<SEC-DOCUMENT>0001683168-19-001094.txt : 20190821
<SEC-HEADER>0001683168-19-001094.hdr.sgml : 20190821
<ACCEPTANCE-DATETIME>20190417131430
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001683168-19-001094
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190417

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
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt"><B></B></FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Live Ventures</B></P>



<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt"><B></B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April 17, 2019</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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="padding-left: 10pt; text-indent: -10pt; width: 10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 90%">Live Ventures Incorporated</TD></TR>
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    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 90%">Form 10-K for the fiscal year ended September 30, 2018</TD></TR>
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    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 90%">Filed December 27, 2018</TD></TR>
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    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 90%">Form 10-Q for the fiscal quarter ended December 31, 2018</TD></TR>
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    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 90%">File No. 001-33937</TD></TR>
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<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">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 April 10, 2019, relating to the above-referenced filings.</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"><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 0.2in 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 9A. Controls and Procedures, page 41</U></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></U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify">We note your response to comment 2. Please amend your
filing to disclose the conclusion reached by management that internal control over financial reporting was not effective as September
30, 2018.</TD>
</TR></TABLE>

<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 0.5in"><B><U>COMPANY RESPONSE</U>: </B>The Company hereby
undertakes to promptly file an amendment to its Annual Report on Form 10-K for the fiscal year ended September 30, 2018 filed on
December 27, 2018 to disclose the conclusion reached by management that internal control over financial reporting was not effective
as of September 30, 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 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"></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 4: Acquisitions</U></P>

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>We note your response to comment 5. Please tell us if the post-closing assumption of certain liabilities including material
long-term lease liabilities to which you refer in the last paragraph were assumed as part of the December 31, 2017 transaction
discussed in comment 4. If so, please tell us why you considered them material for purposes of your bargain purchase gain analysis.
If not, please tell us the circumstances under which they were assumed and why the assumption was not concurrent with the acquisition
of ApplianceSmart.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><U>COMPANY RESPONSE</U>: </B>ApplianceSmart Inc.
(&ldquo;ApplianceSmart&rdquo;) has always been in control of and responsible for its leasing obligations, even prior to its acquisition
by a wholly-owned subsidiary of the Company. The transfer of the lease obligations from Appliance Recycling Centers of America,
Inc. (&ldquo;ARCA&rdquo;) to ApplianceSmart was concurrent with the acquisition date and not an event subsequent to the acquisition
date.</P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Given the financial deterioration of ApplianceSmart prior to purchase, please tell us in more detail how you determined the
trade names acquired were worth over $2 million.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><U>COMPANY RESPONSE</U>: </B>When ARCA owned ApplianceSmart,
there had already been in a deterioration in the ApplianceSmart business due to a lack of available financing, which resulted in
an inability on the part of ApplianceSmart to purchase inventory. This deterioration has been addressed and corrected since the
Company acquired ApplianceSmart (see, for example, the Current Report on Form 8-K filed by the Company with the Commission on March
19, 2019).</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">As part of determining the value of the assets acquired,
ApplianceSmart engaged an outside company, Gordon Brothers, to fair value the acquired assets. Gordon Brothers is a U.S. advisory,
lending and investment firm that was founded in 1903 and provides services relating tovaluations, dispositions, operations, and
investments.</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">In connection with the engagement, ApplianceSmart
management provided to Gordon Brothers financial and non-financial information to assist Gordon Brothers in their determination
of the fair value of ApplianceSmart&rsquo;s assets. Gordon Brothers performed a fair valuation of tangible and intangible assets
of ApplianceSmart, including the ApplianceSmart trade name.</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">In determining the fair value of the ApplianceSmart
trade name, Gordon Brothers performed a quantitative valuation using the relief from royalty methodology of the income approach.
The income approach focuses on the income-producing capability of the subject asset. A variant of the income approach, known as
the relief from royalty method, is often used in the Fair Value measurement of intangible assets that incorporate market-based
royalty rates (such as brand names and patents). This fair value measurement methodology is premised on the assumption that an
owner/operator of a company would be compelled to pay the rightful owner of the intangible asset (such as a trade name) if the
owner/operator did not have the legal right to utilize the subject intellectual property. Since ownership of a trade name relieves
a company from making such payments, the financial performance of the firm is enhanced to the extent that these royalty payments
are avoided.</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">The relief from royalty valuation method can be stated
algebraically as follows:</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-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_003.jpg" ALT="" STYLE="width: 355px; height: 199px">&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>

<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"></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Live Ventures</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Gordon Brothers conducted the following analysis to
estimate the fair royalty rate and the fair value of the ApplianceSmart trade name, which included:</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Discussing the use of the trade name with Management;</FONT></TD></TR>
</TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Searching for royalty rates in the market comparable to the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Estimating the royalty rate for the subject trade name;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Estimating the respective required rates of return; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Applying the relief from royalty rate method to provide an indication
of Fair Value; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Applying an amortization tax shield benefit related to the potential
tax savings from amortization of the value.</FONT></TD></TR></TABLE>

<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 0.5in">In addition to the above quantitative calculation,
Gordon Brothers gave qualitative consideration to the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">The name recognition of ApplianceSmart&rsquo;s trade name;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">The products provided by the Company versus the selected market transactions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">The market served and the importance of trade name within the industry;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">The length of existence of the trade name; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif">ApplianceSmart management&rsquo;s perception and evaluation of the
recognition of the trade name in the industry.</FONT></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">Based on the quantitative analysis and qualitative
considerations, Gordon Brothers determined a fair value of the ApplianceSmart trade name at $2.015M. ApplianceSmart management
reviewed the Gordon Brothers findings and valuations of tangible and intangible assets, including the ApplianceSmart trade name,
and determined the Gordon Brothers valuations to be reasonable and proper.</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>Form 10-Q for the fiscal quarter ended December 31, 2018</U></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>Note 2: Summary of Significant Accounting Policies<BR>
Revenue Recognition, page 9 </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 STYLE="text-align: justify; padding-right: 0.3in">We note your response to comment 3. Please tell us how you have complied
with the disclosure requirements of ASC 606-10-50. We may have further comment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify"><B><U>COMPANY RESPONSE</U>:
</B>The objective of disclosure under ASC 606-10-50-1 is for an entity to disclose sufficient information to enable users of the
financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts
with customers. We are of the opinion that our disclosures satisfy the disclosure objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify">Since our adoption of ASC
606, our revenue arising from contracts with customers is less than 1.0% of consolidated revenue in any given accounting period,
and therefore, revenue arising from contracts with customers is immaterial to our consolidated results, cash flows and financial
condition. As such, we do not separately present or disclose on the face or in the notes to the consolidated financial statements
revenue recognized from the entity&rsquo;s contracts with customers. There have been no impairments or credit losses related to
the entity&rsquo;s accounts receivable. The Company acknowledges and agrees that if and when revenue arising from contracts with
customers becomes material, the Company agrees to provide full disclosure per ASC 606-10-50.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify">The Company disaggregates
revenue by type of goods and services we produce in Note 17: Segment Reporting, and the Management Discussion and Analysis section
in our periodic reports filed with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify; text-indent: 0in">Beginning
and ending accounts receivable are disclosed on the face of the balance sheet. Since our adoption of ASC 606, we have had no contract
assets or contract liabilities. Therefore, we have not included a qualitative explanation of what caused significant changes in
our contract assets or contract liabilities during any reporting period since our adoption of ASC 606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify; text-indent: 0in">The Company
has no variable consideration with respect to its revenues, in other words, all consideration is fixed. Transaction price is not
allocated amongst products and services as each transaction is separately itemized for customer selection and purchase. The Company
does not bill and hold merchandise and record revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify"><U>Shipping and Handling, page 10</U></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">Please tell us what consideration you gave to
ASC 606-10-25-18A through 18B when determining your accounting policy for shipping and handling costs.</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"><B><U>COMPANY RESPONSE</U>:</B></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">The Company&rsquo;s shipping and handling revenues
are billed to its customers and its shipping and handling costs are recorded as incurred and presented in cost of sales. The Company
a principal in the shipping and handling costs activity whereby the Company incurs the credit and performance risk and cost of
delivery services to our customers. The Company&rsquo;s products sold are either picked up by our customers at point of sale or
are sold F.O.B. destination after delivery and promised services are completed. Shipping and Handling costs are not incurred after
the customer obtains title and control of the promised goods. In accordance with ASC -10-25-18A and 18B, the Company has not elected
or disclosed that shipping and handling costs are fulfillment activities that occur after a customer obtains control of the promised
goods.</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">The accounting treatment that the Company has
elected for shipping and handling revenues and costs do not materially affect our consolidated balance sheet, cash flows and operating
results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in 0pt 0"><B>&nbsp;</B></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Respectfully,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Virland A. Johnson</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><I>Chief Financial Officer</I></TD></TR>
</TABLE>

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

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



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
