Investor Relations
Financials
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Assets      
Cash $ 6,190   $ 4,664
Trade receivables, net of allowance for doubtful accounts of $61 at December 31, 2021 and September 30, 2021 22,204   21,559
Inventories, net of reserves of approximately $1.9 million at December 31, 2021, and approximately $1.8 million at September 30, 2021 79,364   70,747
Prepaid expenses and other current assets 2,064   1,640
Debtor in possession assets   180
Total current assets 109,822   98,790
Property and equipment, net of accumulated depreciation of approximately $21.8 million at December 31, 2021, and approximately $20.6 million at September 30, 2021 40,585   35,632
Right of use asset - operating leases 28,415   30,466
Deposits and other assets 798   682
Intangible assets, net of accumulated amortization of approximately $2.5 million at December 31, 2021 and approximately $2.2 million at September 30, 2021 4,201   4,697
Goodwill 41,471   41,471
Total assets 225,292   211,738
Liabilities:      
Accounts payable 14,597   10,644
Accrued liabilities 12,117   17,048
Income taxes payable 728   876
Current portion of lease obligations - operating leases 7,311   7,202
Current portion of long-term debt 20,032   16,055
Current portion of notes payable related parties 2,000   2,000
Debtor-in-possession liabilities   11,135
Total current liabilities 56,785   64,960
Long-term debt, net of current portion 39,359   37,559
Lease obligation - operating leases 27,158   29,343
Notes payable related parties, net of current portion 2,000   2,000
Deferred taxes 5,053   2,796
Total liabilities 130,355   136,658
Commitments and contingencies  
Stockholders' equity:      
Common stock, $0.001 par value, 10,000,000 shares authorized, 1,582,334 and 1,582,334 shares issued and outstanding at December 31, 2021 and September 30, 2021, respectively 2   2
Paid in capital 65,321   65,284
Treasury stock common 534,520 shares as of December 31, 2021 and September 30, 2021, respectively (6,603)   (4,519)
Treasury stock Series E preferred 50,000 shares as of December 31, 2021 and of September 30, 2021, respectively (7)   (7)
Retained earnings 36,672   14,768
Equity attributable to Live stockholders 95,385   75,528
Non-controlling interest (448)   (448)
Total stockholders' equity 94,937 $ 81,644 75,080
Total liabilities and stockholders' equity/deficit 225,292   211,738
Series B Convertible Preferred Stock      
Stockholders' equity:      
Preferred stock   $ 0 0
Series E Convertible Preferred Stock      
Stockholders' equity:      
Preferred stock $ 0   $ 0

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v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2022
Mar. 31, 2021
Revenues $ 69,706 $ 70,890 $ 144,864 $ 133,344
Cost of revenues 44,753 44,400 92,295 84,585
Gross profit 24,953 26,490 52,569 48,759
Operating expenses:        
General and administrative expenses 13,154 12,565 27,311 24,844
Sales and marketing expenses 3,350 2,800 6,402 5,499
Total operating expenses 16,504 15,365 33,713 30,343
Operating income 8,449 11,125 18,856 18,416
Other (expense) income:        
Interest expense, net (858) (1,649) (1,875) (3,119)
Gain on Payroll Protection Program loan forgiveness 0 1,382 0 1,382
Loss on debt extinguishment (363) 0 (363) 0
Loss on disposal of fixed assets (1) 0 (1) 0
Gain on bankruptcy settlement 11,362 1,115 11,352 1,115
Other income 292 (50) 418 858
Total other expense, net 10,432 798 9,531 236
Income before provision for income taxes 18,881 11,923 28,387 18,652
Provision for income taxes 3,523 3,228 6,483 4,678
Net income 15,358 8,695 21,904 13,974
Net Income attributable to non-controlling interest 39 173
Net income attributable to Live stockholders $ 15,358 $ 8,734 $ 21,904 $ 14,147
Income per share:        
Basic $ 4.90 $ 5.62 $ 6.96 $ 9.22
Diluted $ 4.84 $ 2.66 $ 6.87 $ 4.34
Weighted average common shares outstanding:        
Basic 3,134,540 1,555,175 3,148,059 1,534,287
Diluted 3,172,881 3,284,133 3,187,124 3,263,245

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v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES:    
Net income $ 21,904,000 $ 13,974,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,045,000 3,420,000
Gain or loss on disposal of property and equipment 1,000 (23,000)
Gain on Payroll Protection Program loan forgiveness 0 (1,382,000)
Non-cash gain on bankruptcy settlement (11,501,000) (1,115,000)
Amortization of debt issuance cost (112,000) 612,000
Stock based compensation expense 37,000 287,000
Amortization of right-of-use assets 55,000 125,000
Change in reserve for uncollectible accounts 27,000 658,000
Change in reserve for obsolete inventory 146,000 964,000
Changes in assets and liabilities:    
Trade receivables (698,000) (2,499,000)
Inventories (8,658,000) 1,935,000
Income taxes receivable (148,000) 2,763,000
Prepaid expenses and other current assets (422,000) 529,000
Change in deferred income taxes 2,257,000 1,334,000
Deposits and other assets (116,000) (235,000)
Accounts payable 3,911,000 2,594,000
Accrued liabilities (4,500,000) (2,882,000)
Change in other 23,000 (148,000)
Net cash provided by operating activities 5,251,000 20,911,000
INVESTING ACTIVITIES:    
Purchase of property and equipment (7,503,000) (5,469,000)
Net cash used in investing activities (7,503,000) (5,469,000)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans 4,887,000 (4,554,000)
Proceeds from issuance of notes payable 9,000,000 2,258,000
Purchase of common treasury stock (2,084,000) (383,000)
Payments on related party notes payable 2,000,000
Debtor-in-possession cash 75,000 112,000
Payments on financing leases (80,000)
Payments on notes payable (8,020,000) (7,931,000)
Net cash used in financing activities 3,778,000 (12,498,000)
Increase in cash 1,526,000 2,944,000
CASH AND CASH EQUIVALENTS, beginning of period 4,664,000 8,984,000
CASH AND CASH EQUIVALENTS, end of period 6,190,000 11,928,000
Supplemental cash flow disclosures:    
Interest paid 1,823,000 2,516,000
Income taxes paid $ 4,458,000 $ 369,000

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