Company: LIFD
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001096906-25-000819
Chunk: 235

Company: LFTD PARTNERS INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 235
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ENT EVENTS Management of the Company has evaluated the events that have occurred through the date of the filing of this Quarterly Report on Form 10-Q and has noted the following subsequent events for disclosure purposes: Durango Lease Lifted’s lease of the space located at 789 Tech Center Drive, Unit C Durango, Colorado (the “Durango Space”) ended on February 28, 2025. On February 28, 2025, Lifted signed an agreement to lease the Durango Space on a month-to-month basis from March 1, 2025 until May 31, 2025. On April 2, 2025, Lifted terminated the month-to-month lease of the Durango Space and will be vacating the space on or before May 1, 2025.

 F-65Table of Contents

 Entry into a Material Definitive Agreement On April 1, 2025, the Company converted $350,000 of its cash into USD Coin (USDC), a digital stablecoin pegged to the U.S. dollar. Shortly thereafter, the digital wallet containing the USDC was compromised by an unauthorized and unknown third party, resulting in the theft of the full amount. The Company promptly reported the incident to the U.S. Federal Bureau of Investigation and continues to cooperate fully in the ongoing investigation. The Company's outside law firm is also advising the Company regarding the matter. At this time, the Company is unable to predict whether any of the stolen funds will be recovered. On April 22, 2025, the Company borrowed $350,000 from Beachin Company, an affiliate of the Company’s CEO and CFO. The $350,000 loan does not bear interest, and is expected to be repaid by the Company using funds that otherwise would have been paid to the Company’s CEO and CFO in the form of salary or bonuses pursuant to their employment agreements with the Company. Terminations of Letters of Intent On April 11, 2025, the Company formally notified the counterparties to the following Letters of Intent, each dated as of February 19, 2025, that such Letters of Intent have been terminated, effective immediately: 1. Letter of Intent – Sustainable Innovations Inc. and Marijuana Subsidiaries 2. Letter of Intent – TMD Ventures, LLC 3. Letter of Intent – Sustainable Properties, LLC and Affiliates 4. Letter of Intent – Sustainable