Company: LIFD
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001096906-25-001862
Chunk: 79

Company: LFTD PARTNERS INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 79
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,822,678  Diluted  14,964,678   14,795,977                    Basic Net Income/(Loss) per Common Share $0.04  $(0.01) Basic Net Income/(Loss) per Common Share $0.00  $(0.13)Diluted Net Income/(Loss) per Common Share $0.04  $(0.01) Diluted Net Income/(Loss) per Common Share $0.00  $(0.13) Recent Accounting Pronouncements – On December 14, 2023, the FASB issued a final standard on improvements to income tax disclosures, ASU 2023-09, Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact, if any, that the updated standard will have on the consolidated financial statements. In addition, in November 2024, the FASB issued “ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40); Disaggregation of Income Statement Expenses”. ASU 2024-03 is effective for public business entities for annual periods beginning after December 15, 2026. The Company is currently evaluating the impact, if any, that the updated standard will have on the consolidated financial statements. On November 27, 2023, the FASB issued ASU 2023-07-Segment Reporting. The new guidance was issued primarily to provide financial statement users with more disaggregated expense information about a public entity’s reportable segments. The guidance is effective for calendar year public entities in 2024 year-end financial statements, and as such was adopted by the Company in its 2024 year-end financial statements. Refer to NOTE 17 – SEGMENTS AND CONCENTRATIONS. Reclassifications – Some items from the prior period have been reclassified within the financial statements to conform with the current presentation. Business Combinations – The Company accounts for its acquisitions under ASC Topic 805, Business Combinations and Reorganizations