Company: LIFD
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001096906-25-001862
Chunk: 31

Company: LFTD PARTNERS INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 31
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 believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions and no adjustments to such reserves were required by US GAAP. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. 

 F-21Table of Contents

A reconciliation of the amount of tax provision (benefit) computed using the U.S. federal statutory income tax rate to the provision for income taxes on continuing operations is as follows:   For the Three Months Ended  For the Nine Months Ended    September 30,    September 30,    2025  2024  2025  2024              Domestic-Federal $181,072  $(39,092) $30,359  $(502,711)State taxes, net of federal benefit  42,343   (8,753)  7,172   (129,669)Non-deductible expenses  9,327   21,279   38,743   62,131 Franchise taxes  8,795   (2,929)  19,950   8,081 Revision of prior years' provision to return filing  6,498   34,908   7,068   34,908 Change in estimated future income tax rates  (7,178)  6,076   56,846   (11,198)Change in valuation allowance  6,034   (6,055)  (47,781)  11,414 Other  (10,335)  (119)  (10,336)  (119)Total Provision/(Benefit) for Income Taxes $236,557  $5,315  $102,021  $(527,163) Deferred tax assets and liabilities as of September 30, 2025 and December 31, 2024 were as follows:   September 30,  December 31,   2025  2024 Deferred Tax Assets:      Operating Loss Carry forwards $9,350  $434,921 Stock-Based Compensation  2,730,145   2