Company: LIFD
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001096906-25-001332
Chunk: 107

Company: LFTD PARTNERS INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 107
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”). The $350,000 loan does not bear interest, and is being repaid by the Company using funds that otherwise would have been paid to the Company’s CEO and CFO in the form of salary or bonuses pursuant to their employment agreements with the Company.

As of June 30, 2025, non-current liabilities of $3,555,089 consisted of the non-current portion of the loans payable to Surety Bank, which totaled $2,488,019, operating lease liability of $813,224, and the Related Party Note of $253,846. In comparison, at December 31, 2024, non-current liabilities of $3,727,360 consisted of the non-current portion of the loans payable to Surety Bank, which totaled $2,789,372 and operating lease liability of $937,988.

In prior years, the Company’s payables have been greater than its cash on hand. Prior to the Company’s acquisition of Lifted, the Company had inconsistent income-generating ability and was therefore reliant on raising money from loans or stock sales. The Company had an accumulated deficit of $4,546,395 and $3,967,708 as of June 30, 2025 and December 31, 2024, respectively.

Comparison of Operations for the Three and Six Months Ended June 30, 2025 to June 30, 2024

Net sales during the three and six months ended June 30, 2025 were $10,325,336 and $19,449,186, respectively, compared to net sales during the three and six months ended June 30, 2024 of $9,487,299 and $20,153,948, respectively. Lifted’s sales of non-hemp products were a primary driver of the increase in sales between the first quarter of 2024 and the first quarter of 2025. Reasons for the decrease in net sales between the six months ended June 30, 2024 and the six months ended June 30, 2025 include, but are not limited to: prohibition of, or tighter regulation of, intoxicating hemp-derived products has been adopted or proposed in many states that are significant markets for Lifted, such as in Florida, Texas, Illinois and California; greater competition in the marketplace for branded hemp-derived and psychoactive products that are similar to those that Lifted sells; more distributors creating their own brands and selling their own branded products at a lower price than Lifted