Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 1090

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 16
Chunk 1090
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3 Deferred Tax Assets:      Stock-Based Compensation $2,780,165  $2,766,156 Operating Loss Carry forwards  434,921   - Sales Allowances  80,371   167,051 Spoiled and Written-Off Inventory  -   9,839 Accrued Related Party Expenses  315   1,036 Allowance for Doubtful Accounts  225,588   98,746 Lease Liabilities  14,676   4,918 Interest Carryforward  54,790   - Less: Valuation allowance for stock-based compensation  (2,655,721)  (2,642,339)Total Deferred Tax Assets  935,105   405,407          Deferred Tax Liabilities:        Depreciation & Amortization  (419,971)  (425,536)Goodwill  -   (9,353)Total Deferred Tax Liabilities  (419,971)  (434,889)         Net Deferred Tax Assets/(Liabilities) $515,134  $(29,482)

NOTE 14 – SUBSEQUENT EVENTS  Management of the Company has evaluated the events that have occurred through the date of the filing of this Annual Report on Form 10-K and has noted the following subsequent events for disclosure purposes: Dismissal of Loree Perry, Individually and on Behalf of All Others Similarly Situated v. Sheikhani Group, et al Plaintiff added the Company and four of its officers to a putative class action case against a Texas retailer, several cannabis industry manufacturers, testing companies, and related individuals in the United States District Court for the Eastern District of Texas. The Amended Complaint alleges that Plaintiff bought two of the Company’s vape cartridge products and that the delta-9-THC cannabinoid content of those and additional unspecified “many” of the Company’s other products was underreported. The Amended Complaint alleges that all of the Defendants misrepresent the nature of their products and are intentionally engaging in ongoing illegal sales. The Amended Complaint asserts seven causes of action including a civil RICO claim and alleges the existence of 1,000 “John Doe” defendants. The Company contends that this lawsuit is without merit and filed a motion to dismiss. On March 8, 2025, Plaintiff has moved to voluntarily