XML 51 R39.htm IDEA: XBRL DOCUMENT v3.24.3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Apr. 10, 2024
Apr. 09, 2024
Apr. 08, 2024
Apr. 03, 2024
Apr. 02, 2024
Feb. 24, 2023
Dec. 30, 2022
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Advertising and marketing expenses               $ 470,676 $ 184,432 $ 837,462 $ 663,181  
Purchase of common stock           15,000            
Spoiled and written off inventory               329,977 597,098 1,379,982 771,355  
Bad debt expense                   2,304,898 $ 138,565  
FDIC limit               250,000   $ 250,000    
Basic net income/loss per share                   $ 0.26 $ 0.25  
Net income other description                   one-time, non-cash charge reduced net income for the nine months ended September 30, 2023 from $3,798,530 to $2,135,367    
Deferred revenue               1,022,241   $ 1,022,241   $ 235,891
Deposit amount               1,000,000   1,000,000    
Restricted cash               1,000,000   $ 1,000,000   1,000,000
Other non cash expense                     $ 1,663,163  
Description                   analysis of credits applied to vape device manufacturer bills through September 30, 2024, Lifted recognized credit amortization of $53,140 for the third quarter of 2024, and Lifted’s revised credit balance as of September 30, 2024 was $50,707 based on an analysis of credits applied to the vape device manufacturer bills in 2023, Lifted received $33,427 more credits than was expected/agreed to per the agreement ($185,024 per year for 2023 and 2024); as such, Lifted’s revised credit going into 2024 was $151,597, and this was to be amortized quarterly at the rate of $37,899 per quarter  
Sales allowances                   $ 103,516   635,098
Common stock shares                   645,000    
Allowances for doubtful accounts               2,619,076   $ 2,619,076   375,417
Finder's fees                   20.00%    
Accounts receivable               2,265,047   $ 2,265,047   3,586,176
Fixed assets capitalized               2,500   2,500    
Fixed assets cost               2,500   2,500    
Cost of goods sold               4,933,780 8,684,277 18,149,447 $ 22,383,810  
Inventory write down                   $ 1,379,982 771,355  
Description of agreement for the forgiveness of payables                   Lifted was able to reach an agreement for the forgiveness of $630,000 of payables owed to its third-party disposable vape device manufacturer. The agreement also includes credits to Lifted against future purchases from the device manufacturer totaling $370,047. The credit is to be provided by the manufacturer at the rate of $46,255.87 per quarter beginning with the first quarter of 2023 and continuing for the next six consecutive quarters, with a final quarterly credit of $46,255.91 for the fourth quarter of 2024    
Cost of goods and accrued liabilities             $ 485,496          
Operating expense               3,898,598 $ 3,762,464 $ 11,541,958 12,779,476  
Bad debt expense                   864,345    
Other income amortized amount per quarter                   46,256    
Other income amortized amount per quarter Fourth                   46,255    
Amount booked for assets             $ 370,047          
Total Non-cash stock compensation operating expense                     $ 2,138,175  
Finished goods               $ 395,761   $ 395,761   $ 338,582
Common stock, par value               $ 0.001   $ 0.001   $ 0.001
SmplyLifted [Member]                        
Initial investment               $ 200,000   $ 200,000    
Deferred revenue               $ 1,022,241   $ 1,022,241    
Warrant [Member]                        
Common stock, par value               $ 1.85 $ 1.00 $ 1.85 $ 1.00  
Right to purchase of warrants                   100,000 155,500  
Warrants Two [Member]                        
Common stock, par value                 5.00   $ 5.00  
Right to purchase of warrants                     2,280,000  
Stock Option                        
Common stock, par value               2.00 2.00 $ 2.00 $ 2.00  
Right to purchase of warrants                   1,076,698 1,076,698  
Warrant One [Member]                        
Common stock, par value               5.00 $ 1.85 $ 5.00 $ 1.85  
Right to purchase of warrants                   2,280,000 100,000  
Series A Preferred Stock Shares [Member]                        
Purchase price per share               $ 5   $ 5    
Description of Calculation of diluted earnings exercise prices                     exercise price ($5.00/share) was higher than the stock closing price at September 30, 2023 ($1.30/share)  
Preferred stock outstanding               2,500 4,500 2,500 4,500  
Deferred Common stock shares issued                     142,000  
Convertible preferred stock, shares reserved for future issuance               250,000 450,000 250,000 450,000  
Series B Preferred Stock [Member]                        
Description of Calculation of diluted earnings exercise prices                   the exercise price ($5.00/share) was higher than the stock closing price at September 30, 2024 ($0.30/share)    
Preferred stock outstanding                 40,000   40,000  
Deferred Common stock shares issued                   142,000    
Convertible preferred stock, shares reserved for future issuance               40,000 40,000 40,000 40,000  
2 ML Disposal Vapes [Member]                        
Inventory write down                   $ 2,313,902    
Bad Debt Loss Rate [Member]                        
Allowances for doubtful accounts               $ 2,619,076   $ 2,619,076    
Stock Buyback Agreement One [Member]                        
Cancel number of purchase share 100,000                      
Stock Buyback Agreement [Member]                        
Purchase of common stock   100,000 18,000   25,000              
Purchase price per share   $ 1.68 $ 1.68   $ 1.68              
Purchase price per share value   $ 168,000 $ 30,240   $ 42,000              
Cancel number of purchase share 18,000     25,000