Investor Relations
Financials
v3.22.2.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2022
Sep. 30, 2021
Assets    
Cash $ 4,600 $ 4,664
Trade receivables, net of allowance for doubtful accounts of $132,000 at September 30, 2022 and $61,000 at September 30, 2021 25,665 21,559
Inventories, net of reserves of $2.4 million at September 30, 2022, and $1.8 million at September 30, 2021 97,659 70,747
Income taxes receivable 4,403 0
Prepaid expenses and other current assets 2,477 1,640
Debtor in possession assets 0 180
Total current assets 134,804 98,790
Property and equipment, net of accumulated depreciation of $26.8 million at September 30, 2022, and $20.6 million at September 30, 2021 64,590 35,632
Right of use asset - operating leases 33,659 30,466
Deposits and other assets 647 682
Intangible assets, net of accumulated amortization of $2.1 million at September 30, 2022, and $2.2 million at September 30, 2021 3,844 4,697
Goodwill 41,093 41,471
Total assets 278,637 211,738
Liabilities:    
Accounts payable 10,899 10,644
Accrued liabilities 16,486 17,048
Income taxes payable 0 876
Current portion of long-term debt 18,935 16,055
Current portion of notes payable related parties 2,000 2,000
Current portion of lease obligations - operating leases 7,851 7,202
Current portion of lease obligations - finance leases 217 0
Debtor in possession liabilities 0 11,135
Total current liabilities 56,388 64,960
Long-term debt, net of current portion 62,704 37,559
Lease obligation long term - operating leases 30,382 26,996
Lease obligation long term - finance leases 19,568 2,347
Notes payable related parties, net of current portion 2,000 2,000
Deferred tax liability 8,818 2,796
Other non-current obligations 1,615 0
Total liabilities 181,475 136,658
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,074,833 shares issued and outstanding at September 30, 2022; 1,582,334 issued and outstanding at September 30, 2021 2 2
Paid-in capital 65,321 65,284
Treasury stock common 620,971 shares as of September 30, 2022 and 534,520 shares as of September 30, 2021 (7,215) (4,519)
Accumulated earnings 39,509 14,768
Total stockholders' equity 97,610 75,528
Non-controlling interest (448) (448)
Total stockholders' equity 97,162 75,080
Total liabilities and stockholders' equity 278,637 211,738
Series B Convertible Preferred Stock    
Stockholders' equity:    
Preferred stock 0 0
Series E Convertible Preferred Stock    
Stockholders' equity:    
Preferred stock 0 0
Treasury stock Series E preferred 50,000 shares as of September 30, 2022 and September 30, 2021 $ (7) $ (7)

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v3.22.2.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Revenues $ 286,913 $ 272,981
Cost of revenues 189,086 173,518
Gross profit 97,827 99,463
Operating expenses:    
General and administrative expenses 54,531 52,246
Sales and marketing expenses 12,459 11,427
Impairment expense (4,910) 0
Total operating expenses 71,900 63,673
Operating income 25,927 35,790
Other income (expense):    
Interest expense, net (4,209) (5,205)
Gain on Payroll Protection Program loan forgiveness 0 6,150
Gain on bankruptcy settlement 11,352 1,765
Loss on debt extinguishment (84) 0
Other income (expense), net (1,370) 1,179
Total other income, net 5,689 3,889
Income before income taxes 31,616 39,679
Provision for income taxes 6,875 8,662
Net income 24,741 31,017
Net loss attributable to non-controlling interest 0 180
Net income attributable to Live stockholders $ 24,741 $ 31,197
Income per share:    
Basic $ 7.94 $ 19.92
Diluted $ 7.84 $ 9.80
Weighted average common shares outstanding:    
Basic 3,116,214 1,566,288
Diluted 3,155,535 3,182,546
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 $ 0

Source

v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net income $ 24,741,000 $ 31,017,000
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 7,168,000 6,791,000
Loss on disposal of property and equipment 510,000 (337,000)
Amortization of debt issuance costs (78,000) 659,000
Gain on Payroll Protection Program loan forgiveness 0 (6,150,000)
Loss on impairment of goodwill and intangibles 4,910,000 0
Gain on bankruptcy settlement (11,501,000) (1,765,000)
Stock based compensation expense 37,000 489,000
Loss on write off of ROU asset 522,000  
Amortization of right of use assets 9,229,000 (215,000)
Change in reserve for uncollectible accounts 71,000 658,000
Change in reserve for obsolete inventory 582,000 1,239,000
Changes in assets and liabilities, net of acquisitions:    
Trade receivables (1,129,000) (1,583,000)
Inventories (20,213,000) (8,486,000)
Prepaid expenses and other current assets 1,663,000 141,000
Change in deferred income taxes 6,022,000 3,818,000
Deposits and other assets 34,000 (457,000)
Accounts payable (2,376,000) 2,771,000
Accrued liabilities (364,000) (389,000)
Income taxes payable (5,279,000) 140,000
Other liabilities 31,000 173,000
Net cash provided by operating activities 14,580,000 29,188,000
Investing activities:    
Better Backers acquisition (3,166,000)  
Purchase of intangible assets 0 (587,000)
Purchases of property and equipment (12,128,000) (10,834,000)
Proceeds from the sale of property and equipment 15,000  
Net cash used in investing activities (40,036,000) (17,421,000)
Financing activities:    
Net borrowings (payments) under revolver loans 21,577,000 (1,355,000)
Stock options exercised 0 323,000
Proceeds from issuance of notes payable 17,000,000 2,259,000
Payments on notes payable (10,503,000) (11,036,000)
Purchase of common treasury stock (2,696,000) (421,000)
Payments of related party notes payable 0 (5,800,000)
Payments on financing leases (61,000) (117,000)
Debtor in possession cash 75,000 60,000
Net cash provided by (used in) financing activities 25,392,000 (16,087,000)
Net decrease in cash and cash equivalents, including restricted cash (64,000) (4,320,000)
Cash and cash equivalents, including restricted cash, beginning of period 4,664,000 8,984,000
Cash and cash equivalents, including restricted cash, end of period 4,600,000 4,664,000
Supplemental cash flow disclosures:    
Interest paid 3,962,000 4,342,000
Income taxes paid, net 6,149,000 1,537,000
Noncash financing and investing activities:    
Reclassification of land from right of use asset to property and equipment 0 2,029,000
Salomon Whitney LLC    
Investing activities:    
Payment for acquisition 0 (6,000,000)
Kinetic Acquisition    
Investing activities:    
Payment for acquisition $ (24,757,000) $ 0

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