Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 14, 2019 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Entity Registrant Name | Live Current Media Inc. | |
Entity Central Index Key | 0001108630 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 34,837,625 | |
Entity Current Reporting Status | Yes | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash | $ 306,252 | $ 388,906 |
Domain proceeds receivable | 22,500 | |
Total Current Assets | 306,252 | 411,406 |
Non-current assets | ||
Intangible assets | 111,951 | 111,951 |
Total Assets | 418,203 | 523,357 |
Current liabilities | ||
Accounts payable | 89,914 | 85,585 |
Other payable | 17,594 | 17,441 |
Total Liabilities | 107,508 | 103,026 |
Stockholders' equity | ||
Capital stock Authorized: 500,000,000 common shares, par value $0.001 per share Issued and outstanding: 34,837,625 common shares | 34,838 | 34,838 |
Additional paid in capital | 18,370,899 | 18,370,899 |
Deficit | (18,095,042) | (17,985,406) |
Total Stockholders Equity | 310,695 | 420,331 |
Total Liabilities and Stockholders Equity | $ 418,203 | $ 523,357 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
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 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
General and administrative expenses | ||||
Bad debt | $ 5,435 | |||
Domain content and registration | $ 3,375 | $ 0 | $ 12,230 | 11,905 |
Gain on domain name sale | 0 | 3,300 | (146,700) | |
General and administrative | 23,394 | 12,185 | 81,126 | 28,705 |
Management fees | 30,000 | 30,000 | 90,000 | 90,000 |
Professional fees | 7,467 | 2,915 | 45,290 | 53,460 |
Transfer agent and regulatory | 1,921 | 17,228 | 25,501 | 37,710 |
Loss from operations | (66,157) | (65,628) | (107,447) | (227,215) |
Interest expense | (51) | (51) | (153) | (153) |
Foreign exchange | (464) | (696) | (2,036) | (4,223) |
Total Non Operating Income (Expense) | (515) | (747) | (2,189) | (4,376) |
Net and comprehensive loss for the period | $ (66,672) | $ (66,375) | $ (109,636) | $ (231,591) |
Basic and diluted loss per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of basic common shares outstanding (in shares) | 34,837,625 | 34,837,625 | 34,837,625 | 34,837,625 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at Dec. 31, 2017 | $ 34,838 | $ 18,257,563 | $ (17,214,553) | $ 1,077,848 |
Beginning Balance (Shares) at Dec. 31, 2017 | 34,837,625 | |||
Stock-based compensation | 113,336 | 113,336 | ||
Net income for the period | (770,853) | (770,853) | ||
Ending Balance at Dec. 31, 2018 | $ 34,838 | 18,370,899 | (17,985,406) | 420,331 |
Ending Balance (Shares) at Dec. 31, 2018 | 34,837,625 | |||
Net income for the period | (109,636) | (109,636) | ||
Ending Balance at Sep. 30, 2019 | $ 34,838 | $ 18,370,899 | $ (18,095,042) | $ 310,695 |
Ending Balance (Shares) at Sep. 30, 2019 | 34,837,625 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows used in operating activities | ||
Net loss for the period | $ (109,636) | $ (231,591) |
Non-cash items: | ||
Accrued interest | 153 | 153 |
Gain on domain name sale | (146,700) | |
Bad debt | 5,435 | |
Changes in non-cash working capital items: | ||
Receivable | 22,500 | |
Accounts payable and accrued liabilities | 4,329 | (90,533) |
Cash used in operating activities | (229,354) | (316,536) |
Cash flows used in investing activities | ||
Deposit | (250,000) | |
Proceeds from the disposition of domain names | 146,700 | 67,500 |
Cash provided by investing activities | 146,700 | (182,500) |
Change in cash | (82,654) | (499,036) |
Cash, beginning of period | 388,906 | 956,549 |
Cash, end of period | 306,252 | 457,513 |
Supplemental cash flow information: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
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 21, 2019, the Company executed a distribution agreement with Cell MedX Corp. (Cell MedX), pursuant to which Cell MedX has granted to the Company an exclusive worldwide license to distribute its e-Balance microcurrent device to households and individual users. To acquire these rights, the Company paid $250,000. The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As of September 30, 2019, the Company has not achieved profitable operations, has incurred recurring operating losses and further losses are possible. The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to further develop its business. To date, the Company has funded operation through the issuance of capital stock and debt. Management plans to continue raising additional funds through equity or debt financing and loans from directors. There is no certainty that further funding will be available as needed. These directors raise substantial doubt about the ability of the Company to continue operating as a going concern. The ability of the Company to continue its operations as a going concern is dependent upon its ability to raise sufficient new capital to fund its operating commitments and ongoing losses and ultimately on generating profitable operations. The financial statements do not include any adjustments to be recorded to assets or liabilities that might be necessary shod the Company be unable to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United State ("US GAAP"), and are expressed in United States dollars. 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 Form 10-K, for the year ended December 31, 2018, as filed with the SEC on April 1, 2019. |
DOMAIN PROCEEDS RECEIVABLE
DOMAIN PROCEEDS RECEIVABLE | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
DOMAIN PROCEEDS RECEIVABLE [Text Block] | 3. DOMAIN PROCEEDS RECEIVABLE On October 6, 2017, the Company sold a domain name for $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 September 30, 2019, the balance remaining is $Nil and the domain name has been transferred to the purchaser. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
INTANGIBLE ASSETS [Text Block] | 4. INTANGIBLE ASSETS The Company’s portfolio of domain names is considered by management to consist of indefinite life intangible assets not subject to amortization. |
DOMAIN SALE
DOMAIN SALE | 9 Months Ended |
Sep. 30, 2019 | |
Domain Sale [Abstract] | |
Domain Sale [Text Block] | 5. DOMAIN SALE On May 27, 2019, the Company sold a domain name for $146,700. The proceeds were recognized as a gain as the carrying value was $Nil. |
SHARE CAPITAL
SHARE CAPITAL | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
SHARE CAPITAL [Text Block] | 6. SHARE CAPITAL There were no shares or stock options issued during the nine months ended September 30, 2019. As at September 30, 2019, the Company had 1,900,000 options outstanding with a weighted average exercise price and weighted average life of $.10 and 1.17 years, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 7. SUBSEQUENT EVENTS On October 28, 2019, the Company sold a domain name for $212,000. The funds were received on October 29, 2019. The domain name had a $Nil book value. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Basis of Presentation [Policy Text Block] | Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report in Form 10-K, for the year ended December 31, 2018, as filed with the SEC on April 1, 2019. |
NATURE AND CONTINUANCE OF OPE_2
NATURE AND CONTINUANCE OF OPERATIONS (Narrative) (Details) | 1 Months Ended |
Mar. 21, 2019USD ($) | |
Payments for distribution agreement | $ 250,000 |
DOMAIN PROCEEDS RECEIVABLE (Nar
DOMAIN PROCEEDS RECEIVABLE (Narrative) (Details) - USD ($) | Oct. 06, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
Proceeds received for sale of domain name | $ 150,000 | $ 146,700 | $ 67,500 | |
Brokerage fee | 15,000 | |||
Monthly payments for brokerage fee | $ 7,500 | |||
Domain name payments period | 18 months | |||
Domain proceeds receivable | $ 22,500 |
DOMAIN SALE (Narrative) (Detail
DOMAIN SALE (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 27, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Gain on sale of domain names | $ 146,700 | $ 0 | $ (3,300) | $ 146,700 | |
Intangible assets | $ 111,951 | $ 111,951 | $ 111,951 | ||
Domain name [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Intangible assets |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Options Outstanding | shares | 1,900,000 |
Options Outstanding, Exercise Price | $ / shares | $ 0.10 |
Options Outstanding, Remaining Contractual Life | 1 year 2 months 1 day |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) | Oct. 06, 2017 | Oct. 29, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | May 27, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||||
Proceeds received for sale of domain name | $ 150,000 | $ 146,700 | $ 67,500 | |||
Intangible assets | $ 111,951 | $ 111,951 | ||||
Domain name [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Intangible assets | ||||||
Subsequent Events | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds received for sale of domain name | $ 212,000 | |||||
Subsequent Events | Domain name [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Intangible assets |