Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 15, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Live Current Media Inc. | |
Entity Central Index Key | 0001108630 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q/A | |
Entity Common Stock, Shares Outstanding | 34,837,625 | |
Entity Current Reporting Status | Yes | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | true | |
Amendment Description | Live Current Media Inc. (the “Company”) is filing this Amendment No. 1 on Form 10-Q/A (the “Amendment”) to its Quarterly Report on Form 10-Q for the interim period ended March 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2020 (the “Original Filing”) to: (a) Correct a typographical error on the Company’s unaudited consolidated statement of operations where the line item labelled “Fair value change of equity” should be “Fair value change of equity investments”; and (b)Include the date of signature on the signature page of the Form 10-Q. With the exception of the above noted corrections, the Original Filing, and the financial statements included therewith are unchanged. Pursuant to Rule 12b-15 under Securities Exchange Act of 1934, as amended, the Amendment also contains new Rule 13a-14(a)/15d-14(a) Certifications. The Amendment speaks as of the date of the Original Filing, and does not amend, update or change any other items or disclosures in the Original Filing, and does not purport to reflect any information or events subsequent to the Original Filing. | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash | $ 331,303 | $ 432,850 |
Total Current Assets | 331,303 | 432,850 |
Non-current assets | ||
Intangible assets | 142,630 | 111,951 |
Equity investments | 417,537 | |
Total Assets | 891,470 | 544,801 |
Current liabilities | ||
Accounts payable | 103,294 | 91,060 |
Other payable | 17,696 | 17,645 |
Total Liabilities | 120,990 | 108,705 |
Stockholders' equity | ||
Capital stock Authorized: 500,000,000 common shares, par value $0.001 per share, Issued and outstanding as of March 31, 2020 and December 31, 2019: 34,837,625 common shares | 34,838 | 34,838 |
Additional paid in capital | 18,373,817 | 18,370,899 |
Deficit | (17,638,175) | (17,969,641) |
Total Stockholders Equity | 770,480 | 436,096 |
Total Liabilities and Stockholders Equity | $ 891,470 | $ 544,801 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expense (income) | ||
Domain content and registration | $ 3,037 | $ 5,350 |
General and administrative | 15,932 | 8,562 |
Interest expense | 51 | 51 |
Management fees | 32,841 | 30,000 |
Marketing | 13,470 | 21,282 |
Professional fees | 15,120 | 45,152 |
Transfer agent and regulatory | 4,140 | 5,771 |
Gain on sale of license | (351,134) | |
Fair value change of equity investments | (66,403) | |
Website development | 1,480 | |
Net income (loss) for the period | $ 331,466 | $ (116,168) |
Basic and diluted gain (loss) per share (in dollars per share) | $ 0.01 | $ 0 |
Weighted average number of basic common shares outstanding (in shares) | 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, 2018 | $ 34,838 | $ 18,370,899 | $ (17,985,406) | $ 420,331 |
Beginning Balance (Shares) at Dec. 31, 2018 | 34,837,625 | |||
Net income for the period | (116,168) | (116,168) | ||
Ending Balance at Mar. 31, 2019 | $ 34,838 | 18,370,899 | (18,101,574) | 304,163 |
Ending Balance (Shares) at Mar. 31, 2019 | 34,837,625 | |||
Beginning Balance at Dec. 31, 2018 | $ 34,838 | 18,370,899 | (17,985,406) | 420,331 |
Beginning Balance (Shares) at Dec. 31, 2018 | 34,837,625 | |||
Net income for the period | (116,168) | |||
Ending Balance at Dec. 31, 2019 | $ 34,838 | 18,370,899 | (17,969,641) | 436,096 |
Ending Balance (Shares) at Dec. 31, 2019 | 34,837,625 | |||
Stock-based compensation | 2,918 | 2,918 | ||
Net income for the period | 331,466 | 331,466 | ||
Ending Balance at Mar. 31, 2020 | $ 34,838 | $ 18,373,817 | $ (17,638,175) | $ 770,480 |
Ending Balance (Shares) at Mar. 31, 2020 | 34,837,625 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows used in operating activities | ||
Net income (loss) for the period | $ 331,466 | $ (116,168) |
Non-cash item | ||
Accrued interest | 51 | 51 |
Fair value change on equity investments | (66,403) | |
Gain on sale of license | (351,134) | |
Changes in non-cash working capital items | ||
Receivable | 15,000 | |
Accounts payable and accrued liabilities | 12,234 | 36,558 |
Cash used in operating activities | (73,786) | (64,559) |
Cash flows used in investing activities | ||
Website development | (27,761) | |
Cash used in investing activities | (27,761) | |
Change in cash | (101,547) | (64,559) |
Cash, beginning of period | 432,850 | 388,906 |
Cash, end of period | 331,303 | 324,347 |
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, 2020 | |
Nature And Continuance Of Operations [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 under the name "IMEDIAT Digital Creations Inc.". On April 14, 1999, IMEDIAAT Creations, Inc. changed its name to "Communicate.com Inc." and was redomiciled from British Columbia to the jurisdiction of Alberta. On April 5, 2002, Comminicate.com Inc. changed its name to Domain Holding Inc. 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. Live Current is a technology company involved in the entertainment industry. Currently developing two projects for release in 2020, Boxing.com FEDERATION and SPRT MTRX, both of which are positioned in the eSports and gaming sector. The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As of March 31, 2020, the Company has not achieved profitable operations, has incurred recurring operating losses and further losses are possible. The Company has an accumulated deficit of $17,638,175. 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 | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [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 balance sheet; (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, 2019, as filed with the SEC on March 31, 2020. WEBSITE DEVELOPMENT COSTS The Company has adopted the provision of ASC 985-20-25, Costs of Software to Be Sold, Leased or Marketed, whereby costs incurred to establish the technological feasibility of a computer software product to be sold, leased to marketed are research and development costs. Those costs are expensed as incurred; costs of producing product masters incurred subsequent to establishing technological feasibility are capitalized; and costs incurred when the product is available for general release to the customers are expensed as incurred. Upgrades and enhancements are capitalized if they result in added functionality which enables the software to perform tasks it was previously incapable of performing. EQUITY INVESTMENTS Equity investments are classified as available for sale and are stated at fair market value. Unrealized gains and losses are recognized in the Company's statement of operations. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company's financial instruments include cash, equity investments, accounts payable, and other payable. The carrying value of these financial instruments approximates their fair value based on their short-term nature. The Company is not exposed to significant interest, exchange or credit risk arising from these financial instruments. The fair value hierarchy under US GAAP is based on the following three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3: Assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the period ended March 31, 2020. Cash and equity investments are measured at fair value using level 1 inputs and level 2 inputs respectively. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS [Text Block] | 3. INTANGIBLE ASSETS The Company's portfolio of domain names is considered by management to consist of indefinite life intangible assets not subject to amortization. During the three months period ended March 31, 2020, the Company entered a consulting agreement with a third-party contractor for the website development for SPRT MRTX. A total of $30,679 website development costs was capitalized as intangible assets. |
EQUITY INVESTMENT AND ROYALTIES
EQUITY INVESTMENT AND ROYALTIES | 3 Months Ended |
Mar. 31, 2020 | |
Equity Investment And Royalties [Abstract] | |
EQUITY INVESTMENT AND ROYALTIES [Text Block] | 4. EQUITY INVESTMENT AND ROYALTIES On March 21, 2019, the Company entered an agreement with Cell MedX Corp. ("CMXC") to purchase the direct rights to distribute the eBalance device from CMXC. On January 29, 2020 the Company and CMXC entered a Buyback agreement to sell the exclusive distribution rights to the eBalance microcurrent device back to CMXC. The sales price included a retained royalty on future sales of the eBalance device capped at US$507,000 and share purchase warrants for 2,000,000 shares of CMXC of which 1,000,000 is exercisable at $0.50 and 1,000,000 exercisable at $1.00. As at March 31, 2020, the Company's equity investment consists of 2,000,000 share purchase warrants. Each CMXC's warrant is exercisable for a period of three years, expiring on January 31, 2023. CMXC has the right to accelerate the expire date of the warrants based on the trading price of CMXC's shares. As at March 31, 2020, the fair value of the equity investment was calculated to be $417,537 based on the market price of $0.26 per CMXC's common share using a Black Scholes Options Pricing model with the following assumptions: Assumptions: Risk-free rate (%) 0.29 Expected stock price volatility (%) 183 Expected dividend yield (%) 0 Expected life of options (years) 2.83 |
SHARE CAPITAL
SHARE CAPITAL | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
SHARE CAPITAL [Text Block] | 5. SHARE CAPITAL During the three months period ended March 31, 2020, he Company granted 200,000 incentive stock options to one of its contractors to purchase an aggregate of 200,000 shares of the Company's common stock at $0.10 per share. These stock options vest as to one-fourth immediately and one-fourth after the first, second and third six months of the date of grant. Assumptions: Risk-free rate (%) 1.34 Expected stock price volatility (%) 208 Expected dividend yield (%) 0 Expected life of options (years) 2 As at March 31, 2020, the Company had options outstanding with a weighted average exercise price and weighted average life of $ and years, respectively. options were exercisable with a weighted average price and weighted average life of $ and years, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [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 balance sheet; (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, 2019, as filed with the SEC on March 31, 2020. |
WEBSITE DEVELOPMENT COSTS [Policy Text Block] | WEBSITE DEVELOPMENT COSTS The Company has adopted the provision of ASC 985-20-25, Costs of Software to Be Sold, Leased or Marketed, whereby costs incurred to establish the technological feasibility of a computer software product to be sold, leased to marketed are research and development costs. Those costs are expensed as incurred; costs of producing product masters incurred subsequent to establishing technological feasibility are capitalized; and costs incurred when the product is available for general release to the customers are expensed as incurred. Upgrades and enhancements are capitalized if they result in added functionality which enables the software to perform tasks it was previously incapable of performing. |
EQUITY INVESTMENTS [Policy Text Block] | EQUITY INVESTMENTS Equity investments are classified as available for sale and are stated at fair market value. Unrealized gains and losses are recognized in the Company's statement of operations. |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Policy Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS The Company's financial instruments include cash, equity investments, accounts payable, and other payable. The carrying value of these financial instruments approximates their fair value based on their short-term nature. The Company is not exposed to significant interest, exchange or credit risk arising from these financial instruments. The fair value hierarchy under US GAAP is based on the following three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3: Assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the period ended March 31, 2020. Cash and equity investments are measured at fair value using level 1 inputs and level 2 inputs respectively. |
EQUITY INVESTMENT AND ROYALTI_2
EQUITY INVESTMENT AND ROYALTIES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity Investment And Royalties [Abstract] | |
Schedule of Stock Options, Valuation Assumptions [Table Text Block] | Assumptions: Risk-free rate (%) 0.29 Expected stock price volatility (%) 183 Expected dividend yield (%) 0 Expected life of options (years) 2.83 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share Capital [Line Items] | |
Schedule of Stock Options, Valuation Assumptions [Table Text Block] | Assumptions: Risk-free rate (%) 0.29 Expected stock price volatility (%) 183 Expected dividend yield (%) 0 Expected life of options (years) 2.83 |
Share-based Payment Arrangement, Option [Member] | |
Share Capital [Line Items] | |
Schedule of Stock Options, Valuation Assumptions [Table Text Block] | Assumptions: Risk-free rate (%) 1.34 Expected stock price volatility (%) 208 Expected dividend yield (%) 0 Expected life of options (years) 2 |
NATURE AND CONTINUANCE OF OPE_2
NATURE AND CONTINUANCE OF OPERATIONS (Narrative) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Nature And Continuance Of Operations [Abstract] | ||
Accumulated deficit | $ 17,638,175 | $ 17,969,641 |
INTANGIBLE ASSETS (Narrative) (
INTANGIBLE ASSETS (Narrative) (Details) | Mar. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Website development costs capitalized as intangible assets | $ 30,679 |
EQUITY INVESTMENT AND ROYALTI_3
EQUITY INVESTMENT AND ROYALTIES (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended |
Jan. 29, 2020 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of equity investment | $ 417,537 | |
Cell MedX Corp. [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amount of retained royalty on future sales | $ 507,000 | |
Number of warrants issued | 2,000,000 | 2,000,000 |
Term of warrant | 3 years | |
Fair value of equity investment | $ 417,537 | |
Market price | $ 0.26 | |
Initial recognition of equity investment | $ 351,134 | |
Gain on warrants revalued | 66,403 | |
Gain (loss) from sale of equity investment | ||
Cell MedX Corp. [Member] | Warrant exercise Price 0.50 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 1,000,000 | |
Warrant exercise price | $ 0.50 | |
Cell MedX Corp. [Member] | Warrant exercise Price 1.00 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 1,000,000 | |
Warrant exercise price | $ 1 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Stockholders' Equity Note [Abstract] | |
Options expired | 200,000 |
Incentive stock options granted | 200,000 |
Incentive stock options granted, exercise price | $ / shares | $ 0.10 |
Fair value of options granted | $ | $ 11,673 |
Stock-based compensation | $ | $ 2,918 |
Options outstanding | 1,900,000 |
Options outstanding, weighted average exercise price | $ / shares | $ 0.10 |
Options outstanding, weighted average life | 9 months 7 days |
Options exercisable | 1,750,000 |
Options exercisable, weighted average exercise price | $ / shares | $ 0.10 |
Options exercisable, weighted average life | 8 months 4 days |
EQUITY INVESTMENT AND ROYALTI_4
EQUITY INVESTMENT AND ROYALTIES - Schedule of Stock Options, Valuation Assumptions (Details) - Cell MedX Corp. [Member] | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free rate (%) | 0.29% |
Expected stock price volatility (%) | 183.00% |
Expected dividend yield (%) | 0.00% |
Expected life of options (years) | 2 years 9 months 29 days |
SHARE CAPITAL -Schedule of Stoc
SHARE CAPITAL -Schedule of Stock Options, Valuation Assumptions (Details) - Stock option [Member] | 3 Months Ended |
Mar. 31, 2020 | |
Share Capital [Line Items] | |
Risk-free rate (%) | 1.34% |
Expected stock price volatility (%) | 208.00% |
Expected dividend yield (%) | 0.00% |
Expected life of options (years) | 2 years |