Lftd Partners Inc 10-Q for FY2022 Q2

Lftd Partners Inc. (LIFD)

10-Q 2022-08-11 For: 2022-06-30

Added on April 06, 2026

About this 10-Q

Lftd Partners Inc filed this 10-Q on August 11, 2022, covering the quarter ended June 30, 2022 (FY2022 Q2).

Headline figures

Quarter ended June 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $16.78M; up 150.6% from $6.7M a year earlier
Net income: $3.22M; up 101.7% from net income of $1.6M a year earlier
Diluted EPS: $0.20; up 81.8% from $0.11 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

Common Stock, $0.001 par value		LIFD		None
Title of each class		Trading symbol(s)		Name of exchange on which registered

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

Part I — Financial Information		F-1
Item 1. Financial Statements		F-1
Consolidated Balance Sheets, June 30, 2022 (Unaudited) and December 31, 2021		F-1
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)		F-2
Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)		F-3
Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (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		3
Item 3. Quantitative And Qualitative Disclosures About Market Risk		7
Item 4. Controls And Procedures		7
PART II — OTHER INFORMATION		9
Item 1. Legal Proceedings.		9
Item 1A. Risk Factors.		9
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		9
Item 3. Defaults Upon Senior Securities.		11
Item 4. Mine Safety Disclosures.		11
Item 5. Other Information.		11
Item 6. Exhibits		12
SIGNATURES		13

LFTD PARTNERS INC. AND SUBSIDIARY LIFTED LIQUIDS, INC.
CONSOLIDATED BALANCE SHEETS
	June 30,			December 31,
	2022 (Unaudited)			2021
ASSETS
Current Assets
Cash and Cash Equivalents	$	3,751,144		$	1,602,731
Dividend Receivable from Bendistillery, Inc.		-			2,495
Prepaid Expenses		2,842,047			4,262,237
Accounts Receivable, net of allowance of $162,392 in 2022 and $239,101 in 2021		3,029,258			3,461,499
Inventory		10,049,245			3,809,944
Other Current Assets		7,254			13,790
Total Current Assets		19,678,947			13,152,696
Goodwill		22,292,767			22,292,767
Investment in Ablis		399,200			399,200
Investment in Bendistillery and Bend Spirits		1,497,000			1,497,000
Net Deferred Tax Asset		-			331,551
Fixed Assets, less accumulated depreciation of $135,669 in 2022 and $77,967 in 2021		460,808			433,213
Intangible Assets, less accumulated amortization of $3,751 in 2022 and $3,058 in 2021		693			1,386
Security and State Licensing Deposits		17,800			6,900
Finance Lease Right-of-Use Asset, net of Right-of-Use Asset Amortization of $184,408 in 2022 and $252,876 in 2021		1,296,000			1,227,532
Operating Lease Right-of-Use Asset, net of Right-of-Use Asset Amortization of $40,857 in 2022 and $6,807 in 2021		266,625			76,412
Total Assets	$	45,909,840		$	39,418,657
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Finance Lease Liability	$	(18,017	)	$	1,262,260
Operating Lease Liability		66,049			26,047
Deferred Revenue		633,729			2,174,393
Note Payable to Related Party Nicholas S. Warrender		458,335			-
Income Tax Payable		985,932			1,242,974
Management Bonuses Payable - Related Party
Management Bonus Payable - Related Party - Payable to William C. Jacobs		-			500,000
Management Bonus Payable - Related Party - Payable to Gerard M. Jacobs		-			441,562
Management Bonuses Payable - Related Party		-			941,562
Company-Wide Management Bonus Pool		2,121,532			1,556,055
Accounts Payable and Accrued Expenses		5,138,910			4,671,382
Accounts Payable - Related Party		950			4,607
Interest Payable - Related Party
Interest - Payable to William C. Jacobs		-			4,000
Interest - Payable to Gerard M. Jacobs		-			9,269
Interest Payable - Related Party		-			13,269
Preferred Stock Dividends Payable
Series A Convertible Preferred Stock Dividends Payable		2,435			11,926
Series B Convertible Preferred Stock Dividends Payable		4,771			1,796
Preferred Stock Dividends Payable		7,206			13,722
Total Current Liabilities	$	9,394,627		$	11,906,270
Non-Current Liabilities
Finance Lease Liability		1,362,020			-
Operating Lease Liability		202,714			50,583
Net Deferred Tax Liability		60,051			-
Notes Payable - Related Party
Notes Payable - Payable to Nicholas S. Warrender		1,374,999			-
Total Non-Current Liabilities	$	2,999,783		$	50,583
Total Liabilities	$	12,394,410		$	11,956,853
Commitments and Contingencies		-			-
Shareholders' Equity
Preferred Stock, $0.001 par value; 10,000,000 total shares authorized; out of which 400,000 shares of Series A Convertible Preferred Stock are authorized, and 4,500 shares of Series A Convertible Preferred Stock shares were issued and outstanding at June 30, 2022, and 5,750 shares of Series A Convertible Preferred Stock shares were issued and outstanding at December 31, 2021; and out of which 5,000,000 shares of Series B Convertible Preferred Stock are authorized, and 40,000 shares of Series B Convertible Preferred Stock shares were issued and outstanding at June 30, 2022, and 40,000 shares of Series B Convertible Preferred Stock shares were issued and outstanding at December 31, 2021		45			46
Common Stock, $0.001 par value; 100,000,000 shares authorized; 14,102,578 shares issued and outstanding at June 30, 2022, and 14,027,578 shares issued and outstanding at December 31, 2021		14,103			14,028
Additional Paid-in Capital		38,762,260			38,862,333
Accumulated Deficit		(5,260,977	)		(11,414,602	)
Total Shareholders' Equity		33,515,430			27,461,804
Total Liabilities and Shareholders' Equity	$	45,909,840		$	39,418,657

LFTD PARTNERS INC. AND SUBSIDIARY LIFTED LIQUIDS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Net Sales	$	16,776,502		$	6,695,144		$	34,865,379		$	10,048,414
Cost of Goods Sold		8,713,590			3,035,630			18,817,483			4,743,152
Gross Profit		8,062,912			3,659,515			16,047,896			5,305,262
Operating Expenses:
Payroll, Consulting and Independent Contractor Expenses		1,811,678			791,000			3,665,829			1,098,524
Accrual for Company-Wide Management Bonus Pool		1,152,162			816,388			2,121,532			1,159,335
Professional Fees		203,402			133,892			320,629			226,925
Bank Charges and Merchant Fees		132,470			118,055			265,507			184,625
Advertising and Marketing		110,797			98,133			216,397			150,160
Bad Debt Expense		(311,209	)		19,196			(63,209	)		20,173
Depreciation and Amortization		6,706			26,215			9,409			67,998
Other Operating Expenses		528,608			99,773			911,070			180,167
Total Operating Expenses		3,634,615			2,102,652			7,447,164			3,087,907
Income From Operations		4,428,297			1,556,863			8,600,733			2,217,355
Other Income/(Expenses)
Income/(Loss) From 50% membership interest in SmplyLifted LLC (FR3SH)		-			(43,330	)		-			(50,541	)
Income from SmplyLifted for WCJ Labor		-			769			-			1,841
Interest Expense		(26,928	)		(35,398	)		(58,658	)		(71,745	)
Warehouse Buildout Credits		-			600			-			1,200
Penalties		222			-			(1,730	)		(450	)
Gain on Forgiveness of Debt		-			151,147			5,026			151,147
Settlement Income/Gain on Settlement		108,570			-			108,570			-
Gain(Loss) on Disposal of Fixed Assets		-			(4,750	)		-			(4,750	)
Loss on Deposits		-			(30,000	)		-			(30,000	)
Interest Income		521			253			1,013			455
Total Other Income/(Expenses)		82,385			39,291			54,220			(2,843	)
Income Before Provision for Income Taxes		4,510,682			1,596,154			8,654,953			2,214,512
Provision for Income Taxes		(1,291,222	)		-			(2,490,700	)		-
Net Income Attributable to LFTD Partners Inc. common stockholders	$	3,219,460		$	1,596,154		$	6,164,253		$	2,214,512

Basic Net Income per Common Share	$	0.23		$	0.14		$	0.44		$	0.24
Diluted Net Income per Common Share	$	0.20		$	0.11		$	0.39		$	0.17

Weighted average number of common shares outstanding:
Basic		14,099,007			11,042,657			14,058,517			9,259,696
Diluted		15,906,205			14,381,105			15,865,715			12,598,144

LFTD PARTNERS INC. AND SUBSIDIARY LIFTED LIQUIDS, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(UNAUDITED)

																		Additional						Total
	Preferred Stock						Common Stock						Treasury Stock					Paid-in			Accumulated			Shareholders'
	Shares			Amount			Shares			Amount			Shares		Amount			Capital			Deficit			Equity
Balance, December 31, 2020		166,150		$	166			6,485,236		$	6,485			36,000	$	(34,200	)	$	38,787,444		$	(17,141,175	)	$	21,618,720
Series A Preferred Stock dividend payable																					$	(24,855	)	$	(24,855	)
Series B Preferred Stock dividend payable																					$	(3,316	)	$	(3,316	)
LIFD's January 8, 2021 purchase of 36,000 shares of common stock at $0.95 per share, for a total of $34,200, from an unrelated shareholder														36,000	$	(34,200	)							$	(34,200	)
Conversions of Series A Convertible Preferred Stock to Common Stock		(32,900	)	$	(33	)		3,290,000			3,290								(3,257	)					-
Conversions of Series B Convertible Preferred Stock to Common Stock		(60,000	)	$	(60	)		60,000			60													$	-
Net Income																					$	618,359		$	618,359
Balance, March 31, 2021		73,250		$	73			9,835,236		$	9,835			72,000	$	(68,400	)	$	38,784,187		$	(16,550,988	)	$	22,174,708
Series A Preferred Stock dividend payable																						(33,521	)		(33,521	)
Series B Preferred Stock dividend payable																						(1,496	)		(1,496	)
Exercise of warrants								143,090			143								6,878						7,021
Conversions of Series A Convertible Preferred Stock to Common Stock		(27,500	)		(28	)		2,750,000			2,750								(2,723	)					-
Net Income																						1,596,154			1,596,154
Balance, June 30, 2021		45,750		$	46			12,728,326		$	12,728			72,000	$	(68,400	)	$	38,788,342		$	(14,989,850	)	$	23,742,866

Balance, December 31, 2021		45,750		$	46			14,027,576			14,028			-	$	-		$	38,862,333		$	(11,414,602	)	$	27,461,804
Series A Preferred Stock dividend payable																						(4,253	)		(4,253	)
Series B Preferred Stock dividend payable																						(1,476	)		(1,476	)
Issuance of Common Stock								50,000			50								49,950						50,000
Repurchase and cancellation of Common Stock								(100,000	)		(100	)							(149,900	)					(150,000	)
Net Income																						2,944,793			2,944,793
Balance, March 31, 2022		45,750		$	46			13,977,576			13,978			-	$	-		$	38,762,383		$	(8,475,539	)	$	30,300,868
Series A Preferred Stock dividend payable																						(3,403	)		(3,403	)
Series B Preferred Stock dividend payable																						(1,496	)		(1,496	)
Conversions of Series A Convertible Preferred Stock to Common Stock		(1,250	)		(1	)		125,000			125								(124	)					-
Issuance of Common Stock																									-
Repurchase and cancellation of Common Stock																									-
Net Income																						3,219,460			3,219,460
Balance, June 30, 2022		44,500		$	45			14,102,576			14,103			-	$	-		$	38,762,260		$	(5,260,977	)	$	33,515,430

LFTD PARTNERS INC. AND SUBSIDIARY LIFTED LIQUIDS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

	For the Six Months Ended
	June 30,
	2022			2021
Cash Flows From Operating Activities
Net Income	$	6,164,253		$	2,214,512
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities:
Lifted Made's Portion of SmplyLifted's Net Loss		-			50,541
Bad Debt Expense		(63,209	)		20,173
Depreciation and Amortization		83,069			67,998
Gain on Forgiveness of Debt		(5,026	)		(151,147	)
Loss (Gain) on Disposal of Fixed Assets		-			4,750
Loss on Deposits		-			30,000
Spoiled and Written Off Inventory		799,465			188,766
Deferred Income Taxes		391,602			-
Effect on Cash of Changes in Operating Assets and Liabilities
Accounts Receivable		495,451			(387,179	)
Prepaid Expenses		1,420,190			(1,223,981	)
Dividend Receivable from Bendistillery, Inc.		2,495			2,495
Income Tax Receivable		-			4,239
Income Tax Payable		(257,042	)		-
Management Bonuses Payable		(941,562	)		-
Company-wide Management Bonus Pool		565,477			-
Interest Receivable		-			1,797
Inventory		(7,038,765	)		(741,603	)
Other Current Assets		(4,360	)		(10,365	)
Trade Accounts Payable and Accrued Expenses		472,554			2,202,523
Accounts Payable and Interest Payable to Related Parties		(16,926	)		43,964
Change in Finance & Operating Lease Liabilities		95,633			4,439
Deferred Revenue		(1,540,664	)		18,802
Net Cash Provided by (Used in) Operating Activities		529,492			2,340,725
Cash Flows From Investing Activities
Reduction of CBD Lion Note Receivable		-			15,318
Net Purchase of Fixed Assets		(85,297	)		(227,743	)
Loans to SmplyLifted LLC		-			(93,750	)
Net Cash Used in Investing Activities		(85,297	)		(306,175	)
Cash Flows From Financing Activities
Proceeds from Exercise of Warrants		-			7,021
Issuance of Common Stock		50,000			-
Payments of Dividends to Series A Convertible Preferred Stockholders		(17,147	)		(199,186	)
Payments of Dividends to Series B Convertible Preferred Stockholders		-			(5,844	)
Financing Cost - Net Proceeds from Borrowing Under Notes Payable to Related Party - Nick Warrender		1,833,334			-
Purchase of Shares of Common Stock		(150,000	)		(34,200	)
Repayment of Finance Lease Liability		(11,970	)		(12,364	)
Net Cash Provided By (Used In) Financing Activities		1,704,217			(244,573	)
Net Increase/(Decrease) in Cash		2,148,413			1,789,976
Cash and Cash Equivalents at Beginning of Period		1,602,731			439,080
Cash and Cash Equivalents at End of Period	$	3,751,144		$	2,229,056

	For the Six Months Ended June 30,
	2022			2021
Supplemental Cash Flow Information
Cash Paid For Interest	$	71,927		$	-
Cash Paid For Income Taxes	$	2,287,469		$	-

Non-Cash Activities:
Right-of-Use assets acquired from inception of Finance Leases	$	-		$	1,480,408
Right-of-Use assets acquired from inception of Operating Leases	$	224,264
Conversion of Series A and Series B Preferred Stock to Common Stock	$	125		$	6,100
Cashless exercise of Warrants	$	-		$	136

	June 30, 2022		December 31, 2021
Raw Goods	$	3,607,668	$	2,927,727
Finished Goods	$	6,441,576	$	882,217
Total Inventory	$	10,049,245	$	3,809,944

	1)	Identifying raw goods that would no longer be used in the manufacture of finished goods;
	2)	Identifying finished goods that would no longer be sold or that are slow moving; and
	3)	Valuing and expensing raw and finished goods that would no longer be sold.

	1)	The ordered item breaks, melts, or separates in transit to the customer. In this case, the Company will replace the broken, melted or separated item at no cost to 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.

Type of Sale	For the three months ended June 30, 2022		% of Net Sales			For the three months ended June 30, 2021		% of Net Sales			For the six months ended June 30, 2022		% of Net Sales			For the six months ended June 30, 2021		% of Net Sales
Net sales of raw materials to customers	$	13,250		0.1	%	$	39,039		0.6	%	$	18,632		0.1	%	$	49,735		0.5	%
Net sales of products to private label clients		-		0.0	%		1,269,983		19.0	%		84,142		0.2	%		2,028,123		20.2	%
Net sales of products to wholesalers		1,945,785		11.6	%		974,726		14.6	%		4,420,993		12.7	%		1,586,767		15.8	%
Net sales of products to distributors		14,350,448		85.5	%		4,057,683		60.6	%		27,739,730		79.6	%		5,786,478		57.6	%
Net sales of products to end consumers		467,019		2.8	%		353,714		5.3	%		2,601,882		7.5	%		597,312		5.9	%
Net Sales	$	16,776,502		100.0	%	$	6,695,144		100.0	%	$	34,865,379		100.0	%	$	10,048,414		100.0	%

	June 30, 2022		December 31, 2021
Contract Assets (invoiced but unfulfilled performance obligations)	$	633,729	$	1,650,258

Deposits from customers for unfulfilled orders	$	-	$	524,135

Total Deferred Revenue	$	633,729	$	2,174,393

LFTD PARTNERS INC. AND SUBSIDIARY LIFTED LIQUIDS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

	For the Three Months Ended June 30, 2022			For the Three Months Ended March 31, 2022			For the Three Months Ended December 31, 2021			For the Three Months Ended September 30, 2021			For the Three Months Ended June 30, 2021			For the Three Months Ended March 31, 2021			For the Three Months Ended December 31, 2020			For the Three Months Ended September 30, 2020
Net Sales	$	16,776,502		$	18,088,877		$	12,787,566		$	8,820,952		$	6,695,144		$	3,353,270		$	2,196,518		$	1,509,437
Cost of Goods Sold		8,713,590			10,103,893			6,252,549			4,720,057			3,035,630			1,707,523			1,312,946			878,327
Gross Profit		8,062,912			7,984,984			6,535,017			4,100,895			3,659,515			1,645,747			883,572			631,110
Operating Expenses:
Payroll, Consulting and Independent Contractor Expenses		1,811,678			1,854,151			1,719,305			803,796			791,000			307,524			211,851			275,149
Accrual for Company-Wide Management Bonus Pool		1,152,162			969,370			-			400,000			816,388			342,947			-			-
Management Bonuses		-			-			650,000			-			-			-			-			-
Professional Fees		203,402			117,226			133,300			139,526			133,892			93,033			80,810			50,235
Bank Charges and Merchant Fees		132,470			133,036			103,647			104,485			118,055			66,570			27,824			14,702
Advertising and Marketing		110,797			105,601			100,446			86,438			98,133			52,027			22,384			26,670
Bad Debt Expense		(311,209	)		248,000			299,000			61,449			19,196			977			2,915			94,251
Depreciation and Amortization		6,706			2,703			5,805			16,344			26,215			41,783			5,245			5,092
Other Operating Expenses		528,608			382,462			278,024			170,820			99,773			80,394			56,902			51,289
Total Operating Expenses		3,634,615			3,812,549			3,289,526			1,782,858			2,102,652			985,254			407,931			517,388
Income From Operations		4,428,297			4,172,436			3,245,491			2,318,037			1,556,863			660,493			475,641			113,722
Other Income/(Expenses)
Income/(Loss) From 50% membership interest in SmplyLifted LLC (FR3SH)		-			-			(100,172	)		(44,858	)		(43,330	)		(7,211	)		(4,429	)		-
Impairment of Investment in SimplyLifted		-			-			(388,727	)		-			-			-			-			-
Income from SmplyLifted for WCJ Labor		-			-			144			313			769			1,072			-			-
Loss on Lease Modification		-			-			(1,445	)		-			-			-			-			-
Interest Expense		(26,928	)		(31,731	)		(35,314	)		(35,368	)		(35,398	)		(36,347	)		(19,281	)		(19,281	)
Dividend Income		-			-			2,495			-			-			-			2,495			-
Warehouse Buildout Credits		-			-			-			-			600			600			600			600
Penalties		222			(1,952	)		(5,434	)		(2,162	)		-			(450	)		-			-
Gain on Forgiveness of Debt		-			5,026			521			-			151,147			-			81,272			-
Settlement Income/Gain on Settlement		108,570			-			-			-			-			-			12,500			-
Gain/(Loss) on Disposal of Fixed Assets		-			-			-			-			(4,750	)		-			-			-
Loss on Deposits		-			-			(1,600	)		-			(30,000	)		-			-			-
Interest Income		521			491			694			217			253			202			733			782
Total Other Income/(Expenses)		82,385			(28,165	)		(528,837	)		(81,859	)		39,292			(42,134	)		73,890			(17,899	)
Income Before Provision for Income Taxes		4,510,682			4,144,270			2,716,654			2,236,178			1,596,154			618,359			549,531			95,823
Provision for Income Taxes		(1,291,222	)		(1,199,478	)		(1,367,362	)		-			-			-			-			-
Net Income Attributable to LFTD Partners Inc. common stockholders	$	3,219,460		$	2,944,793		$	1,349,292		$	2,236,178		$	1,596,154		$	618,359		$	549,531		$	95,823

Earnings Per Common Share Attributable to LFTD Partners Inc. common shareholders:
Basic	$	0.23		$	0.21		$	0.10		$	0.17		$	0.14		$	0.08		$	0.06		$	0.01
Diluted	$	0.20		$	0.18		$	0.08		$	0.14		$	0.11		$	0.04		$	0.02		$	0.01

Weighted average number of common shares outstanding
Basic		14,099,007			14,017,578			14,005,567			13,015,717			11,042,657			7,456,925			6,463,301			6,460,236
Diluted		15,906,205			15,924,776			15,962,765			16,257,915			14,381,105			16,084,794			16,040,170			6,460,236

Asset Class	June 30, 2022			December 31, 2021
Machinery & Equipment	$	266,742		$	258,533
Leasehold Improvements	$	171,294		$	152,985
Trade Show Booths	$	23,488		$	23,488
Vehicles	$	75,047		$	22,309
Computer Equipment	$	7,312		$	7,312
Furniture & Fixtures	$	52,594		$	46,553
Sub-total:	$	596,476		$	511,180

Less: accumulated depreciation	$	(135,669	)	$	(77,967	)
	$	460,808		$	433,213

Asset Class		Estimated Useful Life
Machinery & Equipment		60 months
Leasehold Improvements		60 months
Trade Show Booths		36 months
Vehicles		60 months
Computer Equipment		60 months
Furniture & Fixtures		60 months

			Weighted-Average		Weighted-Average Remaining Contractual		Aggregate Intrinsic
	Shares		Exercise Price		Term (Years)		Value
Exercisable Options, Rights to Purchase Warrants to Purchase Common Stock and Financing Warrants Outstanding, April 1, 2022		4,877,198	$	3.34		2.81	$	5,264,178

Exercisable Options, Rights to Purchase Warrants to Purchase Common Stock and Financing Warrants Outstanding, June 30, 2022		2,882,198	$	3.55		2.55	$	2,834,897
Outstanding Options, Rights to Purchase Warrants to Purchase Common Stock and Financing Warrants, June 30, 2022		3,627,198	$	3.85		2.57	$	2,834,897

Date	Base Monthly Rent
10/01/2021 – 09/30/2022	$	2,395.84
10/01/2022 – 09/30/2023	$	2,467.72
10/01/2023 – 09/30/2024	$	2,541.75

Date	Base Monthly Rent
01/01/2022 – 12/31/2022	$	4,000.00
01/01/2023 – 12/31/2023	$	4,120.00
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

Date	Base Monthly Rent
07/01/2022 – 06/30/2023	$	5,493.25
07/01/2023 – 06/30/2024	$	5,630.58
07/01/2024 – 06/30/2025	$	5,771.35
07/01/2025 – 06/30/2026	$	5,915.63
07/01/2026 – 06/30/2027	$	6,063.52

Asset	Balance Sheet Line	June 30, 2022
Operating Lease Right-of-Use Asset, net of Right-of-Use Asset Amortization of $40,857	Non-Current Assets	$	266,625

Liability	Balance Sheet Line	June 30, 2022
Operating Lease Liabilities	Current Liabilities	$	66,049
	Non-Current Liabilities	$	202,714

Lease Cost:	Three Months Ended June 30, 2022		Three Months Ended June 30, 2021
Finance lease expense:
Amortization of Right-of-Use Assets	$	12,337	$	12,337
Interest on lease liabilities		11,232	$	13,224
Operating lease expense		20,147	$	3,200
Total	$	43,716	$	28,761

Lease Cost:	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Finance lease expense:
Amortization of Right-of-Use Assets	$	24,673	$	24,673
Interest on lease liabilities		22,521	$	26,485
Operating lease expense		40,295	$	8,000
Total	$	87,489	$	59,158

	Finance			Operating
2022	$	35,133		$	71,550
2023		1,445,970			146,018
2024		-			142,211
2025		-			122,573
2026		-			125,903
Thereafter		-			36,381
Total		1,481,103			644,636
Less: Present value discount		(137,099	)		(85,858	)
Lease liability	$	1,344,004		$	558,778

	(1)	Lifted Liquids, Inc. v. Girish GPO, Inc., Girish Ray, and the Law Offices of Saul Roffe – The Company has filed an action in a case styled “Lifted Liquids, Inc. v. Girish GPO, Inc., Girish Ray, and the Law Offices of Saul Roffe” seeking to recover $30,000 that was to be held in escrow. The Company is also requesting approximately $14,569 in damages resulting from Girish GPO’s failure to pay for product it ordered and that the Company delivered. The matter is in the discovery phase and the Company intends to continue pursuing the action and recover its damages.
	(2)	Lifted Liquids, Inc. v. Asad Awawdeh and Habib Cash and Carry SD, Inc. – The Company has filed an action seeking to recover approximately $98,000 in damages resulting from Defendants’ failure to pay for product they ordered. The matter has been filed in California and the Company intends to pursue the action and recover its damages.

	June 30,			December 31,
	2022			2021
Deferred Tax Assets:
Stock-based compensation	$	2,831,970		$	2,714,410
Accrued Related Party Expenses		-			259,463
Impairment of SmplyLifted Note and Other Receivables		-			105,124
Allowance for Doubtful Accounts		45,818			64,661
Other		13,396			8,725
Less: Valuation allowance		(2,831,970	)		(2,714,410	)
Total Deferred Tax Assets		59,214			437,973

Deferred Tax Liabilities:
Depreciation & Amortization		(119,265	)		(105,143	)
Other		-			(1,279	)
Total Deferred Tax Liabilities		(119,265	)		(106,422	)

Net Deferred Tax (Liabilities) Assets	$	(60,051	)	$	331,551

	June 30, 2022		December 31, 2021
Current Assets	$	19,678,947	$	13,152,696
Current Liabilities		9,394,627		11,906,270
Working Capital		10,284,320		1,246,426

	(1)	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and disposition of an issuer;
	(2)	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the issuer; and
	(3)	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer’s assets that could have a material adverse effect on the financial statements.

	(1)	Lifted Liquids, Inc. v Girish GPO, Inc., Girish Ray, and the Law Offices of Saul Roffe – The Company has filed an action in a case styled “Lifted Liquids, Inc. v Girish GPO, Inc., Girish Ray, and the Law Offices of Saul Roffe” seeking to recover $30,000 that was to be held in escrow. The Company is also requesting approximately $14,569 in damages resulting from Girish GPO’s failure to pay for product it ordered and that the Company delivered. The matter was recently filed and the Company intends to pursue the action and recover its damages.
	(2)	Lifted Liquids, Inc. v. Asad Awawdeh and Habib Cash and Carry SD, Inc. – The Company has filed an action seeking to recover approximately $98,000 in damages resulting from Defendants’ failure to pay for product they ordered. The matter has been filed in California and the Company intends to pursue the action and recover its damages.

10.53		Compensation Agreement between Acquired Sales Corp., Gerard M. Jacobs and William C. "Jake" Jacobs dated as of June 19, 2019
10.61		Lease Agreement
10.62		Lease Agreement
10.67		Omnibus Agreement dated December 30, 2021 between LFTD Partners Inc. Nicholas S. Warrender, 95th Holdings, LLC, Gerard M. Jacobs and William C. “Jake” Jacobs
10.68		Agreement dated February 14, 2022 between LFTD Partners Inc. Nicholas S. Warrender, Gerard M. Jacobs and William C. “Jake” Jacobs
10.69		Lease Agreement
10.70		Acceleration Agreement
10.71		Commercial Sublease

99.1		Press Release (earnings)
31.1		Certification of principal executive officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of principal accounting officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		XBRL Instance Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.
101.LAB		XBRL Taxonomy Extension Label Linkbase Document.
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.
101.SCH		XBRL Taxonomy Extension Schema Document.

	LFTD Partners Inc.

Dated: August 11, 2022	By:	/s/ Gerard M. Jacobs
		Gerard M. Jacobs
		Chief Executive Officer

1.	I have reviewed this report on Form 10-Q of LFTD Partners Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and I have:

	a)	designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

	d)	disclosed in this report any change in registrant’s internal control over financial reporting the occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a)	all deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2022	/s/ Gerard M. Jacobs
	Gerard M. Jacobs
	Principal Executive Officer

Date: August 11, 2022	/s/ William C. “Jake” Jacobs
	William C. “Jake” Jacobs
	Principal Accounting Officer