Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 353

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 353
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 adequate allowance for sales has been made as of period end. Segment Disclosures The financial statements of LFTD Partners are consolidated with Lifted’s, since Lifted is a wholly owned subsidiary of LFTD Partners. All of the Company’s sales are generated by the Company’s wholly owned subsidiary Lifted; LFTD Partners as an entity by itself generates no sales. Pursuant to Accounting Standards Codification (“ASC”) 280-10-50-1: “an operating segment is a component of a public entity that has all of the following characteristics:   a.It engages in business activities from which it may recognize revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same public entity). b.Its operating results are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance. c.Its discrete financial information is available.” Pursuant to ASC 280-10-50-10: “a public entity shall report separately information about each operating segment that meets both of the following criteria:  a.Has been identified in accordance with ASC 280-10-50-1 and ASC 280-10-50-3 through 50-9 or results from aggregating two or more of those segments in accordance with the following paragraph. b.Exceeds the quantitative thresholds in ASC 280-10-50-12. ASC 280-10-50-13 through 50-18 specify other situations in which separate information about an operating segment shall be reported. ASC 280-10-55-26 and Examples 1 and 2 (see ASC 280-10-55-27 through 55-45) illustrate how to apply the main provisions in this Subtopic for identifying reportable operating segments.” Based on the similarities and shared resources of our production and related product portfolio, the Company views its operations and manages its business as one operating and one reporting segment. The Company’s CODM is NWarrender. Due to the rapidly evolving nature of the Company’s industry, NWarrender leads the Company’s efforts to launch new products to stay ahead of trends, find new sales channels, and modify sales strategies. Consumer demands, changes to regulations, proposed legislation, resource needs for Lifted’s collaborations with third parties, and new product opportunities with novel cannabinoids or other active ingredients, are some of the factors that are considered by NWar