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4. Reclassification and Restatement (Tables) | 12 Months Ended
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Sep. 30, 2017
Accounting Changes and Error Corrections [Abstract] |
Restatement of financial information | Management has evaluated the impact of the above referenced errors. The impact on our previously issued Form 10-Q’s for quarters ended December 31, 2016, March 31, 2017 and June 30, 2017 are as follows, in error and will be amended to reflect the following changes:
|  | Fiscal Quarter Ended December 31, 2016 |  |  | Fiscal Quarter Ended March 31, 2017 |  |  | Fiscal Quarter Ended June 30, 2017 |
|  | As |  |  |  |  |  |  |  |  | As |  |  |  |  |  |  |  |  | As |  |  |  |  |  |  |
|  | Previously |  |  |  |  |  |  |  |  | Previously |  |  |  |  |  |  |  |  | Previously |  |  |  |  |  |  |
|  | Reported |  |  | Change |  |  | (Restated) |  |  | Reported |  |  | Change |  |  | (Restated) |  |  | Reported |  |  | Change |  |  | (Restated) |
Current portion of long- term debt |  | $ | 6,226,454 |  |  | $ | 14,278,689 |  |  | $ | 20,505,143 |  |  | $ | 5,832,567 |  |  | $ | 15,378,332 |  |  | $ | 21,210,899 |  |  | $ | 5,847,194 |  |  | $ | 17,375,442 |  |  | $ | 23,222,636 |
Long-term debt, net of current portion |  |  | 67,287,070 |  |  |  | (14,278,689 | ) |  |  | 53,008,381 |  |  |  | 69,019,133 |  |  |  | (15,378,332 | ) |  |  | 53,640,801 |  |  |  | 70,104,445 |  |  |  | (17,375,442 | ) |  |  | 52,729,003 |
Total liabilities |  |  | 91,328,118 |  |  |  |  |  |  |  | 91,328,118 |  |  |  | 90,550,517 |  |  |  |  |  |  |  | 90,550,517 |  |  |  | 93,105,215 |  |  |  |  |  |  |  | 93,105,215 |
Paid in capital |  |  | 56,705,679 |  |  |  | 6,249,254 |  |  |  | 62,954,933 |  |  |  | 56,773,754 |  |  |  | 6,249,254 |  |  |  | 63,023,008 |  |  |  | 56,841,245 |  |  |  | 6,249,254 |  |  |  | 63,090,499 |
Accumulated deficit |  |  | (27,408,969 | ) |  |  | (6,238,516 | ) |  |  | (33,647,485 | ) |  |  | (25,568,783 | ) |  |  | (6,238,516 | ) |  |  | (31,807,299 | ) |  |  | (23,441,219 | ) |  |  | (6,238,516 | ) |  |  | (29,679,735 | )
Series E convertible preferred stock |  |  | 10,866 |  |  |  | (10,738 | ) |  |  | 128 |  |  |  | 10,866 |  |  |  | (10,738 | ) |  |  | 128 |  |  |  | 10,866 |  |  |  | (10,738 | ) |  |  | 128 |
Total shareholders' equity |  |  | 29,009,849 |  |  |  | – |  |  |  | 29,009,849 |  |  |  | 30,918,112 |  |  |  | – |  |  |  | 30,918,112 |  |  |  | 32,616,801 |  |  |  | – |  |  |  | 32,616,801 |
Prepaid expenses and other current liabilities |  |  | 1,990,407 |  |  |  | (1,816,855 | ) |  |  | 173,552 |  |  |  | 2,520,099 |  |  |  | (1,816,855 | ) |  |  | 703,244 |  |  |  | 2,104,859 |  |  |  | (1,816,855 | ) |  |  | 288,004 |
Net cash provided by operations |  |  | 4,994,685 |  |  |  | (1,816,855 | ) |  |  | 3,177,830 |  |  |  | 5,209,543 |  |  |  | (1,816,855 | ) |  |  | 3,392,688 |  |  |  | 8,830,128 |  |  |  | (1,816,855 | ) |  |  | 7,013,273 |
Purchases of property and equipment |  |  | (4,869,153 | ) |  |  | 1,816,855 |  |  |  | (3,052,298 | ) |  |  | (7,100,362 | ) |  |  | 1,816,855 |  |  |  | (5,283,507 | ) |  |  | (7,753,755 | ) |  |  | 1,816,855 |  |  |  | (5,936,900 | )
Net cash used in investing activities |  |  | (62,180,053 | ) |  |  | 1,816,855 |  |  |  | (60,363,198 | ) |  |  | (54,507,921 | ) |  |  | 1,816,855 |  |  |  | (52,691,066 | ) |  |  | (55,150,965 | ) |  |  | 1,816,855 |  |  |  | (53,334,110 | )
The following table presents the impact of the corrections on the Company's previously issued consolidated financial statements as of and for the year ended September 30, 2016:
|  | As |  |  |  |  |  |  |
|  | Previously |  |  |  |  |  | As |
|  | Reported |  |  | Change |  |  | Restated |
Consolidated Balance Sheet: |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 1,789,290 |  |  | $ | 222,590 |  |  | $ | 2,011,880 |
Long-term debt, net of current portion |  |  | 13,682,872 |  |  |  | (222,590 | ) |  |  | 13,460,282 |
Total liabilities |  |  | 29,271,588 |  |  |  | – |  |  |  | 29,271,588 |
Paid in capital |  |  | 53,319,217 |  |  |  | 6,249,254 |  |  |  | 59,568,471 |
Accumulated deficit |  |  | (28,837,063 | ) |  |  | (6,238,516 | ) |  |  | (35,075,579 | )
Series E convertible preferred stock |  |  | 10,866 |  |  |  | (10,738 | ) |  |  | 128 |
Total stockholders' equity |  |  | 24,195,812 |  |  |  | – |  |  |  | 24,195,812 |
Consolidated Statement of Income: |  |  |  |  |  |  |  |  |  |  |  |
Bargain purchase gain on acquisition |  | $ | 4,573,968 |  |  | $ | (3,074,623 | ) |  | $ | 1,499,345 |
Total other income (expense), net |  |  | 3,142,581 |  |  |  | (3,074,623 | ) |  |  | 67,958 |
Income before provision for income taxes |  |  | 5,460,830 |  |  |  | (3,074,623 | ) |  |  | 2,386,207 |
Benefit for income taxes |  |  | (12,493,221 | ) |  |  | (3,074,623 | ) |  |  | (15,567,844 | )
Net income attributed to Live Ventures Incorporated |  |  | 17,829,857 |  |  |  | – |  |  |  | 17,829,857 |
Consolidated Statement of Cashflows: |  |  |  |  |  |  |  |  |  |  |  |
Gain on bargain purchase of acquisition |  | $ | (4,573,968 | ) |  | $ | 3,074,623 |  |  |  | (1,499,345 | )
Change in deferred income taxes |  |  | (12,524,582 | ) |  |  | (3,074,623 | ) |  |  | (15,599,205 | )
Change in prepaid expenses and other current assets |  |  | (3,423,650 | ) |  |  | 1,816,855 |  |  |  | (1,606,795 | )
Net cash provided by operations |  |  | 6,061,778 |  |  |  | 1,816,855 |  |  |  | 7,878,633 |
Purchases of property and equipment |  |  | (1,376,685 | ) |  |  | (1,816,855 | ) |  |  | (3,193,540 | )
Net cash used by investing activities |  |  | (722,828 | ) |  |  | (1,816,855 | ) |  |  | (2,539,683 | )
Increase (decrease) in cash and cash equivalents |  |  | (1,956,923 | ) |  |  | – |  |  |  | (1,956,923 | )
Consolidated Statement of Changes in Stockholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |
Paid in capital - at September 30, 2015 |  | $ | 52,965,036 |  |  | $ | 6,249,254 |  |  | $ | 59,214,290 |
Paid in capital - at September 30, 2016 |  |  | 53,319,217 |  |  |  | 6,249,254 |  |  |  | 59,568,471 |
Accumulated deficit - at September 30, 2015 |  |  | (46,665,003 | ) |  |  | (6,238,516 | ) |  |  | (52,903,519 | )
Accumulated deficit - at September 30, 2016 |  |  | (28,837,063 | ) |  |  | (6,238,516 | ) |  |  | (35,075,579 | )
Series E convertible preferred stock - at September 30, 2015 |  |  | 10,866 |  |  |  | (10,738 | ) |  |  | 128 |
Series E convertible preferred stock - at September 30, 2016 |  |  | 10,866 |  |  |  | (10,738 | ) |  |  | 128 |

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