LFTD Partners Inc. Reports First Quarter 2024 Financial Results

JACKSONVILLE, FL / ACCESSWIRE / May 15, 2024 / LFTD Partners Inc. ("LFTD Partners" or the "Company") (OTCQB:LIFD), the corporate parent of leading hemp and psychoactive products maker Lifted Made, today reported its financial results for the first quarter ended March 31, 2024. Financial results are reported in accordance with U.S. generally accepted accounting principles and all currency is in U.S. dollars.

Income Statement - Q1 2024 Compared to Q1 2023:

• Revenue decreased 14% to $10,666,649, down from $12,461,793
• Operating loss was $122,334, compared to a loss of $104,884
• Net loss was $1,141,004, compared to a loss of $141,742
• Basic loss per share was $0.08, compared to a basic loss per share of $0.01
• Diluted loss per share was $0.08, compared to a diluted loss per share of $0.01
• Basic and diluted weighted average shares outstanding for the three months ended March 31, 2024 were both 14,805,678

Balance Sheet - March 31, 2024 Compared to December 31, 2023:

• Cash on hand increased 0% to $4,376,185, up from $4,357,539
• Inventory decreased 25% to $7,659,443, down from $10,174,667
• Current assets decreased 15% to $18,465,296, down from $21,668,980
• Current ratio increased to 2.62 from 2.49
• Working capital decreased 12% to $11,410,369, down from $12,982,236
• Notes payable to Surety Bank decreased 3% to $3,732,472, down from $3,854,851

Earnings Conference Call and Webcast Information:

LFTD Partners will host an earnings conference call and webcast today, Wednesday, May 15, 2024 at 8:30 AM ET to discuss the foregoing financial results, and also to provide updates on certain Company developments, including product and geographical expansions, stock buybacks, as well as challenges currently faced by the Company, including regulatory challenges and inventory write offs.

Participant phone numbers:

Toll Free: 877-545-0320
International: 973-528-0002
Participant Access Code: 362392

Webcast event link:

https://www.webcaster4.com/Webcast/Page/2916/50629

The participant phone numbers and webcast event link are shown on the Investor Relations section of LFTD Partners' website at https://www.lftdpartners.com/investors.

The webcast replay will also be available on the Investor Relations section of LFTD Partners' website.

Although attendees will have the opportunity to submit questions during the earnings conference call, attendees are encouraged to submit questions prior to the call by emailing them to: [e-mail].