Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 548

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 11
Chunk 548
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 interest.

We believe the terms obtained or consideration that we paid or received, as applicable, in connection with the transactions described below were comparable to terms available or the amounts that would be paid or received, as applicable, from unrelated third parties. Compensation arrangements for our directors and named executive officers are described in “Compensation of Executives” and “Compensation of Directors” under Item 11. Executive Compensation.

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Purchase of the Building Located at 5511 95th Avenue, Kenosha, Wisconsin 53144

On December 14, 2023, LIFD and Lifted jointly borrowed a total of $3,910,000 from Surety Bank, DeLand, Florida, and Lifted Made closed on the purchase of its main operations building, located at 5511 95th Avenue, Kenosha, Wisconsin 53144 (the “5511 Building”), for $1,375,000 (the “5511 Purchase Price”). The 5511 Building is comprised of office, laboratory and warehouse space. 

Prior to LIFD and Lifted’s purchase of the 5511 Building, on December 18, 2020, Lifted as tenant had entered into a Lease Agreement (the “Lease) with 95th Holdings, LLC (“Holdings” or “Landlord”) for the 5511 Building. The lease commencement date was January 1, 2021, and lease termination date is January 1, 2026. 

The Landlord was an entity directly or indirectly owned by NWarrender, the Company’s COO and the CEO of Lifted and the largest stockholder of the Company as beneficial owner of 3,900,455 common stock shares. Due to the potential conflict of interest, the terms and conditions of the Lease were negotiated on behalf of Lifted by Vincent J. Mesolella, the Lead Outside Director of the Company. Landlord and Lifted were represented by their own independent legal counsel in connection with the Lease. Under the terms of the Lease, NWarrender was able to benefit through his entity, Holdings, by receiving rent and by eventually selling the 5511 Building to Lifted.

The purpose of the Lease was to replace Lifted’s current 3,300 square foot leased manufacturing facility and warehouse located in Zion, Illinois, as well as the space that Lifted has been temporarily using located adjacent to that rented space. Lifted built out the newly-leased space in Ken