ended December 31, 2023, the Company reported collaboration commission and royalty expense of $1,733,800. No collaboration commission and royalty expense was recognized in 2022.

Other Operating Expenses

Other operating expenses increased to $2,607,704 during the year ended December 31, 2024, up from $2,541,263 during the year ended December 31, 2023, and up from $1,884,209 during the year ended December 31, 2022. Other operating expenses include, for example, insurance expense, rent expense, repairs and maintenance, state license and filing fees, excise and sales tax expense, health and dental expenses, warehouse and lab expenses below the Company’s capitalization threshold, and other expenses. The premiums of certain insurance policies that the Company has had in place have typically been based on the Company’s revenue; as such, these policies are costly for the Company. 

Other Income or Expenses

During the year ended December 31, 2024, net non-operating Other Expenses of $1,608,390 primarily consisted of the $1,349,467 loss related to the termination of the Jeeter collaboration. In comparison, during the year ended December 31, 2023, net non-operating other income of $346,883 consisted primarily of settlement income of $506,211, offset by interest expense of $110,517, and debt financing expenses of $60,548. During the year ended December 31, 2022, net non-operating other income of $181,255 in 2022 consisted primarily of settlement income of $478,617, offset by interest expense of $120,197 and loss on the disposal of fixed assets of $185,195. 

Net Income or Loss

During the year ended December 31, 2024, the Company reported a net loss of $1,857,429. During the year ended December 31, 2023, the Company reported net income of $2,159,007. In comparison, the Company reported net income of $7,196,327 during the