Company: LIFD
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001096906-25-000819
Chunk: 104

Company: LFTD PARTNERS INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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 Months Ended    March 31,    2025  2024        Domestic-Federal $(81,200) $(324,651)State taxes, net of federal benefit  (19,995)  (85,458)Non-deductible expenses  18,484   4,910 Franchise taxes  3,915   6,996 Revision of prior years' provision to return filing  (6,079)  - Change in estimated future income tax rates  31,800   (22,328)Change in valuation allowance  (26,633)  22,580 Other  -   - Total Provision/(Benefit) for Income Taxes $(79,708) $(397,952) Deferred tax assets and liabilities as of March 31, 2025 and December 31, 2024 were as follows:   March 31,  December 31,   2025  2024 Deferred Tax Assets:      Stock-Based Compensation $2,752,284  $2,780,165 Operating Loss Carry forwards  579,628   434,921 Sales Allowances  79,565   80,371 Accrued Related Party Expenses  1,137   315 Allowance for Doubtful Accounts  126,632   225,588 Lease Liabilities  15,356   14,676 Interest Carryforward  66,569   54,790 Less: Valuation allowance for stock-based compensation  (2,629,088)  (2,655,721)Total Deferred Tax Assets  992,083   935,105          Deferred Tax Liabilities:        Depreciation & Amortization  (399,406)  (419,971)Total Deferred Tax Liabilities  (399,406)  (419,971)         Net Deferred Tax Assets/(Liabilities) $592,677  $515,134 

NOTE 14 – SUBSEQUENT 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