Investor Relations
Financials
v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2021
Sep. 30, 2020
Assets    
Cash $ 10,565 $ 8,984
Trade receivables, net 19,376 20,121
Inventories, net 61,426 64,525
Prepaid expenses and other current assets 1,353 1,778
Debtor in possession assets 162 520
Total current assets 92,882 95,928
Property and equipment, net 32,942 30,376
Right of use asset - operating leases 27,803 30,894
Equity Method Investments 6,000  
Deposits and other assets 583 223
Deferred taxes   1,021
Intangible assets, net 744 1,063
Goodwill 37,754 37,754
Total assets 198,708 197,259
Liabilities:    
Accounts payable 10,889 9,117
Accrued liabilities 13,344 14,822
Income taxes payable 5,948 736
Current portion of lease obligations - operating leases 6,857 7,176
Current portion of long-term debt 8,100 11,986
Current portion of notes payable related parties   1,297
Debtor-in-possession liabilities 11,208 12,228
Total current liabilities 56,346 57,362
Long-term debt, net of current portion 44,844 63,390
Lease obligation - operating leases 25,212 28,101
Notes payable related parties, net of current portion 4,000 4,000
Deferred taxes 320  
Other non-current obligations 405 734
Total liabilities 131,127 153,587
Stockholders' equity:    
Common stock, $0.001 par value, 200,000,000 shares authorized, 1,555,175 and 1,589,101 shares issued and outstanding at March 31, 2021 and September 30, 2020, respectively 2 2
Paid in capital 64,883 64,472
Treasury stock common 533,011 shares as of March 31, 2021 and 499,805 shares as of September 30, 2020 (4,507) (4,098)
Accumulated deficit 7,656 (16,429)
Equity attributable to Live stockholders 68,027 43,940
Non-controlling interest (446) (268)
Total stockholders' equity 67,581 43,672
Total liabilities and stockholders' equity 198,708 197,259
Series B Convertible Preferred Stock    
Stockholders' equity:    
Preferred stock
Series E Convertible Preferred Stock    
Stockholders' equity:    
Preferred stock
Treasury stock Series E preferred 50,000 shares as of March 31, 2021 and of September 30, 2020 $ (7) $ (7)

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v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues $ 69,095 $ 42,472 $ 202,439 $ 130,904
Cost of revenues 44,029 25,759 128,614 79,789
Gross profit 25,066 16,713 73,825 51,115
Operating expenses:        
General and administrative expenses 13,794 8,221 38,638 30,731
Sales and marketing expenses 3,040 2,502 8,539 7,839
Total operating expenses 16,834 10,723 47,177 38,570
Operating income 8,232 5,990 26,648 12,545
Other (expense) income:        
Interest expense, net (938) (1,155) (4,057) (3,782)
Gain on lease settlement, net 0 0 0 223
Gain on Payroll Protection Program loan forgiveness 4,768 0 6,150 0
Gain on disposal of fixed assets 0 0 0 0
Gain on bankruptcy settlement 650 0 1,765 0
Other income (expense) 76 173 782 (133)
Total other (expense) income, net 4,404 (982) 4,640 (3,692)
Income before provision for income taxes 12,636 5,008 31,288 8,853
Provision for income taxes 2,703 1,423 7,381 2,402
Net income 9,933 3,585 23,907 6,451
Net loss attributable to non-controlling interest 5 0 178 0
Net income attributable to Live stockholders $ 9,938 $ 3,585 $ 24,085 $ 6,451
Income per share:        
Basic $ 6.35 $ 2.18 $ 15.41 $ 3.72
Diluted $ 3.01 $ 1.07 $ 7.31 $ 1.87
Weighted average common shares outstanding:        
Basic 1,566,064 1,646,836 1,563,025 1,735,416
Diluted 3,297,854 3,356,043 3,294,815 3,444,623
Dividends declared - common stock $ 0 $ 0 $ 0 $ 0
Series B Convertible Preferred Stock        
Weighted average common shares outstanding:        
Dividends declared - convertible preferred stock 0 0 0 0
Series E Convertible Preferred Stock        
Weighted average common shares outstanding:        
Dividends declared - convertible preferred stock $ 0 $ 0 $ 0 $ 0

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v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES:    
Net income $ 23,907,000 $ 6,451,000
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 5,089,000 3,954,000
Gain on lease settlement, net 0 (223,000)
Gain or loss on disposal of property and equipment 132,000 263,000
Gain on Payroll Protection Program loan forgiveness (6,150,000) 0
Gain on bankruptcy settlement (1,765,000) 0
Amortization of debt issuance cost 635,000 274,000
Stock based compensation expense 230,000 67,000
Warrant extension fair value adjustment   368,000
Amortization of right-of-use assets 125,000 985,000
Change in reserve for uncollectible accounts 451,000 424,000
Change in reserve for obsolete inventory 1,137,000 (84,000)
Change in deferred income taxes 1,340,000 2,190,000
Change in other (484,000) (316,000)
Changes in assets and liabilities:    
Trade receivables 295,000 2,702,000
Inventories 934,000 9,398,000
Income taxes 5,214,000 152,000
Prepaid expenses and other current assets 430,000 24,000
Deposits and other assets (359,000) 173,000
Accounts payable 3,010,000 (6,266,000)
Accrued liabilities (1,972,000) (2,461,000)
Net cash provided by operating activities 32,199,000 18,075,000
INVESTING ACTIVITIES:    
Purchase of intangible assets   (30,000)
Lonesome Oak acquisition   (550,000)
Investment (6,000,000)  
Note receivable   (55,000)
Purchase of property and equipment (8,470,000) (2,357,000)
Net cash used in investing activities (14,470,000) (2,992,000)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans (3,247,000) (5,169,000)
Purchase of series E preferred treasury stock   (3,000)
Stock option exercised 181,000  
Proceeds from issuance of notes payable 2,258,000 9,768,000
Purchase of common treasury stock (409,000) (1,433,000)
Payments on related party notes payable (5,500,000)  
Debtor-in-possession cash 128,000 (86,000)
Payments on notes payable (9,559,000) (15,152,000)
Net cash used in financing activities (16,148,000) (12,075,000)
INCREASE IN CASH AND CASH EQUIVALENTS 1,581,000 3,008,000
CASH AND CASH EQUIVALENTS, beginning of period 8,984,000 2,681,000
CASH AND CASH EQUIVALENTS, end of period 10,565,000 5,689,000
Supplemental cash flow disclosures:    
Interest paid 3,481,000 $ 3,415,000
Income taxes paid $ 736,000  

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