<SEC-DOCUMENT>0001683168-19-000711.txt : 20190821
<SEC-HEADER>0001683168-19-000711.hdr.sgml : 20190821
<ACCEPTANCE-DATETIME>20190319081150
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ACCESSION NUMBER:		0001683168-19-000711
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIVE VENTURES Inc
		CENTRAL INDEX KEY:			0001045742
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTORS, NEC [6799]
		IRS NUMBER:				850206668
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		325 EAST WARM SPRINGS ROAD
		STREET 2:		SUITE 102
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89119
		BUSINESS PHONE:		(702) 997-5968

	MAIL ADDRESS:	
		STREET 1:		325 EAST WARM SPRINGS ROAD
		STREET 2:		SUITE 102
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIVEDEAL INC
		DATE OF NAME CHANGE:	20070815

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	YP CORP
		DATE OF NAME CHANGE:	20040504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	YP NET INC
		DATE OF NAME CHANGE:	19991112
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Live Ventures</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">March 19, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Via EDGAR</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Real Estate and Commodities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 5%">Re:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 85%">Live Ventures Incorporated</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Form 10-K for the fiscal year
ended September 30, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Filed December 27, 2018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">File No. 001-33937</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Live Ventures Incorporated
(the &ldquo;Company&rdquo;) provides the following response to the comments contained in the
letter (the &ldquo;Comment Letter&rdquo;) of the staff of the Division of Corporation Finance (the &ldquo;Staff&rdquo;) of the
U.S. Securities and Exchange Commission (the&nbsp;&ldquo;Commission&rdquo;), dated March 5, 2019, relating to the above-referenced
filing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">In response to the Comment
Letter, and to facilitate review, we have repeated the text of each of the Staff&rsquo;s comments below and followed each comment
with the Company&rsquo;s response</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><U>Form 10-K for the fiscal year ended September 30,
2018</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations Results of Operations, page 30 </U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="padding-right: 0.1in">Please expand your discussion in future filings to identify the drivers of all material year over
year changes in revenue and expense. For example, we note that the disclosure beginning on page 32 quantifies the change in several
revenue categories but does not provide an explanation for the variation. Refer to Item 303(a)(3) of Regulation S-K.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.5in"><B><U>COMPANY RESPONSE</U>:</B> In response to
the Staff&rsquo;s comment, we plan to expand our discussion in future filings to identify the drivers of all material year over
year changes in revenue and expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Item 9A. Controls and Procedures, page 41 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Please explain to us why you believe that internal control over financial reporting was effective as of September 30, 2018
given that disclosure controls and procedures were not effective as of that date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><U>COMPANY RESPONSE</U>: </B>Management respectfully
advises the Staff that there was a typographical error in the Form 10-K for the fiscal year ended September 30, 2018 and that the
Company&rsquo;s internal control over financial reporting was <U>not</U> effective as of September 30, 2018. Management respectfully
requests that the Staff permit the Company reflect the correction in the Company&rsquo;s next filing under the Securities Exchange
Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 2: Summary of Significant Accounting Policies</U><BR>
<U>Recently Issued Accounting Pronouncements, page F-13</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>ASU 2014-09, <I>Revenue from Contracts with Customers (Topic 606) </I>became effective for your company on October 1, 2018.
Please tell us if and when you adopted the standard, the impact that this new standard had, or is expected to have, on your accounting
policies and financial statements, and the method of adoption used.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><U>COMPANY RESPONSE</U>: </B>The Company has adopted
ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as of October 1, 2018. The impact of the standard is immaterial
and is not expected to have a material impact on the Company&rsquo;s accounting policies and financial statements. The Company
adopted the modified retrospective transition method of making the transition effective October 1, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 4: Acquisitions </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Acquisition of ApplianceSmart, page F-15 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Please explain in further detail the December 31, 2017 transaction in which ASH offset certain liabilities and was provided
certain assets from the Seller in the net amount of $1,607,369. In your response, tell us if this transaction was contemplated
in connection with the acquisition and why the additional assets and liabilities transferred have not been reflected in the purchase
price allocation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><U>COMPANY RESPONSE</U>: </B>The offset of certain
liabilities retained by Appliance Recycling Centers of America, Inc., the seller (&ldquo;ARCA&rdquo;), was not contemplated in
connection with the closing of the acquisition of ApplianceSmart, Inc. (&ldquo;ApplianceSmart&rdquo;). Rather, it was approved
by management of ApplianceSmart and ARCA shortly following the consummation of the transaction and booked immediately after the
closing. This offset was subsequently ratified by the Audit Committee of the Board of Directors of the Company. The definitive
agreement, which is filed as Exhibit 10.1 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended December
31, 2017 (the &ldquo;Stock Purchase Agreement&rdquo;), contains an explicit &ldquo;no liabilities were to be assumed&rdquo; provision
whereby the Company acquired ApplianceSmart debt free. As a result, the liabilities that were assumed post-closing were not reflected
as part of the purchase price allocation. Following the closing of the acquisition, management determined that a subsequent assumption
by ApplianceSmart of certain liabilities made business sense, and, after the acquisition, resulted in an immediate offset to the
debt incurred by ApplianceSmart Affiliated Holdings LLC, the parent of ApplianceSmart and a wholly-owned subsidiary of the Company.
Management believes that the post-closing offset made business-sense because the assumption by ApplianceSmart of accounts payable,
accrued expenses, some immaterial capital leases, less cash and credit card receivables, resulted in a reduction of the outstanding
debt incurred in connection with the acquisition of $1,607,369.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="padding-right: 0.15in">We note that you recorded a bargain purchase gain upon acquisition of ApplianceSmart Inc. Please
describe to us in detail the reassessment you performed under ASC 805-30-25-4 before recognizing the gain, as well as the facts
and circumstances that resulted in your acquisition of ApplianceSmart at a significant discount relative to the fair value of net
assets acquired.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in"><B><U>COMPANY RESPONSE</U>: </B>The Company&rsquo;s
management carefully assessed each and every asset acquired by retaining experts to determine the fair value for intangibles, deferred
taxes, inventory and fixed assets. As the buyer of ApplianceSmart, we assessed the reasonableness of the fair value determinations
by reviewing the procedures performed by experts and ourselves in measuring the fair value of the consideration transferred and
assets acquired. All assets acquired were evaluated for any contingencies that could prohibit recognition as of the acquisition
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in">Final fair value of receivables was determined
based upon subsequent collection as there as initially doubt as to the collectability of receivables. Fair value of restricted
cash, refundable deposits and prepaid expenses were assessed to be the book or carrying value of those assets. All identified intangible
assets met either the contractual-legal or separability criterion of ASC 805. Significant assumptions (e.g. prospective financial
information, discount rate, royalty rate, as applicable) used in the fair value calculation of intangibles are reasonable and reflect
the appropriate level of risk for the transaction. All leases and other executory contracts were evaluated for any off-market components
that should be recognized as of the acquisition date. Conclusions reached with respect to the accounting for acquired or assumed
deferred taxes were appropriate.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in">Management&rsquo;s required assessment reevaluated
all aspects of the transaction included: there were no preexisting relationships that were settled as a result of the business
combination; there were no transactions contractual or noncontractual entered at or near the same time as the business combination
that are primarily for the benefit of the combined entity; there was no payment of transaction costs by the seller on behalf of
the acquirer; there were no personal obligations or pension liabilities assumed; and, there were no liabilities acquired under
the contract for acquisition (assumption of certain liabilities occurred post-closing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in">After careful consideration of the above valuations
and assessments, the Company&rsquo;s management determined that the assets of ApplianceSmart should be acquired at a significant
discount relative to their fair value mainly due to the following risks: material year over year declines in ApplianceSmart sales;
significant operational losses sustained by ApplianceSmart prior to acquisition; changes in the operational management of ApplianceSmart;
post-closing assumption of certain liabilities including material long-term lease liabilities; and, ApplianceSmart&rsquo;s lack
of a financing vehicle to fund inventory purchases and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company acknowledges that it is responsible for the accuracy
and adequacy of its disclosures, notwithstanding any review, comments, action, or absence of action by the Staff. If you have any
questions regarding these responses, please contact me at (702) 997-1576 or v.johnson@isaac.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">Respectfully,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><U>/s/ Virland A. Johnson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">Virland A. Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><I>Chief Financial Officer</I></P>



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