Company: LIFD
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001096906-25-000819
Chunk: 30

Company: LFTD PARTNERS INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 30
---
 to manufacture the Products at Lifted’s facilities and holds the Products in its facilities until the Products are sold and shipped to customers.    ·Customers’ orders of Products are received through Lifted’s website www.urb.shop. Lifted processes these orders, prepares the Products for shipment from Lifted’s warehouse, and ships the Products directly to the customers. Lifted is responsible for the collection of payments from customers, and is responsible for paying the other party 10% of any accounts receivable that are past due by more than 90 days. Lifted does not include in its inventory the value of the Products, because the other party pays for 100% of the costs of the Products.   The Company concludes that Lifted is the principal relative to the other party in the Agreement.   Sales of Products are recognized and reported by the Company on a gross basis on the Consolidated Statements of Operations, and until such time that the other party has received, in each instance with respect to an applicable Purchase Order, one-hundred percent (100%) of the Purchase Order Amount from Lifted, Lifted will report all of the money received from the other party as a current liability on the Company’s Consolidated Balance Sheets. This current liability account will become smaller as Lifted remits payments to the other party.  After the other party has received 100% of the Purchase Order Amount from Lifted, any Adjusted Gross Revenue will be appropriately allocated and paid 60% to the other party and 40% to Lifted as royalty payments.  Director Kevin Rocio appointed as the new Chair of the Nominating Committee of the Board of Directors On February 18, 2025, director Kevin J. Rocio was appointed as the new Chair of the Nominating Committee of the Board of Directors, replacing Richard E. Morrissy.  Signing of Letters of Intent On February 19, 2024, LFTD Partners, Lifted, and several of their affiliates as set out below, entered several letters of intent (each an “LOI”) outlining several proposed mergers or acquisitions with various target companies in different industries. Below is a breakdown of the key terms and provisions of the LOIs. (1) Letter of Intent to Acquire Sustainable Innovations Inc. and its Marijuana Subsidiaries LIFD, Lifted, Gerard M. Jacobs (“GMJ”), Nicholas S. Warrender (“NSW”), William C. Jacobs (“WCJ