Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 14, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Trading Symbol | livc | |
Entity Registrant Name | Live Current Media Inc. | |
Entity Central Index Key | 1,108,630 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 34,837,625 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash | $ 929,425 | $ 956,549 |
Receivable | 0 | 5,435 |
Domain proceeds receivable | 90,000 | 82,500 |
Total Current Assets | 1,019,425 | 1,044,484 |
Non-current assets | ||
Domain proceeds receivable | 0 | 30,000 |
Intangible assets | 206,150 | 206,150 |
Total Assets | 1,225,575 | 1,280,634 |
Current liabilities | ||
Accounts payable | 215,523 | 185,550 |
Other payable | 17,287 | 17,236 |
Total Liabilities | 232,810 | 202,786 |
Stockholders' equity | ||
Capital stock Authorized: 500,000,000 common shares, par value $0.001 per share Issued and outstanding: 34,837,625 common shares (34,837,625 at December 31, 2017) | 34,838 | 34,838 |
Additional paid in capital | 18,257,563 | 18,257,563 |
Deficit | (17,299,636) | (17,214,553) |
Total Stockholders Equity | 992,765 | 1,077,848 |
Total Liabilities and Stockholders Equity | $ 1,225,575 | $ 1,280,634 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 34,837,625 | 34,837,625 |
Common Stock, Shares, Outstanding | 34,837,625 | 34,837,625 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
General and administrative expenses | ||
General and administrative | $ 48,717 | $ 40,683 |
Professional fees | 35,926 | 34,244 |
Loss from operations | (84,643) | (74,927) |
Interest expense | (51) | (51) |
Foreign exchange | (389) | (98) |
Total Non Operating Income (Expense) | (440) | (149) |
Net and comprehensive income (loss) for the period | $ (85,083) | $ (75,076) |
Basic and diluted loss per share | $ 0 | $ 0 |
Weighted average number of basic common shares outstanding | 34,837,625 | 34,837,625 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY - USD ($) | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at Dec. 31, 2016 | $ 34,838 | $ 18,257,563 | $ (17,285,593) | $ 1,006,808 |
Beginning Balance (Shares) at Dec. 31, 2016 | 34,837,625 | |||
Net income for the year | 71,040 | 71,040 | ||
Ending Balance at Dec. 31, 2017 | $ 34,838 | 18,257,563 | (17,214,553) | 1,077,848 |
Ending Balance (Shares) at Dec. 31, 2017 | 34,837,625 | |||
Net income for the year | (85,083) | (85,083) | ||
Ending Balance at Mar. 31, 2018 | $ 34,838 | $ 18,257,563 | $ (17,299,636) | $ 992,765 |
Ending Balance (Shares) at Mar. 31, 2018 | 34,837,625 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows used in operating activities | ||
Net income (loss) for the period | $ (85,083) | $ (75,076) |
Non-cash items | ||
Impairment of intangible assets | 0 | 0 |
Gain on sale of domain names | 0 | 0 |
Gain on debt retirement | 0 | 0 |
Accrued interest | 51 | 51 |
Changes in non-cash working capital items | ||
Receivable | 27,935 | 0 |
Prepaid expenses | 0 | 0 |
Accounts payable and accrued liabilities | 29,973 | (32,087) |
Cash used in operating activities | (27,124) | (107,112) |
Cash flows used in investing activities | ||
Proceeds from the disposition of domain names | 0 | 0 |
Cash provided by investing activities | 0 | 0 |
Change in cash | (27,124) | (107,112) |
Cash, beginning of period | 956,549 | 1,149,555 |
Cash, end of period | 929,425 | 1,042,443 |
Supplemental cash flow information: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2018 | |
NATURE AND CONTINUANCE OF OPERATIONS [Text Block] | 1. NATURE AND CONTINUANCE OF OPERATIONS Live Current Media Inc. (the “Company” or “Live Current”) was incorporated under the laws of the State of Nevada on October 10, 1995. The Company’s wholly owned principal operating subsidiary, Domain Holdings Inc. (“DHI”), was incorporated under the laws of British Columbia on July 4, 1994. On March 13, 2008, the Company incorporated a wholly owned subsidiary in the state of Delaware, Perfume.com Inc. (Perfume Inc.) which is a dormant and inactive company. Through DHI, the Company builds consumer Internet experiences around its portfolio of domain names. DHI’s current business strategy is to develop, or to seek partners to develop, its domain names to include content, commerce and community applications. On June 4, 2014, a judge in Reno, Nevada ordered a receiver to take charge of the Company’s business. On May 4, 2017, the Company was discharged from receivership. Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report in Amendment 3 of Form 10-12G/A, for the year ended December 31, 2017, as filed with the SEC on May 9, 2018. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2018 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Adoption of New Accounting Pronouncement On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. The Company adopted ASU 2014-09 in the first quarter of 2018 and applied the modified retrospective approach. There was no impact to the Company’s recognition of revenue as a consequence of adopting this new standard. |
DOMAIN PROCEEDS RECEIVABLE
DOMAIN PROCEEDS RECEIVABLE | 3 Months Ended |
Mar. 31, 2018 | |
DOMAIN PROCEEDS RECEIVABLE [Text Block] | 3. DOMAIN PROCEEDS RECEIVABLE On October 6, 2017, the Company sold a domain name for total consideration of $150,000 less a brokerage fee of $15,000. The domain purchase and transfer agreement included terms that allowed the purchaser to make monthly instalment payments of $7,500, net of the brokerage fee, over a period of 18 months. The domain is being held by an independent escrow agent during the period the remaining balance in respect of this sale is outstanding. The purchaser is entitled to control the domain name while being held in escrow but, in the event of a default that is not successfully remedied, all rights to the domain name will be transferred back to the Company and all payments made by the purchaser will be forfeited. As at March 31, 2018, the balance remaining on this receivable totaled $90,000. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2018 | |
INTANGIBLE ASSETS [Text Block] | 4. INTANGIBLE ASSETS March 31, 2018 December 31, 2017 Domain names $ 201,496 $ 201,496 Trademarks 4,654 4,654 $ 206,150 $ 206,150 The Company’s portfolio of domain names is considered by management to consist of indefinite life intangible assets not subject to amortization. |
Summary of Significant Accoun11
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Adoption of New Accounting Pronouncement [Policy Text Block] | Adoption of New Accounting Pronouncement On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. The Company adopted ASU 2014-09 in the first quarter of 2018 and applied the modified retrospective approach. There was no impact to the Company’s recognition of revenue as a consequence of adopting this new standard. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2018 December 31, 2017 Domain names $ 201,496 $ 201,496 Trademarks 4,654 4,654 $ 206,150 $ 206,150 |
NATURE AND CONTINUANCE OF OPE13
NATURE AND CONTINUANCE OF OPERATIONS (Narrative) (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Accumulated deficit | $ 17,299,636 | $ 17,214,553 |
DOMAIN PROCEEDS RECEIVABLE (Nar
DOMAIN PROCEEDS RECEIVABLE (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Proceeds from sale of domain name | $ 150,000 | |
Brokerage fee | 15,000 | |
Monthly payments for brokerage fee | $ 7,500 | |
Domain name payments period | 18 months | |
Domain name receivable | $ 90,000 |
Schedule of Finite-Lived Intang
Schedule of Finite-Lived Intangible Assets (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Domain names | $ 201,496 | $ 201,496 |
Trademarks | 4,654 | 4,654 |
Intangible Assets | $ 206,150 | $ 206,150 |