Annual report pursuant to Section 13 and 15(d)

2. Summary of Significant Accounting Policies (Tables)

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2. Summary of Significant Accounting Policies (Tables)
12 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
List of subsidiaries
    Percentage    
Company   Owned   Parent
Live Ventures, Inc.   100%   Live Ventures, Incorporated
Telco Billing, Inc.   100%   Live Ventures, Incorporated
Telco of Canada, Inc.*   100%   Telco Billing, Inc.
LiveDeal, Inc. - Santa Clara*   100%   Live Ventures, Incorporated
Local Marketing Experts, Inc.*   100%   Live Ventures, Incorporated
Velocity Marketing Concepts, Inc.   100%   Live Ventures, Incorporated
247 Marketing, Inc.*   100%   Live Ventures, Incorporated
Velocity Local, Inc.   100%   Live Ventures, Incorporated
Modern Everyday, Inc.   100%   Live Ventures, Incorporated
Modern Everyday, LLC   100%   Modern Everyday, Inc.
Super Nova, LLC   100%   Modern Everyday, Inc.
Live Goods, LLC   100%   Live Ventures, Incorporated
DealTicker, Inc.*   100%   Live Goods, LLC
Marquis Affiliated Holdings, LLC   80%   Live Ventures, Inc.
Marquis Industries, Inc.   100%   Marquis Affiliated Holdings, LLC
A-O Industries, LLC   100%   Marquis Industries, Inc.
Astro Carpet Mills, LLC   100%   Marquis Industries, Inc.
Constellation Industries, LLC   100%   Marquis Industries, Inc.
S F Commercial Properties, LLC   100%   Marquis Industries, Inc.
Fair value of liabilities

At September 30, 2015 and 2014, the Company identified the following liabilities that are required to be presented on the balance sheet at fair value:

 

Description   Fair Value
As of
December 31, 2015
    Fair Value Measurements at
December 31, 2015
Using Fair Value Hierarchy
 
            Level 1     Level 2     Level 3  
Derivative liability   $     $              
Contingent consideration for business combination     316,000       316,000              
Total   $ 316,000     $ 316,000              

 

 

Description   Fair Value
As of
December 31, 2014
    Fair Value Measurements at
December 31, 2014
Using Fair Value Hierarchy
 
            Level 1     Level 2     Level 3  
Derivative liability   $ 83,580     $       83,580        
Contingent consideration for business combination     251,000       251,000              
Total   $ 334,580     $ 251,000       83,580