Lftd Partners Inc 8-K/A, filed Nov 23, 2021
Lftd Partners Inc. (LIFD)
About this 8-K/A
Lftd Partners Inc filed this 8-K/A on November 23, 2021, reporting on events of November 17, 2021.
Items reported
- Item 1.01: Entered into a material agreement
- Item 2.03: New debt or off-balance-sheet obligation
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Item 1.01.Entry into a Material Definitive Agreement.
On November 17, 2021, Lifted Liquids Inc. doing business as Lifted Made, a wholly-owned subsidiary of LFTD Partners Inc. (the “Company”), entered into a Lease Agreement (the “Lease”) with TI Investors of Kenosha LLC, (the “Landlord”) for office and warehouse space (the “Leased Premises”) located at 8910 58th Place, Suites 600 & 700, Kenosha, WI 53144 (the “Property”). The Leased Premises will be used to expand and optimize Lifted Made’s production and fulfillment operations.
The term of the Lease commenced on January 1, 2022 (the “Commencement Date”). The initial term of the Lease will extend approximately five years from the Commencement Date (estimated to be December 31, 2026), unless extended or earlier terminated in accordance with the Lease. While extensions are not prohibited, Lifted Made does not have the right to unilaterally elect to extend the term of the Lease for an additional term.
Under the terms of the Lease, Lifted Made will lease approximately 8,000 square feet at the Property and pay a base square foot charge of $6.00 per square foot per annum, with increases in rent each year during the term as set out in the table titled “Rent Schedule” below.
Rent Schedule
Date | Base Monthly Rent |
01/01/2022 – 12/31/2022 | $4,000.00 |
01/01/2023 – 12/31/2023 | $4120.00 |
01/01/2024 – 12/31/2024 | $4,243.60 |
01/01/2025 – 12/31/2025 | $4,370.91 |
01/01/2026 – 12/31/2026 | $4,502.34 |
Lifted Made will also be responsible for paying its proportionate share of real estate taxes and other operating costs which are estimated to be at least $28,960 per year, with the initial monthly payment tax and cost payment being $2,413.33 per month.
The foregoing description of the terms of the Lease Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Lease Amendment, a copy of which is attached hereto as Exhibit 10.62.
Item 2.03.Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The discussion contained in “Item 1.01 Entry into a Material Definitive Agreement” of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
Exhibit 10.62 | |
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Exhibit 99.1 |
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
| ACQUIRED SALES CORP. |
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| /s/ Gerard M. Jacobs |
| Gerard M. Jacobs |
| Chief Executive Officer |
Dated: November 22, 2021
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