RECEIPT AND FORGIVENESS OF LOANS UNDER THE ECONOMIC INJURY DISASTER LOAN PROGRAM AND THE PAYCHECK PROTECTION PROGRAM AND RECEIPT OF EMPLOYEE RETENTION TAX CREDITS	12 Months Ended
Dec. 31, 2022
RECEIPT AND FORGIVENESS OF LOANS UNDER THE ECONOMIC INJURY DISASTER LOAN PROGRAM AND THE PAYCHECK PROTECTION PROGRAM AND RECEIPT OF EMPLOYEE RETENTION TAX CREDITS
RECEIPT AND FORGIVENESS OF LOANS UNDER THE ECONOMIC INJURY DISASTER LOAN PROGRAM AND THE PAYCHECK PROTECTION PROGRAM AND RECEIPT OF EMPLOYEE RETENTION TAX CREDITS	NOTE 2 – RECEIPT AND FORGIVENESS OF LOAN UNDER THE PAYCHECK PROTECTION PROGRAM AND RECEIPT OF EMPLOYEE RETENTION TAX CREDITS Receipt and Forgiveness of Paycheck Protection Program Loan Lifted also applied for and received a loan (the “PPP Loan”) under the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted March 27, 2020. The PPP Loan was issued by BMO Harris Bank (the “Lender”) in the aggregate principal amount of $149,622.50 and evidenced by a promissory note (the “Note”), dated April 14, 2020 issued by Lifted to the Lender. On April 20, 2021, the entire PPP Loan ($149,622) and the interest payable on the PPP Loan ($1,525) was forgiven by the SBA, and a related gain on forgiveness of debt in the amount of $151,147 was recorded. In accordance with its terms, the Note was originally scheduled to mature on April 14, 2022 and bore interest at a rate of 1.00% per annum, payable monthly commencing on November 14, 2020, following an initial deferral period as specified under the PPP. In addition, the Note could be prepaid by Lifted at any time prior to its original maturity with no prepayment penalties. Proceeds from the PPP Loan were available to Lifted to fund designated expenses, including certain payroll costs and other permitted expenses, in accordance with the PPP. Under the terms of the PPP, up to the entire amount of principal and accrued interest of the PPP Loan could be forgiven to the extent that at least 75% of the PPP Loan proceeds are used for qualifying expenses as described in the CARES Act and applicable implementing guidance issued by the SBA under the PPP. As of March 31, 2021, Lifted had an accrual of $1,443 for the interest on the PPP Loan. During the three months ended June 30, 2021, interest of $82 was accrued prior to the forgiveness of the Loan. *Receipt of Employee Retention Tax Credits* In August 2022, with the assistance of a third party firm, Lifted applied for Employee Retention Tax Credits (“ERC”) for certain quarters of 2020 and 2021. In the fourth quarter of 2022, gross credits of $233,534 were recovered, and Lifted paid the third party firm a commission of $58,384. The ERC is accounted for as a reduction in payroll expenses in the fourth quarter of 2022. The commission is accounted for as Professional Fees expense.

RECEIPT AND FORGIVENESS OF LOANS UNDER THE ECONOMIC INJURY DISASTER LOAN PROGRAM AND THE PAYCHECK PROTECTION PROGRAM AND RECEIPT OF EMPLOYEE RETENTION TAX CREDITS

12 Months Ended

Dec. 31, 2022

RECEIPT AND FORGIVENESS OF LOANS UNDER THE ECONOMIC INJURY DISASTER LOAN PROGRAM AND THE PAYCHECK PROTECTION PROGRAM AND RECEIPT OF EMPLOYEE RETENTION TAX CREDITS

RECEIPT AND FORGIVENESS OF LOANS UNDER THE ECONOMIC INJURY DISASTER LOAN PROGRAM AND THE PAYCHECK PROTECTION PROGRAM AND RECEIPT OF EMPLOYEE RETENTION TAX CREDITS

NOTE 2 – RECEIPT AND FORGIVENESS OF LOAN UNDER THE PAYCHECK PROTECTION PROGRAM AND RECEIPT OF EMPLOYEE RETENTION TAX CREDITS

Receipt and Forgiveness of Paycheck Protection Program Loan

Lifted also applied for and received a loan (the “PPP Loan”) under the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted March 27, 2020. The PPP Loan was issued by BMO Harris Bank (the “Lender”) in the aggregate principal amount of $149,622.50 and evidenced by a promissory note (the “Note”), dated April 14, 2020 issued by Lifted to the Lender. On April 20, 2021, the entire PPP Loan ($149,622) and the interest payable on the PPP Loan ($1,525) was forgiven by the SBA, and a related gain on forgiveness of debt in the amount of $151,147 was recorded. In accordance with its terms, the Note was originally scheduled to mature on April 14, 2022 and bore interest at a rate of 1.00% per annum, payable monthly commencing on November 14, 2020, following an initial deferral period as specified under the PPP. In addition, the Note could be prepaid by Lifted at any time prior to its original maturity with no prepayment penalties. Proceeds from the PPP Loan were available to Lifted to fund designated expenses, including certain payroll costs and other permitted expenses, in accordance with the PPP. Under the terms of the PPP, up to the entire amount of principal and accrued interest of the PPP Loan could be forgiven to the extent that at least 75% of the PPP Loan proceeds are used for qualifying expenses as described in the CARES Act and applicable implementing guidance issued by the SBA under the PPP. As of March 31, 2021, Lifted had an accrual of $1,443 for the interest on the PPP Loan. During the three months ended June 30, 2021, interest of $82 was accrued prior to the forgiveness of the Loan.

Receipt of Employee Retention Tax Credits

In August 2022, with the assistance of a third party firm, Lifted applied for Employee Retention Tax Credits (“ERC”) for certain quarters of 2020 and 2021. In the fourth quarter of 2022, gross credits of $233,534 were recovered, and Lifted paid the third party firm a commission of $58,384. The ERC is accounted for as a reduction in payroll expenses in the fourth quarter of 2022. The commission is accounted for as Professional Fees expense.