Annual report pursuant to Section 13 and 15(d)

4. Reclassification and Restatement (Tables)

v3.8.0.1
4. Reclassification and Restatement (Tables)
 12 Months Ended
Sep. 30, 2017
Accounting Changes and Error Corrections [Abstract]  
Restatement of financial information

Management has evaluated the impact of the above referenced errors. The impact on our previously issued Form 10-Q’s for quarters ended December 31, 2016, March 31, 2017 and June 30, 2017 are as follows, in error and will be amended to reflect the following changes:

 

    Fiscal Quarter Ended December 31, 2016     Fiscal Quarter Ended March 31, 2017     Fiscal Quarter Ended June 30, 2017  
    As                 As                 As              
    Previously                 Previously                 Previously              
    Reported     Change     (Restated)     Reported     Change     (Restated)     Reported     Change     (Restated)  
Current portion of long- term debt   $ 6,226,454     $ 14,278,689     $ 20,505,143     $ 5,832,567     $ 15,378,332     $ 21,210,899     $ 5,847,194     $ 17,375,442     $ 23,222,636  
Long-term debt, net of current portion     67,287,070       (14,278,689 )     53,008,381       69,019,133       (15,378,332 )     53,640,801       70,104,445       (17,375,442 )     52,729,003  
Total liabilities     91,328,118               91,328,118       90,550,517               90,550,517       93,105,215               93,105,215  
                                                                         
Paid in capital     56,705,679       6,249,254       62,954,933       56,773,754       6,249,254       63,023,008       56,841,245       6,249,254       63,090,499  
Accumulated deficit     (27,408,969 )     (6,238,516 )     (33,647,485 )     (25,568,783 )     (6,238,516 )     (31,807,299 )     (23,441,219 )     (6,238,516 )     (29,679,735 )
Series E convertible preferred stock     10,866       (10,738 )     128       10,866       (10,738 )     128       10,866       (10,738 )     128  
Total shareholders' equity     29,009,849       –       29,009,849       30,918,112       –       30,918,112       32,616,801       –       32,616,801  
                                                                         
Prepaid expenses and other current liabilities     1,990,407       (1,816,855 )     173,552       2,520,099       (1,816,855 )     703,244       2,104,859       (1,816,855 )     288,004  
Net cash provided by operations     4,994,685       (1,816,855 )     3,177,830       5,209,543       (1,816,855 )     3,392,688       8,830,128       (1,816,855 )     7,013,273  
                                                                         
Purchases of property and equipment     (4,869,153 )     1,816,855       (3,052,298 )     (7,100,362 )     1,816,855       (5,283,507 )     (7,753,755 )     1,816,855       (5,936,900 )
Net cash used in investing activities     (62,180,053 )     1,816,855       (60,363,198 )     (54,507,921 )     1,816,855       (52,691,066 )     (55,150,965 )     1,816,855       (53,334,110 )

  

 

The following table presents the impact of the corrections on the Company's previously issued consolidated financial statements as of and for the year ended September 30, 2016:

 

    As              
    Previously           As  
    Reported     Change     Restated  
Consolidated Balance Sheet:                        
                         
Current portion of long-term debt   $ 1,789,290     $ 222,590     $ 2,011,880  
Long-term debt, net of current portion     13,682,872       (222,590 )     13,460,282  
Total liabilities     29,271,588       –       29,271,588  
Paid in capital     53,319,217       6,249,254       59,568,471  
Accumulated deficit     (28,837,063 )     (6,238,516 )     (35,075,579 )
Series E convertible preferred stock     10,866       (10,738 )     128  
Total stockholders' equity     24,195,812       –       24,195,812  
                         
Consolidated Statement of Income:                        
                         
Bargain purchase gain on acquisition   $ 4,573,968     $ (3,074,623 )   $ 1,499,345  
Total other income (expense), net     3,142,581       (3,074,623 )     67,958  
Income before provision for income taxes     5,460,830       (3,074,623 )     2,386,207  
Benefit for income taxes     (12,493,221 )     (3,074,623 )     (15,567,844 )
Net income attributed to Live Ventures Incorporated     17,829,857       –       17,829,857  
                         
Consolidated Statement of Cashflows:                        
                         
Gain on bargain purchase of acquisition   $ (4,573,968 )   $ 3,074,623       (1,499,345 )
Change in deferred income taxes     (12,524,582 )     (3,074,623 )     (15,599,205 )
Change in prepaid expenses and other current assets     (3,423,650 )     1,816,855       (1,606,795 )
Net cash provided by operations     6,061,778       1,816,855       7,878,633  
Purchases of property and equipment     (1,376,685 )     (1,816,855 )     (3,193,540 )
Net cash used by investing activities     (722,828 )     (1,816,855 )     (2,539,683 )
Increase (decrease) in cash and cash equivalents     (1,956,923 )     –       (1,956,923 )
                         
Consolidated Statement of Changes in Stockholders' Equity:                        
                         
Paid in capital - at September 30, 2015   $ 52,965,036     $ 6,249,254     $ 59,214,290  
Paid in capital - at September 30, 2016     53,319,217       6,249,254       59,568,471  
Accumulated deficit - at September 30, 2015     (46,665,003 )     (6,238,516 )     (52,903,519 )
Accumulated deficit - at September 30, 2016     (28,837,063 )     (6,238,516 )     (35,075,579 )
Series E convertible preferred stock - at September 30, 2015     10,866       (10,738 )     128  
Series E convertible preferred stock - at September 30, 2016     10,866       (10,738 )     128