Investor Relations
Financials
v3.21.4
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2021
Sep. 30, 2020
Assets    
Cash $ 4,664,000 $ 8,984,000
Trade receivables, net 21,559,000 20,121,000
Inventories, net 70,747,000 64,525,000
Prepaid expenses and other current assets 1,640,000 1,778,000
Debtor in possession assets 180,000 520,000
Total current assets 98,790,000 95,928,000
Property and equipment, net 35,632,000 31,725,000
Right of use asset - operating leases 30,466,000 29,545,000
Deposits and other assets 682,000 223,000
Deferred taxes 0 1,021,000
Intangible assets, net 4,697,000 1,063,000
Goodwill 41,471,000 37,754,000
Total assets 211,738,000 197,259,000
Liabilities:    
Accounts payable 10,644,000 9,117,000
Accrued liabilities 17,048,000 14,822,000
Income taxes payable 876,000 736,000
Current portion of long-term debt 16,055,000 11,986,000
Current portion of notes payable related parties 2,000,000 1,297,000
Current portion of lease obligations - operating leases 7,202,000 7,176,000
Debtor in possession liabilities 11,135,000 12,228,000
Total current liabilities 64,960,000 57,362,000
Long-term debt, net of current portion 37,559,000 63,390,000
Lease obligation long term - operating leases 29,343,000 28,101,000
Notes payable related parties, net of current portion 2,000,000 4,000,000
Deferred tax liability 2,796,000 0
Other non-current obligations 0 734,000
Total liabilities 136,658,000 153,587,000
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 1,582,334 shares issued and outstanding at September 30, 2021; 1,589,101 issued and outstanding at September 30, 2020 2,000 2,000
Paid-in capital 65,284,000 64,472,000
Treasury stock common 499,085 shares as of September 30, 2021 and 262,177 shares as of September 30, 2020 (4,519,000) (4,098,000)
Accumulated earnings (deficit) 14,768,000 (16,429,000)
Total stockholders' equity 75,528,000 43,940,000
Non-controlling interest (448,000) (268,000)
Total stockholders' equity 75,080,000 43,672,000
Total liabilities and stockholders' equity 211,738,000 197,259,000
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 September 30, 2021 and September 30, 2020 $ (7,000) $ (7,000)

Source

v3.21.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Revenues $ 272,981,000 $ 191,720,000
Cost of revenues 173,518,000 116,403,000
Gross profit 99,463,000 75,317,000
Operating expenses:    
General and administrative expenses 52,246,000 43,561,000
Sales and marketing expenses 11,427,000 11,334,000
Total operating expenses 63,673,000 54,895,000
Operating loss 35,790,000 20,422,000
Other (expense) income:    
Interest expense, net (5,205,000) (5,254,000)
Gain on lease settlement, net 0 307,000
Gain on Payroll Protection Program loan forgiveness 6,150,000 0
Gain on bankruptcy settlement 1,765,000 0
Bargain purchase gain 0 1,507,000
Impairment charges 0 (525,000)
Other income (loss) 1,179,000 (841,000)
Total other income, net 3,889,000 (4,806,000)
Income before income taxes 39,679,000 15,616,000
Provision for income taxes 8,662,000 4,957,000
Net income 31,017,000 10,659,000
Net loss attributable to non-controlling interest 180,000 268,000
Net income attributable to Live stockholders $ 31,197,000 $ 10,927,000
Income per share:    
Basic $ 19.92 $ 6.40
Diluted $ 9.80 $ 3.09
Weighted average common shares outstanding:    
Basic 1,566,288 1,706,561
Diluted 3,182,546 3,534,936
Dividends declared - Common stock $ 0 $ 0
Series B Convertible Preferred Stock    
Weighted average common shares outstanding:    
Dividends declared - convertible preferred stock 0 0
Series E Convertible Preferred Stock    
Weighted average common shares outstanding:    
Dividends declared - convertible preferred stock $ 0 $ 1

Source

v3.21.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net income $ 31,017,000 $ 10,659,000
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 6,791,000 5,862,000
Gain on lease settlement, net 0 (307,000)
Gain on disposal of property and equipment 337,000
Gain on bargain purchase of acquisition 0 (1,507,000)
Impairment charges 525,000
Amortization of debt issuance cost 659,000 471,000
Gain on Payroll Protection Program loan forgiveness (6,150,000) 0
Gain on bankruptcy settlement (1,765,000) 0
Stock based compensation expense 489,000 86,000
Warrant extension fair value adjustment 462,000
Amortization of right of use assets 215,000 1,461,000
Change in reserve for uncollectible accounts 658,000 421,000
Change in reserve for obsolete inventory 1,239,000 (139,000)
Changes in assets and liabilities:    
Trade receivables (1,583,000) (951,000)
Inventories (8,486,000) 12,308,000
Prepaid expenses and other current assets 141,000  
Change in deferred income taxes 3,818,000 4,069,000
Deposits and other assets (457,000) 128,000
Accounts payable (2,771,000) 9,387,000
Accrued liabilities (389,000) 3,526,000
Income taxes payable 140,000 971,000
Other liabilities (173,000) 133,000
Net cash provided by operating activities 29,188,000 28,791,000
Investing activities:    
Purchase of intangible assets (587,000) (4,000)
Purchases of property and equipment (10,834,000) (3,882,000)
Net cash used in investing activities (17,421,000) (8,776,000)
Financing activities:    
Net borrowings (payments) under revolver loans (1,355,000) (5,974,000)
Purchase of Series E preferred treasury stock 0 (3,000)
Stock options exercised 323,000 0
Proceeds from issuance of notes payable 2,259,000 4,768,000
Purchase of common treasury stock (421,000) (1,660,000)
Proceeds from (payments of) related party notes payable (5,800,000) 2,000,000
Payments on notes payable (11,036,000) (12,709,000)
Payments on financing leases 117,000 0
Debtor in possession cash (60,000) 134,000
Net cash used in financing activities (16,087,000) (13,712,000)
Net (decrease) increase in cash and cash equivalents, including restricted cash (4,320,000) 6,303,000
Cash and cash equivalents, including restricted cash, beginning of period 8,984,000 2,681,000
Cash and cash equivalents, including restricted cash, end of period 4,664,000 8,984,000
Supplemental cash flow disclosures:    
Interest paid 4,342,000 4,445,000
Income taxes refunded, net 30,000
Income Taxes Paid, Net, Total 1,537,000
Noncash financing and investing activities:    
Reclassification of land from right of use asset to property and equipment 2,029,000 1,349,000
Salomon Whitney LLC    
Investing activities:    
Payment for acquisition (6,000,000) 0
Lonesome Oak    
Investing activities:    
Payment for acquisition (550,000)
Precision Marshall    
Investing activities:    
Payment for acquisition $ (4,340,000)

Source