Company: LIFD
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001096906-25-000819
Chunk: 258

Company: LFTD PARTNERS INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 258
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 which total $1,896,200. Net fixed assets as of March 31, 2025 and December 31, 2024 were $2,642,129 and $2,704,615, respectively.

In addition, as of both March 31, 2025 and December 31, 2024, our other assets also included restricted cash of $1,000,000. We are required by our Business Loan Agreement with Surety Bank to maintain a minimum depository balance of $1,000,000 with Surety Bank for the duration of our Business Loan. The Business Loan matures on December 14, 2028. 

As of March 31, 2025, current liabilities of $7,042,466 primarily consisted of accounts payable and accrued expenses of $5,426,907, deferred revenue of $766,215 and the current portion of the notes payable to Surety Bank of $573,114. In comparison, as of December 31, 2024, current liabilities of $6,084,011 primarily consisted of accounts payable and accrued expenses of $4,563,464, deferred revenue of $674,676 and the current portion of the notes payable to Surety Bank of $559,418.

On May 8, 2024, NWarrender, in consultation with WJacobs, made the Determination that the Incremental Pre-Tax Profits were zero dollars ($0). Consequently, the second installment of Merger Consideration consists of: 

 (1)Two Hundred Thousand Dollars ($200,000) in cash; and (2)One Hundred Sixty Thousand (160,000) newly issued shares of unregistered LIFD Common Stock.

On May 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.

In prior years, the Company’s payables have been greater than its cash on hand. Prior to the Company’s acquisition of Lifted, the Company had inconsistent income-generating ability and was therefore reliant on raising money from loans or stock sales.

The Company had an accumulated deficit of $4,274,080 and $3,967,708 as of March 31, 2025 and December 31, 2024, respectively.

 6Table of Contents

Comparison of Operations for the Three Months Ended March 31, 2025 to March 31, 2024