<SEC-DOCUMENT>0001683168-22-007058.txt : 20221201
<SEC-HEADER>0001683168-22-007058.hdr.sgml : 20221201
<ACCEPTANCE-DATETIME>20221026081026
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001683168-22-007058
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20221026

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lifeway Foods, Inc.
		CENTRAL INDEX KEY:			0000814586
		STANDARD INDUSTRIAL CLASSIFICATION:	DAIRY PRODUCTS [2020]
		IRS NUMBER:				363442829
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6431 W OAKTON
		CITY:			MORTON GROVE
		STATE:			IL
		ZIP:			60053
		BUSINESS PHONE:		847-967-1010

	MAIL ADDRESS:	
		STREET 1:		6431 W OAKTON
		CITY:			MORTON GROVE
		STATE:			IL
		ZIP:			60053

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIFEWAY FOODS INC
		DATE OF NAME CHANGE:	19920703
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<P STYLE="margin: 0"><IMG SRC="image_001.gif" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.75pt 0pt 181.05pt; text-align: center">October 26, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporate Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 10%">Attention:</TD>
  <TD STYLE="width: 90%">Heather Clark</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Melissa Gilmore</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Lifeway Foods, Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Form 10-K for Fiscal Year Ended December 31, 2021 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Filed July 21, 2022 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>File No. 000-17363</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mses. Clark and Gilmore:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of Lifeway Foods, Inc.
(&ldquo;Lifeway&rdquo; or the &ldquo;Company&rdquo;), set forth below is the Company&rsquo;s response to the comment letter from the
staff of the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo; or &ldquo;SEC&rdquo;) dated October 18,
2022 regarding the Company&rsquo;s Form 10-K for the fiscal year ended December 31, 2021 filed July 21, 2022 (the &ldquo;2021 Form
10-K&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We understand that you will be reviewing our response and may have
additional comments. We welcome any questions you may have concerning our response and thank you for your attention to our filing. Please
feel free to contact us at the telephone number listed at the end of this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For your convenience, your comment is repeated below in italics followed
by the Company&rsquo;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Form 10-K for the Fiscal Year Ended December 31, 2021</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 9A. Controls and Procedures</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Evaluation of Disclosures Controls and Procedures, page 28</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD STYLE="text-align: justify"><I>We note you determined that a material weakness existed in your Internal Control over Financial Reporting due to the lack of controls
over income taxes to identify and correct the impact of a material error in accounting associated with a 2009 acquisition. We also note
you concluded that your Disclosure Controls and Procedures were effective as of December 31, 2021.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Please revise or more fully explain to us how management
was able to conclude that Disclosure Controls and Procedures were effective given that Internal Controls over Financial Reporting are
an integral part of Disclosure Controls and Procedures. Please be reasonably detailed in your response, and explain why the material weakness
you identified did not impact your Disclosure Controls and Procedures, as defined in Exchange Act Rules 13a &ndash; 15(e) and 15d-15(c).
Please refer to SEC Release No. 33-8238, Final Rule: Management Report on Internal Control over Financial Reporting and Certification
of disclosure in Exchange Act Periodic Reports, which states that Disclosure Controls and procedures will include those components of
Internal Control over Financial Reporting, that provide reasonable assurances that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles. Your revisions and/or response should similarly address
your 2022 10-Qs.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As disclosed in Item 9A to the 2021 Form 10-K,
the Company incorrectly evaluated a book to tax basis difference related to the February 2009 purchase price accounting of the Fresh Made,
Inc. stock acquisition. Specifically, the basis difference was incorrectly omitted for the single indefinite-lived intangible asset acquired.
As the difference was material, the Company restated the financial statements for the fiscal year ended December 31, 2020 and the first,
second and third quarters of fiscal 2020 and 2021 within the 2021 Form 10-K (the &ldquo;restatement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the restatement, management evaluated
the Company&rsquo;s internal controls over income tax accounting. As the internal controls over income tax accounting did not detect and
prevent a material error from occurring, the Company determined the controls were not designed to identify and correct material errors
in the recording of deferred income taxes related to indefinite-lived intangible assets associated with the 2009 acquisition of Fresh
Made, Inc. Accordingly, the Company evaluated its internal control over financial reporting (&ldquo;ICFR&rdquo;) and determined that a
material weakness existed as of December 31, 2021 related to income tax accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management also evaluated the Company&rsquo;s
disclosure controls and procedures. The Company&rsquo;s disclosure controls and procedures consist of review procedures designed to prevent
or detect either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Omissions in required disclosures, such as completion
of the disclosure checklist to confirm that all required disclosures have been included in the financial statements, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Inaccurate or misleading disclosures, such as
review of disclosures by the Company&rsquo;s Disclosure Committee, Audit and Corporate Governance Committee of the Company&rsquo;s board
of directors and outside counsel.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to its evaluation of the Company&rsquo;s
disclosure controls and procedures, in light of the fact that it determined that the Company&rsquo;s ICFR was not effective as of December
31, 2021, management reviewed SEC Release No. 33-8238, Final Rule: Management&rsquo;s Report on Internal Control over Financial Reporting
and Certification of Disclosure in Exchange Act Period Reports (the &ldquo;SEC Release&rdquo;), including the following excerpt:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Exchange Act Rule 13a-15(d) defines
&ldquo;disclosure controls and procedures&rdquo; to mean controls and procedures of a company that are designed to ensure that information
required to be disclosed by the company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission&rsquo;s rules and forms. The definition further states that disclosure
controls and procedures include, without limitation, controls and procedures designed to ensure that the information required to be disclosed
by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company&rsquo;s management,
including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow
timely decisions regarding required disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">While there is substantial overlap
between a company&rsquo;s disclosure controls and procedures and its internal control over financial reporting, there are both some elements
of disclosure controls and procedures that are not subsumed by internal control over financial reporting and some elements of internal
control that are not subsumed by the definition of disclosure controls and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">With respect to the latter point, clearly, the broad COSO
description of internal control, which includes the efficiency and effectiveness of a company&rsquo;s operations and the <U>company&rsquo;s
compliance with laws and regulations</U> (not restricted to the federal securities laws), <U>would not be wholly subsumed within the definition
of disclosure controls and procedures</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We agree that some components of internal control over financial
reporting will be included in disclosure controls and procedures for all companies. In particular, disclosure controls and procedures
will include those components of internal control over financial reporting that provide reasonable assurances that transactions are recorded
as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles. However, in designing
their disclosure controls and procedures, companies can be expected to make judgments regarding the processes on which they will rely
to meet applicable requirements. In doing so, <U>some companies might design their disclosure controls and procedures so that certain
components of internal control over financial reporting pertaining to the accurate recording of transactions and disposition of assets
or to the safeguarding of assets are not included</U>. For example, a company might have developed internal control over financial reporting
that includes as a component of safeguarding of assets dual signature requirements or limitations on signature authority on checks. That
company could nonetheless determine that this component is not part of disclosure controls and procedures. We therefore believe that while
there is substantial overlap between internal control over financial reporting and disclosure controls and procedures, <U>many companies
will design their disclosure controls and procedures so that they do not include all components of internal control over financial reporting</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above in the example in the SEC Release,
some companies might design their disclosure controls and procedures as Lifeway has, so that certain components of ICFR pertaining to
the accurate recording of transactions, such as deferred taxes related to indefinite-lived intangible asset acquired, are not included
in disclosure controls and procedures. In this instance, the material error that occurred in the deferred tax accounts could have only
been detected by a review of the deferred taxes that included a reconciliation of the tax and book basis of the single indefinite-lived
intangible asset acquired in the 2009 acquisition of Fresh Made, Inc. (i.e., the related ICFR). Because such error was not covered by
any disclosure controls and procedures, management concluded there was no design deficiency related to Lifeway&rsquo;s disclosure controls
and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management tested the disclosure controls and
procedures and found that the controls were operating as designed and, therefore, concluded that disclosure controls and procedures were
effective at December 31, 2021 and also at the end of the first, second and third quarters of fiscal 2020 and 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hope this addresses the Commission&rsquo;s comment and concerns.
Please do not hesitate to contact me at (847) 779-8954 with any further questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">LIFEWAY FOODS, INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><U>/s/ Eric A. Hanson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Eric A. Hanson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial and Accounting Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
