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4. Reclassification and Restatement (Tables)

12 Months Ended

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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Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22663-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22658-107794

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