Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 184

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 184
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 our internal controls in the future. 

We anticipate that sometime in the future, we are going to be subject to having our internal financial controls audited by our outside accounting firm pursuant to the Sarbanes-Oxley Act. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404 of the Sarbanes-Oxley Act, or the subsequent testing by our independent registered public accounting firm, may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retrospective changes to our consolidated financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors to lose confidence in our reported financial information.

We are making, and are continuing to make, efforts to design, implement and document these internal financial controls, but these internal financial controls are complicated, time-consuming and expensive. Our internal financial controls are not complete, and additional work is required, which will continue to require substantial expenditure of management time and consulting fees. If the internal financial controls are deemed to not have been designed properly, or if they are not documented properly, or if they are implemented improperly or inadequately documented or deemed to be ineffective, our internal financial controls may not be approved by our outside auditors, and consequently our reputation may be damaged, or we may be subject to scrutiny by regulators or investors. If we experience any material weakness in our internal controls in the future, our financial statements may contain misstatements and we may be required to restate our financial statements. If we cannot provide reliable financial reports or prevent fraud, or if we are required to restate our financial statements, our reputation and operating results may be materially and adversely affected. The foregoing risks may have a material adverse effect on our Company and the trading price of our common stock. 

RISK FACTORS RELATING TO LFTD PARTNERS, LIFTED (INCLUDING ITS COLLABORATIONS WITH CALI SWEETS, DIAMOND SUPPLY CO., EXTRAX NM, A SUBSIDIARY OF A LARGE PUBLICLY TRADED MARIJUANA COMPANY), BENDISTILLERY, BEND SPIRITS, ABLIS AND FUTURE ACQUISITION TARGETS, FUTURE ASSET PURCHASES AND/OR JOINT VENTURES (COLLECTIVELY, “LIFTED”) 

The delay in Lifted’s