Company: LIFD
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001096906-25-001332
Chunk: 92

Company: LFTD PARTNERS INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 92
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            Domestic-Federal $(4,710) $-  $(9,048) $- Domestic-State  25   -   (1,717)  - Franchise taxes  7,240   4,014   11,155   11,010 Foreign  -   -   -   -    2,555   4,014   390   11,010 Deferred                Domestic-Federal  (51,493)  (110,454)  (117,861)  (431,217)Domestic-State  (5,890)  (28,086)  (17,065)  (112,271)Foreign  -   -   -   -    (57,383)  (138,540)  (134,926)  (543,488)Total Provision/(Benefit) for Income Taxes $(54,828) $(134,526) $(134,536) $(532,478) The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions and no adjustments to such reserves were required by US GAAP. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. 

 F-21Table of Contents

 A reconciliation of the amount of tax provision (benefit) computed using the U.S. federal statutory income tax rate to the provision for income taxes on continuing operations is as follows:   For the Three Months Ended  For the Six Months Ended    June 30,    June 30,    2025  2024  2025  2024              Domestic-Federal $(69,514) $(138,968) $(150,713) $(463,619)State taxes, net of federal benefit  (15,176)  (35,458)  (35,171)  (120,916)Non-deductible expenses  10,931   35,942   29,416   40,852 Franchise taxes  7