Live Current Media Inc. is in the StockGuru Spotlight for July 20, 2009
DALLAS, TEXAS : StockGuru announces that Live Current Media Inc. (OTCBB: LIVC) is in the StockGuru Spotlight. Live Current builds, owns and operates some of the most powerful and engaging content and commerce destinations on the Internet, such as www.perfume.com and www.cricket.com. Through subject-specific DestinationHubsTM, Live Current properties connect people to each other and to the information, brands, and products they are passionate about. Live Current has headquarters in Vancouver, Canada with a location in Seattle, WA and is publicly traded on the OTCBB (LIVC)
On Friday, the company put out news regarding the further details of the impact of errors in certain of its consolidated financial statements. In that press release, the Company stated that those consolidated financial statements should no longer be relied upon due to errors which include the following: (i) Warrants that the Company issued in conjunction with a financing that closed on November 19, 2008 should be valued and classified as a liability in the Company’s financial statements, rather than as equity. Management of the Company believes that the resulting increase to its liabilities will be approximately $187,775. The Company originally reported that we believed the increase to its liabilities would be $90,000. (ii) As part of the acquisition of Entity Inc. (“Auctomatic”), the Company agreed to issue a total of approximately 1,000,000 shares to the former shareholders of Auctomatic. Of these shares, 413,604 shares were to be issued to three members of Auctomatic’s management, one third each on the first, second and third anniversaries of the transaction, conditional on the individuals remaining as employees of the Company. The portion of the fair value of the shares to be issued based on the period of service these individuals provided to the Company, computed in relation to the period of service required for the individuals to become entitled to the shares, should have been recorded as an expense in 2008 and 2009. (iii) As part of the employment agreement signed with its President and Chief Corporate Development Officer that became effective January 1, 2008, the Company is required to pay him a bonus of CDN $100,000 on January 1, 2009 and CDN $100,000 on January 1, 2010. These bonuses are to be paid only if he remains an officer of the Company at those dates. A portion of these bonuses should have been accrued as a liability and recorded as additional compensation expense in the Company’s compensation expense in our consolidated financial statements at September 30, 2008, December 31, 2008 and March 31, 2009.
Shares for Live Current Media Inc. (OTCBB: LIVC) were steady during the day of trading on Friday and closed down two cents at closing.
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