LFTD Partners Inc. (OTCMKTS:LIFD) Stock Moves Up After Prepaying Note Principal
LFTD Partners Inc. (OTCMKTS:LIFD) announced on June 8, 2022, that it has prepaid $916,666 of the principal of its $2,750,000 note payable, as regards the purchase of its rapidly expanding and profitable subsidiary Lifted Made, Kenosha, WI. The payment has been made using free cash flow from Lifted Made’s operations. After prepayment, LFTD Partners Inc. are left with just $1,833,334 of secured debt.
Market Stats
On Wednesday, LIFD stock gained 14.30% to $4 with more than 1.3K shares, compared to its average volume of 1.7K shares. The stock moved within a range of $3.5000 – 4.4000 after opening trading at $3.50.
LFTD Partners Inc. Prepays $916,666 of Note Principal Using Free Cash Flow From Operations, Leaving Only $1,833,334 of Secured Debt
Gerard M. Jacobs, LFTD Partners Inc.’s Chairman, and CEO commented that access to attractively priced debt and equity capital in the cannabis sector is quite tricky nowadays. However, this company continues to execute on its long-term plan of profitable growth in high-quality branded consumer products. This move has helped to keep the ball rolling for seven quarters, with just their free cash flow.
William C. “Jake” Jacobs, LFTD Partners Inc.’s President, and CFO, has stated that due to the consistently excellent performance of the skilled team at Lifted Made, under the able leadership of Nick Warrender, sufficient free cash has been generated. It has allowed them to simultaneously build on Lifted Made’s inventory, along with making this substantial prepayment of $916,666 of the remaining principal of their secured debt incurred in the acquisition of Lifted Made, without incurring any new debt or issuing any new equity securities.
Key Quote
William C. “Jake” Jacobs, LFTD Partners Inc.’s President and CFO, said, “The continued outstanding performance of the talented team at Lifted Made, under the leadership of Nick Warrender, is generating free cash flow that has allowed us to simultaneously grow Lifted Made’s inventory and to make this substantial prepayment of $916,666 of the remaining principal of our secured debt incurred in the acquisition of Lifted Made, without incurring any new debt or issuing any new equity securities.”
Traders Corner
LIFD stock is trading above the 20-Day and 50-Day Moving averages of $3.84 and $4.02 respectively. Moreover, the stock is trading above the 200-Day moving average of $4.06.
