Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 2832

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 2832
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 13, 2024, the cash component of the second installment of Merger Consideration was paid, and the stock component of the second installment of Merger Consideration was issued. 

Accounting for Lifted’s Purchase of Assets of Oculus CRS, LLC, and Merger With Oculus CHS Management Corp.

Consideration Paid Pursuant to the Asset Purchase Agreement       Cash used to pay off Oculus' liabilities at the closing $368,488      Consideration Paid Pursuant to the Oculus Merger Agreement         First Installment of Merger Consideration    100 shares of common stock of LIFD issued at the closing of the Merger to Chase and Hagan Sanchez $209      Second Installment of Merger Consideration    Value of Minimum Earnout Consideration to be paid in cash $200,000 Value of Minimum Earnout Consideration to be paid in shares of common stock of LIFD (160,000 shares of common stock valued at $5.00 per share) $800,000 Total Consideration $1,368,697      Assets Acquired:         Cash $26,420 Accounts receivable $60,528 Inventory $147,431 Fixed Assets $329,559 Security and Utility Deposits $4,732 Goodwill $800,027 Total Assets Acquired $1,368,697      Total Liabilities Assumed $-      Net Assets Acquired $1,368,697 

 18Table of Contents

Employment Agreements

Pursuant to the terms of the Oculus Merger Agreement, upon the closing of the Merger, all of the Management Corp.’s rights and obligations under the Employment Agreements have been assumed by Lifted. Chase and Hagan Sanchez are the Vice President of Flower and General Manager of Flower of Lifted, respectively, and continue to manage the hemp flower products division within Lifted in Durango, Colorado, reporting to NWarrender. Pursuant to Chase Sanchez’s employment agreement, his salary is $150,000 per year. Hagan Sanchez’s salary is $100,000 per year. Both agreements are subject to termination with or without cause, non-solicitation, non-competition and non-disclosure clauses.  

At the time of the Merger, in addition to Chase and Hagan Sanchez, a total of 20 other people who had previously