Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 678

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 12
Chunk 678
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 the customer. 2)The Company sent the wrong item to the customer. In this case, the Company will allow the customer to keep, at no cost to the customer, the item that was mistakenly sent to the customer. The Company will also send the correct product to the customer, at no cost to the customer. 3)The customer ordered the wrong product. In this case, the customer, at his/her own expense, must mail the mistakenly ordered product back to the Company, and the Company will mail the correct product to the customer. 4)The ordered item is recalled. In a situation where product is recalled, the Company will offer a replacement, credit, or refund. An allowance for sales reduces net sales on the Consolidated Statements of Operations, and also reduces accounts receivable on the Consolidated Balance Sheets. Sales allowances of $304,018 and $635,098 were reported at December 31, 2024 and December 31, 2023, respectively. Management believes that an adequate allowance for sales has been made as of period end. Segment Disclosures The financial statements of LFTD Partners are consolidated with Lifted’s, since Lifted is a wholly owned subsidiary of LFTD Partners. All of the Company’s sales are generated by the Company’s wholly owned subsidiary Lifted; LFTD Partners as an entity by itself generates no sales. Pursuant to Accounting Standards Codification (“ASC”) 280-10-50-1: “an operating segment is a component of a public entity that has all of the following characteristics:   a.It engages in business activities from which it may recognize revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same public entity). b.Its operating results are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance. c.Its discrete financial information is available.” Pursuant to ASC 280-10-50-10: “a public entity shall report separately information about each operating segment that meets both of the following criteria:  a.Has been identified in accordance with ASC 280-10-50-1 and ASC 280-10-50-3 through 50-9 or results from aggregating two or more of those segments in accordance with the following paragraph. b.Exceeds the quantitative thresholds in ASC 280-10-50-12. ASC