Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 1331

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 1331
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$37,325,228   100% $51,610,562   100% $57,416,535   100%   For the Year Ended   December 31,  Geographic Market 2024     2023     2022    United States $37,325,228   100% $51,610,562   100% $57,414,822   100%International  -   0%  -   0%  1,713   0%Net Sales $37,325,228   100% $51,610,562   100% $57,416,535   100% Deferred Revenue Amounts received from a customer before the purchased product is shipped to the customer are treated as deferred revenue. If cash is not received, an accounts receivable is recognized for the invoiced order, but revenue is not recognized until the order is fully shipped. Accounts receivable include amounts associated with partially shipped orders, for which the unshipped portion is a contract asset. Contract assets represent invoiced but unfulfilled performance obligations.  At December 31, 2024, total deferred revenue was $674,676, all of which is expected to be recognized as revenue in 2025. At December 31, 2023, total deferred revenue was $235,891, all of which was recognized as revenue in 2024.  At December 31, 2022, total deferred revenue was $594,086, all of which was recognized as revenue in 2023. 

F-14Table of Contents

The table shown below represents the composition of deferred revenue between contract assets (invoiced but unfulfilled performance obligations) and deposits from customers from unfulfilled orders as of December 31, 2024 and December 31, 2023.   December 31, 2024  December 31, 2023 Contract Assets (invoiced but unfulfilled performance obligations) $340,585  $131,304          Deposits from customers for unfulfilled orders  334,091   104,586          Total Deferred Revenue $674,676  $235,891    Cost of Goods Sold – Cost of goods sold primarily consist of the costs of raw goods utilized in the manufacture of products, direct