XML 90 R13.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Notes Payable, Related Parties | 12 Months Ended
--- | ---
Sep. 30, 2019
Debt Disclosure [Abstract] |
Notes Payable, Related Parties | Note 7: Notes payable, related parties JanOne Inc. Note On December 30, 2017, ASH entered into a Stock Purchase Agreement (the “Agreement”) with Appliance Recycling Centers of America, Inc. (now JanOne Inc.) (the “Seller”) and ApplianceSmart, Inc. (“ApplianceSmart”), a subsidiary of the Seller. Pursuant to the Agreement, ASH purchased (the “Transaction”) from the Seller all of the issued and outstanding shares of capital stock of ApplianceSmart in exchange for $6,500 (the “Purchase Price”). ASH was required to deliver the Purchase Price, and a portion of the Purchase Price was delivered, to the Seller prior to March 31, 2018. Between March 31, 2018 and April 24, 2018, ASH and the Seller negotiated in good faith the method of payment of the remaining outstanding balance of the Purchase Price. On April 25, 2018, ASH delivered to the Seller that certain Promissory Note (the “ApplianceSmart Note”) in the original principal amount of $3,919, (the “Original Principal Amount”), as such amount may be adjusted per the terms of the ApplianceSmart Note. The ApplianceSmart Note is effective as of April 1, 2018 and matures on April 1, 2021 (the “Maturity Date”). The ApplianceSmart Note bears interest at 5% per annum with interest payable monthly in arrears. Ten percent of the outstanding principal amount will be repaid annually on a quarterly basis, with the accrued and unpaid principal due on the Maturity Date. ApplianceSmart has agreed to guaranty repayment of the ApplianceSmart Note. The remaining $2,581 of the Purchase Price was paid in cash by ASH to the Seller. ASH may reborrow funds, and pay interest on such re-borrowings, from the Seller up to the Original Principal Amount. As of September 30, 2019, there was $2,826 outstanding on the ApplianceSmart Note. On December 26, 2018, ASH and the Seller amended and restated the ApplianceSmart Note to, among other things, grant the Seller a security interest in the assets of ASH and ApplianceSmart in accordance with the terms of separate security agreements entered into between ASH and ApplianceSmart, respectively, and the Seller. Isaac Capital Fund Note In connection with the acquisition of Marquis by the Company, the Company entered into a mezzanine loan in the amount of up to $7,000 with Isaac Capital Fund (“ICF”), a private lender whose managing member is Jon Isaac, our President and Chief Executive Officer. The ICF mezzanine loan bears interest at 12.5% per annum with payment obligations of interest each month and all principal due in January 2021. As of September 30, 2019, and September 30, 2018, there was $2,000 outstanding on this mezzanine loan. Long-term debt, related parties as of September 30, 2019 and September 30, 2018 consisted of the following:
|  | September 30, 2019 |  |  | September 30, 2018 |
JanOne Inc |  | $ | 2,826 |  |  | $ | 3,822 |
Isaac Capital Fund |  |  | 2,000 |  |  |  | 2,000 |
Total notes payable - related parties |  |  | 4,826 |  |  |  | 5,822 |
Less current portion |  |  | — |  |  |  | (392 | )
Long-term portion |  | $ | 4,826 |  |  | $ | 5,430 |
Future maturities of notes payable, related parties at September 30, 2019 are as follows:
Years ending September 30, |  |  |  |
2020 |  | $ | — |
2021 |  |  | 4,826 |
2022 |  |  | — |
2023 |  |  | — |
2024 |  |  | — |
Thereafter |  |  | — |
Total |  | $ | 4,826 |

X
- Definition Note payable related party. + References No definition available. + Details
Name: | live_NotePayableRelatedPartyTextBlock
Namespace Prefix: | live_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration