Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 11, 2020 | |
Details | ||
Registrant CIK | 0001730732 | |
Fiscal Year End | --12-31 | |
Registrant Name | LIVE INC. | |
SEC Form | 10-Q | |
Period End date | Mar. 31, 2020 | |
Tax Identification Number (TIN) | 81-4128534 | |
Number of common stock shares outstanding | 7,515,000 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | true | |
Ex Transition Period | false | |
Entity File Number | 333-230070 | |
Entity Incorporation, State or Country Code | CA | |
Entity Address, Address Line One | 7702 E Doubletree Ranch Road | |
Entity Address, Address Line Two | Unit 300 | |
Entity Address, City or Town | Scottsdale | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85258 | |
Country Region | 480 | |
City Area Code | 289 | |
Local Phone Number | 9018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 327,015 | $ 370,255 |
Prepaid expenses | 8,607 | 561 |
Total Current Assets | 335,622 | 370,816 |
Software development costs | 54,000 | 42,000 |
ASSETS | 389,622 | 412,816 |
Current liabilities: | ||
Accounts payable | 83,094 | 76,945 |
Accrued Interest - related party | 90,350 | 70,894 |
Note payable - related party | 420,500 | 420,500 |
Accrued officer compensation - related party | 731,361 | 693,862 |
Total Liabilities | 1,325,305 | 1,262,201 |
Stockholders' Deficit: | ||
Common stock, $0.0001 par value; 10,000,000,000 shares authorized, 7,515,000 and 7,400,000 shares issued and outstanding, respectively | 803 | 791 |
Additional paid-in capital | 429,893 | 417,200 |
Common stock to be issued | 104,307 | 97,336 |
Treasury Stock | (50) | (50) |
Accumulated deficit | (1,470,636) | (1,364,662) |
Total Stockholders' Deficit | (935,683) | (849,385) |
Total Liabilities and Stockholders' Deficit | $ 389,622 | $ 412,816 |
BALANCE SHEETS - Parenthetical
BALANCE SHEETS - Parenthetical - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 10,000,000,000 | 10,000,000,000 |
Common Stock, Shares, Issued | 7,515,000 | 7,400,000 |
Common Stock, Shares, Outstanding | 7,515,000 | 7,400,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Expenses: | ||
Officer compensation - related party | $ 37,500 | $ 32,500 |
General & administrative expenses | 49,544 | 48,479 |
Total operating expenses | 87,044 | 80,979 |
Loss from operations | (87,044) | (80,979) |
Other income (expense): | ||
Interest expense | (19,455) | (4,932) |
Interest income | 525 | 343 |
Total other expense | (18,930) | (4,589) |
Loss before income taxes | (105,974) | (85,568) |
Provision for income taxes | 0 | |
Net loss | $ (105,974) | $ (85,568) |
Loss per share, basic and diluted | $ (0.01) | $ (0.01) |
Weighted average shares, basic and diluted | 7,471,077 | 7,400,000 |
STATEMENTS OF SHAREHOLDERS' EQU
STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) | Common Stock | Additional Paid-in Capital | Receivables from Stockholder | Treasury Stock | AOCI Attributable to Parent | Total |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2018 | $ 791 | $ 417,200 | $ 64,845 | $ (50) | $ (1,016,549) | $ (533,763) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2018 | 7,400,000 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 0 | 0 | 6,875 | 0 | 0 | 6,875 |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 0 | |||||
Stock Issued During Period, Value, Issued for Services | $ 0 | 0 | 1,017 | 0 | 0 | 1,017 |
Stock Issued During Period, Shares, Issued for Services | 0 | |||||
Net loss | $ 0 | 0 | 0 | (85,568) | (85,568) | |
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2019 | $ 791 | 417,200 | 72,737 | (50) | (1,102,117) | (611,439) |
Shares, Outstanding, Ending Balance at Mar. 31, 2019 | 7,400,000 | |||||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019 | $ 791 | 417,200 | 97,336 | (50) | (1,364,662) | (849,385) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 7,400,000 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 12 | 12,693 | 5,954 | 0 | 0 | 18,659 |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 115,500 | |||||
Stock Issued During Period, Value, Issued for Services | $ 0 | 0 | 1,017 | 0 | 0 | 1,017 |
Stock Issued During Period, Shares, Issued for Services | 0 | |||||
Net loss | $ 0 | 0 | 0 | (105,974) | (105,974) | |
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2020 | $ 803 | $ 429,893 | $ 104,307 | $ (50) | $ (1,470,636) | $ (935,683) |
Shares, Outstanding, Ending Balance at Mar. 31, 2020 | 7,515,500 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (105,974) | $ (85,568) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation - related party | 18,659 | 6,875 |
Stock based compensation | 1,017 | 1,017 |
Changes in assets and liabilities: | ||
Prepaid | (8,046) | 1,019 |
Accounts payable | 6,148 | (6,825) |
Accrued interest - related party | 19,456 | 4,932 |
Accrued compensation- related party | 37,500 | 32,500 |
Accrued compensation | 0 | 20,640 |
Net cash used in operating activities | (31,240) | (25,410) |
Cash flows from investing activities: | ||
Software development costs | (12,000) | (9,000) |
Net cash used in investing activities | (12,000) | (9,000) |
Cash flows from financing activities: | 0 | 0 |
Net decrease in cash | (43,240) | (34,410) |
Cash, beginning of period | 370,255 | 256,407 |
Cash, end of period | 327,015 | 221,997 |
Supplemental Disclosures: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
NOTE 1 - ORGANIZATION AND BUSIN
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS | 3 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS Nature of Business Live, Inc. (The “Company”), formerly known as Taluhu Inc. was organized on September 6, 2016, under the laws of the State of California. On September 29, 2016 the Company changed its name from Taluhu Inc. to Live Inc. We are cloud based broadcasting network. Each channel will deliver content circumscribed by a specific theme, such as personal health care, do-it-yourself topics, business formation and management, among others. Content will be provided by one or more providers who will produce and deliver the content on one of our channels. The content will be subscribed by individual viewers for a fee. We will receive an agreed percentage of the fees. Our offices are located 7702 E. Doubletree Ranch Road, Unit 300, Scottsdale, Arizona 85258. |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 or any other period. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes for the year ended December 31, 2019 included in our Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission on March 27, 2020. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles 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. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Recently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
NOTE 3 - SOFTWARE DEVELOPMENT
NOTE 3 - SOFTWARE DEVELOPMENT | 3 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 3 - SOFTWARE DEVELOPMENT | NOTE 3 – SOFTWARE DEVELOPMENT Per ASC 985-20 expenses in the development of the software are expensed until technological feasibility has been reached and costs are determined to be recoverable. At this point additional expenses are capitalized. Capitalization ends, and amortization begins when the product is available for general release to customers. As of March 31, 2020 and December 31, 2019, the Company has $54,000 and $42,000, respectively, of capitalized software development costs. |
NOTE 4 - GOING CONCERN
NOTE 4 - GOING CONCERN | 3 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 4 - GOING CONCERN | NOTE 4 - GOING CONCERN The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has an accumulated deficit of $1,470,636 as of March 31, 2020, had a net loss of $105,974 and net cash used in operating activities of $31,240 and a stockholders’ deficit of $935,683 for the three months ended March 31, 2020. The Company’s ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. These conditions and the ability to successfully resolve these factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. The Company has developed and is managing three cloud based platforms as part of our overall business plan. In order for us to fully implement our business plan, we will use our available cash of approximately $327,000 as of March 31, 2020 and we will need approximately $1,352,000 in public or private financing from the sale of our common stock for a total of $1,649,000 in required funds. These funds will enable us to fully develop and market our 3 platforms for the next 12 months. Impact of COVID-19 on Our Business. The Company continues to execute its business plan and seeks to achieve the results set forth in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Our Current Operations below. At the present time, the Company can not predict the full impact of the COVID-19 virus on its business. Our projections on spending, product development and milestone achievements are likely to be further revised as new information is obtained. |
NOTE 5- RELATED-PARTY
NOTE 5- RELATED-PARTY | 3 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 5- RELATED-PARTY | NOTE 5 - RELATED PARTY On June 21, 2019, the Company executed a promissory note with Keith Wong, CEO, for $160,000. The loan is unsecured, accrues interest at 4% per quarter, compounded quarterly, and is due on demand. As of March 31, 2020, there is $20,769 of accrued interest on this note. On August 16, 2019, the Company executed a promissory note with Keith Wong, CEO, for $60,000. The loan is unsecured, accrues interest at 4% per quarter, compounded quarterly, and is due on demand. As of March 31, 2020, there is $6,194 of accrued interest on this note. On July 31, 2017, the Company executed a promissory note with Keith Wong, CEO for $200,000. The note originally accrued interest at a rate of 10% per annum and is due on demand. The note was amended, effective November 1, 2019, in order to change the interest rate to compounded interest at 4% per quarter. As of March 31, 2020, there is $63,323 of accrued interest on this note. In addition to the above loans Mr. Wong advanced the Company $500 to open a bank account in the Company’s name in the Philippines. The loan is unsecured, accrues interest at 4% per quarter, compounded quarterly, and is due on demand. As of March 31, 2020, there is $62 of accrued interest on this note. The Company and Mr. Keith Wong entered into a Consulting Agreement dated September 1, 2016, as amended on January 23, 2018 and March 2, 2018. The original agreement was amended by the parties on March 2, 2018 and Mr. Wong’s annual compensation was revised to $150,000. Payment of the cash compensation will accrue and be payable upon the earlier of; a Nasdaq listing or an aggregate of at least 51% ownership of the Company is beneficially controlled by parties other than the current management (as of March 2, 2018). In addition, he is entitled to receive 1,000,000 shares of common stock which will vest over four years (or monthly at the rate of 20,833 shares per month). The term of the agreement is four years and either party may terminate the agreement by delivering notice to the other party. As of March 31, 2020 and December 31, 2019, there is $731,361 and $693,862, respectively, of accrued compensation due to Mr. Wong. During the three months ended March 31, 2020, the Company granted 62,500 shares of common stock to its CEO for services rendered, for total non-cash expense of $6,875. Since the Company’s common stock is not currently trading shares were issued at the price of shares sold to third parties of $0.11. As of March 31, 2020, the shares have not yet been issued, and have been recorded as common stock to be issued as shown in stockholders’ deficit. On December 5, 2019, Wonder International Education & Investment Group Corporation, an Arizona corporation (“Wonder”), entered into a consulting agreement with the Company pursuant to which Wonder received 115,500 shares of common stock of the Company in exchange for certain consulting services to be performed by Wonder. As part of that agreement, the Company agreed, at its own expense, to file a Form S-1 registration statement with the Securities and Exchange Commission (“Commission”). Upon effectiveness of the registration statement, the 115,500 shares of common stock presently held by Wonder will be distributed to its shareholders on a ratable basis. Mr. Wong is the majority shareholder of Wonder and will receive 77,000 shares out of the total of 115,500 shares (or 66.67% of the shares) issued under the stated agreement. The stated shares were issued to Wonder on February 4, 2020. On February 11, 2020, the Company filed the referenced Form S-1 registration statement with the Commission, which was declared effective on April 23, 2020. Pursuant to the terms of the Wonder consulting agreement dated December 5, 2019, the Company granted 115,500 shares of common stock for services. The shares were valued at $0.11 per share for total non-cash expense of $12,705. The expense is being recognized over the term of the one year contract. |
NOTE 6 - COMMON STOCK
NOTE 6 - COMMON STOCK | 3 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 6 - COMMON STOCK | NOTE 6 – COMMON STOCK Pursuant to the terms of a consulting agreement dated November 1, 2018, the Company granted 74,000 shares of common stock for services. The shares vest equally over twenty-four months. During the three months ended March 31, 2020, 9,249 shares have vested for total non-cash compensation expense of $1,017. As of March 31, 2020, the shares have not yet been issued by the transfer agent and have therefore been credited to common stock to be issued. Refer to Note 5 for related party equity transactions. |
NOTE 7 - SUBSEQUENT EVENTS
NOTE 7 - SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 7 - SUBSEQUENT EVENTS | NOTE 7 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
NOTE 2 - SUMMARY OF SIGNIFICA_2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Policies | |
Basis of Presentation | Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2020 or any other period. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes for the year ended December 31, 2019 included in our Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission on March 27, 2020. |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles 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. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. |
Recently Issued Accounting Pronouncements | Recently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
NOTE 1 - ORGANIZATION AND BUS_2
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Details | |
Entity Incorporation, Date of Incorporation | Sep. 6, 2016 |
NOTE 4 - GOING CONCERN (Details
NOTE 4 - GOING CONCERN (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Details | ||||
Accumulated deficit | $ 1,470,636 | $ 1,364,662 | ||
Net loss | 105,974 | $ 85,568 | ||
Net cash used in operating activities | 31,240 | 25,410 | ||
Total Stockholders' Deficit | $ 935,683 | $ 611,439 | $ 849,385 | $ 533,763 |
Substantial Doubt about Going Concern, Management's Evaluation | In order for us to fully implement our business plan, we will use our available cash of approximately $327,000 as of March 31, 2020 and we will need approximately $1,352,000 in public or private financing from the sale of our common stock for a total of $1,649,000 in required funds. |
NOTE 5- RELATED-PARTY (Details)
NOTE 5- RELATED-PARTY (Details) - USD ($) | Dec. 05, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Aug. 16, 2019 | Jul. 31, 2019 | Jun. 21, 2019 | Jul. 31, 2017 |
Accrued officer compensation - related party | $ 731,361 | $ 693,862 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 1,017 | $ 1,017 | ||||||
Share Price | $ 0.11 | |||||||
Share value granted | $ 0.11 | |||||||
Note 2 | Interest | ||||||||
Long-term Debt, Gross | $ 20,769 | |||||||
Note 3 | Interest | ||||||||
Long-term Debt, Gross | 6,194 | |||||||
Note 4 | Interest | ||||||||
Long-term Debt, Gross | 63,323 | |||||||
Note 5 | Interest | ||||||||
Long-term Debt, Gross | 62 | |||||||
CEO | ||||||||
Salary and Wage, Excluding Cost of Good and Service Sold | $ 150,000 | |||||||
terms of cash compensation | Payment of the cash compensation will accrue and be payable upon the earlier of; a Nasdaq listing or an aggregate of at least 51% ownership of the Company is beneficially controlled by parties other than the current management (as of March 2, 2018). | |||||||
Accrued officer compensation - related party | $ 731,361 | $ 693,862 | ||||||
Stock Issued During Period, Shares, Issued for Services | 62,500 | |||||||
Stock Issued During Period, Value, Issued for Services | $ 6,875 | |||||||
CEO | Note 2 | ||||||||
Debt Instrument, Face Amount | $ 160,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | |||||||
CEO | Note 3 | ||||||||
Debt Instrument, Face Amount | $ 60,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | |||||||
CEO | Note 4 | ||||||||
Debt Instrument, Face Amount | $ 200,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | |||||||
CEO | Note 5 | ||||||||
Debt Instrument, Face Amount | $ 500 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | |||||||
Wonder | ||||||||
Stock Issued During Period, Shares, Other | 115,500 | |||||||
Consulting Agreement | As part of that agreement, the Company agreed, at its own expense, to file a Form S-1 registration statement with the Securities and Exchange Commission (“Commission”). | |||||||
Stock Issued During Period, Value, Other | $ 12,705 |
NOTE 6 - COMMON STOCK (Details)
NOTE 6 - COMMON STOCK (Details) - Consultant - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Nov. 01, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 74,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 9,249 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,017 |