Company: LIFD
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001096906-25-000819
Chunk: 73

Company: LFTD PARTNERS INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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NOTE 5 – PROPERTY AND EQUIPMENT, NET Property and Equipment consist of the following: Asset Class March 31, 2025  December 31, 2024 Building $805,545  $805,545 Land  430,754   430,754 Machinery & Equipment  1,532,103   1,454,958 Furniture & Fixtures  138,184   138,184 Computer Equipment  18,979   18,979 Building & Leasehold Improvements   633,094   633,094 Vehicles  64,309   64,309 Trade Show Booths  214,457   214,457 Sub-total: $3,837,426  $3,760,281          Less: Accumulated Depreciation   (1,195,297)  (1,055,666)  $2,642,129  $2,704,615 

 F-47Table of Contents

 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 & Fixtures60 months In the Consolidated Statements of Operations, depreciation expense is consolidated with amortization expense. After allocating depreciation of machinery and equipment and 5511 Building of $77,367 for the quarter as overhead to finished goods, depreciation expense of $62,265 was recognized during the three months ended March 31, 2025.  In comparison, after allocating depreciation of machinery and equipment and 5511 Building of $76,966 for the quarter as overhead to finished goods, depreciation expense of $48,798 was recognized during the three months ended March 31, 2024. 

NOTE 6 – NOTES RECEIVABLE The William Noyes Webster Foundation, Inc. The Foundation, a non-profit Massachusetts corporation, has received a provisional registration from the Commonwealth of Massachusetts to own and operate a medical marijuana cultivation facility in Plymouth, Massachusetts, and a medical marijuana dispensary in Dennis, Massachusetts. Jane W. Heatley (“Heatley”) is the founder and a member of