Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 1646

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 1646
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 lease.  Under the terms of the 789 Tech Lease, Lifted leases a total of approximately 2,205 square feet of space. During the Initial Term, Lifted shall pay CR base annual rent of $30,000, payable in equal monthly installments of $2,500. In addition, as part of the 789 Tech Lease, Lifted paid CR a $5,000 security deposit.  In addition to the base monthly rent, Lifted is also responsible for paying its proportionate share of real estate taxes and other operating costs. Since the Initial Term is twelve months, this lease is not recorded on the Consolidated Balance Sheet, and lease expense is recognized on a straight-line basis over the lease term.  As described in NOTE 14 – SUBSEQUENT EVENTS, the Initial Term of the 789 Tech Lease ended on February 28, 2025. On February 28, 2025, Lifted signed an agreement to lease the space located at 789 Tech Center Drive, Unit C, Durango, Colorado 81301 on a month-to-month basis from March 1, 2025 until May 31, 2025.  Lifted is uncertain whether or not an extension beyond May 31, 2025 will be entered into. Third Party Facilities From time to time, the Company maintains inventory at third party facilities around the USA.

F-31Table of Contents

Balance Sheet Classification of Operating Lease Assets and Liabilities Asset BalanceSheet Line December 31,2024 Operating Lease Right-of-Use Asset, net of Right-of-Use Asset Amortization of $226,646 Non-Current Assets $1,119,434        Liability BalanceSheet Line December 31,2024 Operating Lease Liabilities Current Liabilities $224,460   Non-Current Liabilities  937,988  Lease Costs The table below summarizes the components of lease costs for the following periods:    For the Twelve Months Ended December 31, Lease Cost: 2024  2023  2022 Finance lease expense:         Amortization of Right-of-Use Assets $-  $41,226  $46,273 Interest on lease liabilities  -   85,873   70,507 Operating lease expense  305,587   210,626   115,239