Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 1344

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 1344
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737,850. The principal balance outstanding under the Note bore interest at the rate of 12.5% per annum, compounded monthly. It was contemplated that the first payment of accrued interest by the Foundation under the Note would be made as soon after the Foundation commences operations of the Plymouth Cultivation Facility and the Dennis Dispensary as the Foundation’s cash flows shall reasonably permit, but in any event no later than one year after the Foundation commences operations. The principal of the Note would be payable in eight consecutive equal quarterly installments, commencing on the last day of the calendar quarter in which the Foundation commences operations. Principal on the Note and related accrued interest would be considered past due if the aforementioned payments were not received by their due dates. Uncollectable Note and Interest Receivable – The Company assessed the collectability of the Note based on the adequacy of the Foundation’s collateral and the Foundation’s capability of repaying the Note according to its terms. Based on this assessment, on September 1, 2015, the Company concluded that the Note and interest receivable would not be collectible. As such, the Company wrote off the Note totaling $737,850 and interest receivable totaling $97,427 as bad debt expense on September 1, 2015.

NOTE 7 – INTANGIBLE ASSETS, NET Website The cost of developing Lifted’s website, www.urb.shop, which was previously www.LiftedMade.com, was amortized over 32 months, and the website intangible asset was fully amortized as of December 31, 2022.

NOTE 8 – RELATED PARTY TRANSACTIONS  Compensation of Executives and Directors Please refer to the section ITEM 11. EXECUTIVE COMPENSATION for executive and director compensation information.

F-21Table of Contents

 Robert T. Warrender III Mr. Robert T. Warrender III is NWarrender’s brother, and former Director Mr. Robert T. Warrender II’s son. From January 9, 2023 until July 1, 2023, Robert T. Warrender III worked for Lifted as an employee in sales; previously, Mr. Warrender operated as an independent contractor of Lifted. During the years ended December 31, 2023 and 2022, $21,102 and $54,384 in compensation was paid to Mr. Warrender. Sublease of Space Located at 2701-09 West Fulton PH