Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 623

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 11
Chunk 623
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 US GAAP. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes.  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 Year Ended    December 31,    2024  2023  2022           Domestic-Federal $(502,723) $568,244  $2,098,733 State taxes, net of federal benefit  (130,141)  143,498   641,946 Non-deductible expenses  70,450   145,095   (1,291)Franchise taxes  12,063   51,150   46,243 Revision of prior years' provision to return filing  26,253   (316,097)  (2,938)Change in estimated future income tax rates  (13,129)  116,289   (39,355)Change in valuation allowance  13,382   (112,536)  40,465 Other  (581)  2,423   13,851 Total Provision/(Benefit) for Income Taxes $(524,425) $598,065  $2,797,655 

F-36Table of Contents

 Deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows:   December 31,  December 31,   2024  2023 Deferred Tax Assets:      Stock-Based Compensation $2,780,165  $2,766,156 Operating Loss Carry forwards  434,921   - Sales Allowances  80,371   167,051 Spoiled and Written-Off Inventory  -   9,839 Accrued Related Party Expenses  315   1,036 Allowance for Doubtful Accounts  225,588   98,746 Lease Liabilities  14,676   4,918 Interest Carryforward  54,790   - Less: Valuation allowance for stock-based compensation  (2,655,721)  (2,642,339