Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 1483

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 1483
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31, 2021, Lifted wrote off its receivables from SmplyLifted, and its loans to SmplyLifted, which totaled $388,727. On February 9, 2022, Lifted signed an Agreement to sell its 50% membership interest in SmplyLifted to Corner Vapory LLC, an affiliate of NWarrender, for $1, plus ninety-nine percent (99%) of any and all payments and other consideration received or owed to Corner Vapory LLC in regard to SmplyLifted’s existing inventory of tobacco-free nicotine pouches. Lifted had the option to re-purchase the 50% membership interest in SmplyLifted LLC from Corner Vapory LLC for $1,000 in cash at any time on or before December 31, 2032. However, Lifted never exercised this option, and SmplyLifted was dissolved on November 28, 2022, due to insolvency. 

F-19Table of Contents

NOTE 5 – PROPERTY AND EQUIPMENT, NET Property and Equipment consist of the following: Asset Class December 31, 2024  December 31, 2023 Building $805,545  $805,545 Land 430,754  430,754 Machinery & Equipment 1,454,958  1,473,609 Furniture & Fixtures 138,184  107,509 Computer Equipment 18,979  18,979 Building & Leasehold Improvements  633,094  581,394 Vehicles 64,309  117,047 Trade Show Booths 214,457  55,081 Sub-total: $3,760,281  $3,589,918          Less: Accumulated Depreciation  (1,055,666) (593,531)  $2,704,615  $2,996,387  The useful lives of the Company’s property and equipment by asset class are as follows: Asset ClassEstimated Useful LifeBuilding39 yearsLandIndefiniteMachinery & Equipment60 monthsBuilding Improvements60 monthsLeasehold ImprovementsThe shorter of the length of the lease or 60 monthsTrade Show Booths36 monthsVehicles60 monthsComputer Equipment60 monthsFurniture & Fixtures