LFTD Partners Inc. Reports First Quarter 2024 Financial Results

JACKSONVILLE, FL / ACCESSWIRE / May 15, 2024 / LFTD Partners Inc., the corporate parent of hemp and psychoactive products manufacturer Lifted Made, today announced its financial outcomes for the first quarter ended March 31, 2024. The financial statements adhere to U.S. generally accepted accounting principles, with all transactions in U.S. dollars.

For the first quarter of 2024, LFTD Partners reported a decrease in revenue of 14% to $10,666,649 from $12,461,793. The operating loss and net loss widened to $122,334 and $1,141,004 respectively, compared to the previous year's $104,884 and $141,742. Basic and diluted loss per share increased to $0.08 from last year's $0.01. The company's shares remained consistent with 14,805,678 in circulation.

The balance sheet reflects a static cash holding, slight inventory reductions, and decreased current assets. However, the current ratio edged higher to 2.62 from 2.49. Significant changes include a reduction in notes payable to Surety Bank by 3% and a 12% drop in working capital.

LFTD Partners will also host an earnings conference call and webcast today to discuss these financial results and provide updates on company developments and current challenges, such as regulatory issues and inventory management.