LFTD Partners Inc. Files 10-Q for Q1 2024

TL;DR

<b>LFTD Partners Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, providing an update on its financial status and business operations.</b>

AI Summary

LFTD PARTNERS INC. (LIFD) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. LFTD Partners Inc. reported financial results for the quarter ended March 31, 2024. The company's fiscal year ends on December 31. LFTD Partners Inc. was formerly known as ACQUIRED SALES CORP. The company is incorporated in Nevada (NV). The filing is a Form 10-Q, indicating a quarterly report.

Why It Matters

For investors and stakeholders tracking LFTD PARTNERS INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details of LFTD Partners Inc. for the first quarter of 2024. Understanding the company's financial health and any significant events disclosed in this report is crucial for assessing its current market position and future prospects.

Risk Assessment

Risk Level: low — LFTD PARTNERS INC. shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) that provides routine financial updates and does not appear to contain immediate red flags or significant negative disclosures based on the provided header information.

Analyst Insight

Review the full 10-Q filing to understand the specific financial performance, any new business developments, and potential risks or opportunities disclosed for Q1 2024.

Key Numbers

• 2024-03-31 — CONFORMED PERIOD OF REPORT (20240331)
• 2024-05-14 — FILED AS OF DATE (20240514)
• 1231 — FISCAL YEAR END (1231)
• 10-Q — FORM TYPE (10-Q)
• 1934 Act — SEC ACT (1934 Act)
• 000-52520 — SEC FILE NUMBER (000-52520)
• 24945380 — FILM NUMBER (24945380)
• 0001391135 — CENTRAL INDEX KEY (0001391135)

Key Players & Entities

• LFTD PARTNERS INC. (company) — COMPANY CONFORMED NAME
• ACQUIRED SALES CORP (company) — FORMER COMPANY
• NV (jurisdiction) — STATE OF INCORPORATION
• 2834 (sic_code) — STANDARD INDUSTRIAL CLASSIFICATION
• 14155 PINE ISLAND DRIVE (address) — BUSINESS ADDRESS STREET 1
• JACKSONVILLE (city) — BUSINESS ADDRESS CITY
• FL (state) — BUSINESS ADDRESS STATE
• 32224 (zip_code) — BUSINESS ADDRESS ZIP

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Reported period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.001 — o Section 12 of the Act: Common Stock, $0.001 par value LIFD None Title of each
• $3,000,000 — orrowers: (1) a working capital loan of $3,000,000 at 9.5% fixed annual interest, and (2)
• $910,000 — t 9.5% fixed annual interest, and (2) a $910,000 loan at 10% fixed annual interest, the
• $1,375,000 — used by Lifted to pay a portion of the $1,375,000 purchase price of Lifted's main operati
• $1,000,000.00 m — n its primary operating accounts with a $1,000,000.00 minimum deposit account balance with the

Filing Documents

• lsfp_10q.htm (10-Q) — 1292KB
• lsfp_ex311.htm (EX-31.1) — 9KB
• lsfp_ex312.htm (EX-31.2) — 9KB
• lsfp_ex321.htm (EX-32.1) — 3KB
• lsfp_ex322.htm (EX-32.2) — 3KB
• lsfp_ex991.htm (EX-99.1) — 17KB
• 0001096906-24-001119.txt (&nbsp;) — 7849KB
• lsfp-20240331.xsd (EX-101.SCH) — 96KB
• lsfp-20240331_lab.xml (EX-101.LAB) — 472KB
• lsfp-20240331_cal.xml (EX-101.CAL) — 68KB
• lsfp-20240331_pre.xml (EX-101.PRE) — 438KB
• lsfp-20240331_def.xml (EX-101.DEF) — 292KB
• lsfp_10q_htm.xml (XML) — 1289KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements F-1 Consolidated Balance Sheets, March 31, 2024 (Unaudited) and December 31, 2023 (Audited) F-1 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) F-2 Consolidated Statements of Shareholders' Equity (Deficit) for the Three Months Ended March 31, 2024 and 2023 (Unaudited) F-3 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) F-4 Notes to the Consolidated Financial Statements (Unaudited) F-5 Item 2.

Management's Discussion And Analysis Of Financial Condition And Results Of Operations

Management's Discussion And Analysis Of Financial Condition And Results Of Operations 3 Item 3.

Quantitative And Qualitative Disclosures About Market Risk

Quantitative And Qualitative Disclosures About Market Risk 10 Item 4.

Controls And Procedures

Controls And Procedures 10

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 12 Item 1A.

Risk Factors

Risk Factors 12 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13 Item 3. Defaults Upon Senior Securities 13 Item 4. Mine Safety Disclosures 13 Item 5. Other Information 13 Item 6. Exhibits 14

Signatures

Signatures 15 1 Table of Contents Use of Names In this Quarterly Report on Form 10-Q, unless the context otherwise requires, the terms "we," "us," "our," "Company," "Corporation" or "LFTD Partners" refer to LFTD Partners Inc. together with its wholly owned subsidiary Lifted Liquids, Inc d/b/a Lifted Made ("Lifted") and d/b/a Urb Finest Flowers ("Urb"). Currency Unless otherwise indicated, all references to "$" in this document refer to United States dollars. Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains statements that are considered forward-looking statements. Forward-looking statements give the Company's current expectations and forecasts of future events. All statements other than statements of current or historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding the Company's future financial position, performance, operations, business strategy, budgets, projected costs, capital spending, sources of liquidity and financing sources, and plans and objectives of management for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "plan," and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. These statements are based on the Company's current plans, and the Company's actual future activities and results of operations may be materially different from those set forth in the forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made herein. These risks and uncertainties include the "Risk Factors" included in this Quarterly Report on Form 10-Q. Risk factors that could cause or contribute to these differences include those discussed below and elsewhere in this Quarterly Report on Form 10-Q. Any or all of the forwar

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS LFTD PARTNERS INC. AND SUBSIDIARY LIFTED LIQUIDS, INC. CONSOLIDATED BALANCE SHEETS March 31, 2024 (Unaudited) December 31, 2023 (Audited) ASSETS Current Assets Cash and Cash Equivalents $ 4,376,185 $ 4,357,539 Prepaid Expenses 1,340,206 2,509,961 Accounts Receivable, net of allowance of $ 650,695 in 2024 and $ 375,417 in 2023 3,901,279 3,586,176 Inventory 7,659,443 10,174,667 Income Tax Receivable 680,367 659,376 Current Portion of Settlement Asset and Receivables 480,698 378,597 Other Current Assets 27,120 2,664 Total Current Assets 18,465,296 21,668,980 Restricted Cash 1,000,000 1,000,000 Goodwill 23,092,794 23,092,794 Investment in Ablis 399,200 399,200 Investment in Bendistillery and Bend Spirits 1,497,000 1,497,000 Net Deferred Tax Asset 375,466 - Fixed Assets, less accumulated depreciation of $ 701,058 in 2024 and $ 593,531 in 2023 2,888,511 2,996,387 Security and State Licensing Deposits and Bonds 48,471 43,421 Operating Lease Right-of-Use Asset, net of Right-of-Use Asset Amortization of $ 307,678 in 2024 and $ 266,837 in 2023 586,027 626,869 Non-Current Portion of Settlement Asset and Receivables 17,000 22,000 Total Assets $ 48,369,765 $ 51,346,651 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Operating Lease Liability 165,727 169,437 Deferred Revenue 853,202 235,891 Minimum Earnout Consideration to be paid pursuant to the Oculus Merger Agreement ($ 200,000 in cash, and $ 800,000 in the form of 160,000 shares of common stock valued at $ 5.00 per share) 1,000,000 1,000,000 Collab Commissions and Royalties Payable 38,227 572,838 Accounts Payable and Accrued Expenses 4,450,754 6,172,655 Accounts Payable - Related Party 1,804 3,938 Preferred Stock Dividends Payable 7,482 7,124 Notes Payable to Surety Bank 519,529 506,061 Interest Payable to Surety Bank 18,204 18,80

View Full Filing

View this 10-Q filing on SEC EDGAR