UNITED STATES
SECURITIES AND EXHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 1-SA
SEMIANNUAL REPORT PURSUANT TO REGULATION A
SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A
For the fiscal semiannual period ended: June 30, 2019
LIVE CARE, INC.
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 83-1151012 | |
| (State or other jurisdiction | (IRS Employer | |
| of Incorporation) | Identification Number) |
12646 South Fort St, Suite 240
Draper, UT 84020
(Address of Principal Executive Offices)
(941) 225-6699
Item 1. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following presents managements analysis of the financial condition of Live Care, Inc.as of June, 30 2019.
Accounting Policies
The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States and conform to general practices within the banking industry.
Results of Operations of the Company Ending June 30, 2019
The company has initiated its business plans and intends to begin revenue production in 1st quarter of 2020. The company has continued raising funds through the regulation A offering and the ability to raise funds will greatly enhance the probability of reaching the goal of being a revenue generating company by the first quarter of 2020.
Liquidity and Capital Resources of the Company
As previously noted, we are a start-up company and our ability to succeed in the market will greatly depend on our ability to secure investment funding through the sale of securities. We intend to use proceeds of the sale of securities to increase our market presence through advertising and hiring key staff members that will assist us in forming the Live Care center. At the period end the company had $111,074 cash on hand. Sources of future liquidity will greatly depend on our ability to secure investment funding through the sale of securities. If we are unable to raise capital through the sale of securities the company does have the ability to borrow money from traditional lending sources.
Item 2. Other Information
None
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Item 3. Financial Statements
LIVECARE, INC.
(FORMERLY GULF CHRONIC CARE, INC.)
BALANCE SHEETS
| June 30, 2019 | December 31, 2018 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 111,074 | $ | 84,810 | ||||
| Prepaid expenses | - | 7,000 | ||||||
| Total current assets | 111,074 | 91,810 | ||||||
| Total assets | $ | 111,074 | $ | 91,810 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable, related party | $ | — | $ | 7,705 | ||||
| Accrued wages | 48,100 | 60,000 | ||||||
| Accounts payable | - | 325 | ||||||
| Total current liabilities | 48,100 | 68,030 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock; $0.01 par value, 100,000,000 shares authorized,15,386,000 and 10,950,000 shares issued and outstanding, respectively | 153,860 | 109,500 | ||||||
| Additional paid-in capital | 508,740 | 85,500 | ||||||
| Accumulated deficit | (599,626 | ) | (171,220 | ) | ||||
| Total stockholders’ equity | 62,974 | 23,780 | ||||||
| Total liabilities and stockholders’ equity | $ | 111,074 | $ | 91,810 | ||||
The accompanying notes are an integral part of these unaudited financial statements.
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LIVECARE, INC.
(FORMERLY GULF CHRONIC CARE, INC.)
UNAUDITED STATEMENT OF OPERATIONS
| For the Six Month Ended June 30, 2019 | ||||
| Operating Expenses: | ||||
| General and administrative | 362,071 | |||
| Compensation expense | 67,000 | |||
| Total operating expenses | 429,071 | |||
| Loss before other expenses | (429,071 | ) | ||
| Other expense | ||||
| Interest expense | - | |||
| Total other expense | - | |||
| Other Income: | ||||
| Interest income | 665 | |||
| Total other income | 665 | |||
| Loss before income taxes | (428,406 | ) | ||
| Provision for income taxes | - | |||
| Net loss | $ | (428,406 | ) | |
| Basic loss per common share | $ | (0.03 | ) | |
| Basic weighted average common shares outstanding | 13,301,702 | |||
The accompanying notes are an integral part of these unaudited financial statements.
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LIVECARE, INC.
(FORMERLY GULF CHRONIC CARE, INC.)
UNAUDITED STATEMENT OF CASH FLOWS
| For the Six Month Ended June 30, 2019 | ||||
| Cash flows from operating activities: | ||||
| Net loss | $ | (428,406 | ) | |
| Adjustments to reconcile net loss to net cash (used) provided by operating activities: | ||||
| Common stock issued for services | 242,600 | |||
| Changes in operating assets and liabilities: | ||||
| Decrease in prepaid assets | 7,000 | |||
| Decrease in accounts payable | (325 | ) | ||
| Increase in accounts payable and salaries payable - related party | (19,605 | ) | ||
| Net cash used in operating activities | (198,736 | ) | ||
| Cash flows from financing activities: | ||||
| Proceeds from the sale of common stock | 225,000 | |||
| Net cash provided by financing activities | 225,000 | |||
| Net change in cash | 26,264 | |||
| Cash, beginning of period | 84,810 | |||
| Cash, end of period | $ | 111,074 | ||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
| Cash paid for interest | $ | - | ||
| Cash paid for taxes | $ | - | ||
The accompanying notes are an integral part of these unaudited financial statements.
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LIVECARE, INC.
(FORMERLY GULF CHRONIC CARE, INC.)
UNAUDITED STATEMENTS OF STOCKHOLDERS’ EQUITY
| Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | |||||||||||||||||
| Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||
| Balance, Inception July 10, 2018 | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
| Common stock issued to founders | 10,000,000 | 100,000 | - | - | 100,000 | |||||||||||||||
| Common stock issued for cash | 950,000 | 9,500 | 85,500 | - | 95,000 | |||||||||||||||
| Net loss for the period ended December 31, 2018 | (171,220 | ) | (171,220 | ) | ||||||||||||||||
| Balance, December 31, 2018 | 10,950,000 | 109,500 | 85,500 | (171,220 | ) | 23,780 | ||||||||||||||
| Common stock issued for services | 2,376,000 | 24,260 | 218,340 | - | 242,600 | |||||||||||||||
| Common stock issued for cash | 2,010,000 | 20,100 | 204,900 | - | 225,000 | |||||||||||||||
| Net loss for the six months ended June 30, 2019 | (428,406 | ) | (428,406 | ) | ||||||||||||||||
| Balance, June 30, 2019 (Unaudited) | 15,336,000 | $ | 153,860 | $ | 508,740 | $ | (599,626 | ) | $ | 62,974 | ||||||||||
The accompanying notes are an integral part of these unaudited financial statements.
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SIGNATURES
Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on November 1, 2019.
| LIVE CARE, INC | ||
| By: | /s/ Max Rockwell | |
| Name: | Max Rockwell | |
| Title: | Chief Executive Officer and Director | |
Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities on November 1, 2019.
| /s/ Max Rockwell | ||
| Name: | Max Rockwell | |
| Chief Executive Officer and Director | ||
| (Principal Executive Officer) | ||
| /s/ Jim Dalton | ||
| Name: | Jim Dalton | |
| Chairman of the Board |
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