Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 878

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 14
Chunk 878
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Asset Class December 31, 2024  December 31, 2023 Building $805,545  $805,545 Land 430,754  430,754 Machinery & Equipment 1,454,958  1,473,609 Furniture & Fixtures 138,184  107,509 Computer Equipment 18,979  18,979 Building & Leasehold Improvements  633,094  581,394 Vehicles 64,309  117,047 Trade Show Booths 214,457  55,081 Sub-total: $3,760,281  $3,589,918          Less: Accumulated Depreciation  (1,055,666) (593,531)  $2,704,615  $2,996,387  The useful lives of the Company’s property and equipment by asset class are as follows: Asset ClassEstimated Useful LifeBuilding39 yearsLandIndefiniteMachinery & Equipment60 monthsBuilding Improvements60 monthsLeasehold ImprovementsThe shorter of the length of the lease or 60 monthsTrade Show Booths36 monthsVehicles60 monthsComputer Equipment60 monthsFurniture & Fixtures60 months In the Consolidated Statements of Operations, depreciation expense is consolidated with amortization expense. After allocating depreciation of machinery and equipment, and 5511 Building depreciation, totaling $302,009, respectively, as overhead to finished goods, depreciation expense of $218,622 was recognized during the year ended December 31, 2024. In comparison, after allocating the annual depreciation of machinery and equipment of $218,882 as overhead to finished goods, depreciation expense of $166,330 was recognized during the year ended December 31, 2023. After allocating the annual depreciation of machinery and equipment of $68,411 as overhead to finished goods, depreciation expense of $75,471 was recognized during the year ended December 31, 2022. 

NOTE 6 – NOTES RECEIVABLE The William Noyes Webster Foundation, Inc. The Foundation, a non-profit Massachusetts corporation, has received a provisional registration from the Commonwealth of Massachusetts to own and operate a medical marijuana cultivation facility in Plymouth, Massachusetts, and a medical marijuana dispensary in Dennis, Massachusetts. Jane W. Heatley (“Heatley”) is the founder and a member of the board of directors