Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 14, 2019 | |
Cover [Abstract] | ||
Entity Registrant Name | Live Inc. | |
Entity Central Index Key | 0001730732 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-230070 | |
Entity Incorporation, State or Country Code | CA | |
Entity Reporting Status Current | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,400,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 |
BALANCE SHEETS (unaudited)
BALANCE SHEETS (unaudited) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash | $ 403,073 | $ 256,407 |
Prepaid | 1,683 | 1,019 |
Total Current Assets | 404,756 | 257,426 |
Software development | 30,000 | |
Total Assets | 434,756 | 257,426 |
Current Liabilities: | ||
Accounts payable | 59,826 | 17,245 |
Accrued Interest - related party | 47,139 | 30,082 |
Note payable - related party | 420,500 | 200,000 |
Accrued officer compensation - related party | 676,394 | 543,862 |
Total Current Liabilities | 1,203,859 | 791,189 |
Total Liabilities | 1,203,859 | 791,189 |
Stockholders' Equity (Deficit): | ||
Common stock, $0.0001 par value; 10,000,000,000 shares authorized, 7,400,000 and 7,400,000 shares issued and outstanding, respectively | 791 | 791 |
Additional paid-in capital | 417,200 | 417,200 |
Common stock to be issued | 88,521 | 64,845 |
Treasury Stock | (50) | (50) |
Accumulated deficit | (1,275,565) | (1,016,549) |
Total Stockholders' Deficit | (769,103) | (533,763) |
Total Liabilities and Stockholders' Deficit | $ 434,756 | $ 257,426 |
BALANCE SHEETS (unaudited) (Par
BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, issued | 7,400,000 | 7,400,000 |
Common stock, outstanding | 7,400,000 | 7,400,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 10,874 | $ 24,985 | ||
Cost of revenue | (2,987) | (11,017) | ||
Gross Margin | 7,887 | 13,968 | ||
Operating Expenses: | ||||
Officer compensation - related party | 74,408 | 62,500 | 153,158 | 190,033 |
Consulting | 13,882 | 40,916 | 86,589 | |
Professional fees | 10,613 | 24,438 | 12,039 | |
General & administrative expenses | 9,563 | 4,458 | 26,333 | 39,549 |
Total operating expenses | 108,466 | 66,958 | 244,845 | 328,210 |
Loss from operations | (108,466) | (59,071) | (244,845) | (314,242) |
Other income (expense): | ||||
Interest expense | (6,963) | (4,987) | (17,057) | (14,959) |
Interest income | 1,534 | 2,886 | ||
Total other expense | (5,429) | (4,987) | (14,171) | (14,959) |
Loss before income taxes | (113,895) | (64,058) | (259,016) | (329,201) |
Provision for income taxes | ||||
Net loss | $ (113,895) | $ (64,058) | $ (259,016) | $ (329,201) |
Loss per share, basic and diluted (in dollars per share) | $ (0.02) | $ (0.01) | $ (0.04) | $ (0.04) |
Weighted average shares, basic and diluted (in shares) | 7,400,000 | 7,950,000 | 7,950,000 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (259,016) | $ (329,201) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation - related party | 20,625 | 20,625 |
Stock based compensation | 3,052 | 20,625 |
Changes in assets and liabilities: | ||
Prepaid | (664) | |
Accounts payable | 42,580 | |
Accrued interest - related party | 17,057 | 16,795 |
Accrued compensation - related party | 132,532 | 119,562 |
Accrued compensation | 115,810 | |
Net cash used in operating activities | (43,834) | (35,784) |
Cash flows from investing activities: | ||
Software development | (30,000) | |
Net cash used in investing activities | (30,000) | |
Cash flows from financing activities: | ||
Loan from an officer | 220,500 | |
Net cash provided by financing activities | 220,500 | |
Net increase (decrease) in cash | 146,666 | (35,784) |
Cash, beginning of period | 256,407 | 306,137 |
Cash, end of period | 403,073 | $ 270,353 |
Supplemental Disclosures: | ||
Interest paid | 0 | |
Income taxes paid | $ 0 |
STATEMENT OF STOCKHOLDERS EQUIT
STATEMENT OF STOCKHOLDERS EQUITY (DEFICIT) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid in Capital [Member] | Common Stock to be Issued [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Total |
Balance, beginning at Dec. 31, 2017 | $ 796 | $ 359,853 | $ 73,334 | $ (997,595) | $ (563,612) | |
Balance, beginning (in shares) at Dec. 31, 2017 | 7,950,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued for services | 6,875 | 6,875 | ||||
Common stock issued for services - related party | 6,875 | 6,875 | ||||
Net Loss | (151,064) | (151,064) | ||||
Balance, end at Mar. 31, 2018 | $ 796 | 359,853 | 87,084 | (1,148,659) | (700,926) | |
Balance, end (in shares) at Mar. 31, 2018 | 7,950,000 | |||||
Balance, beginning at Dec. 31, 2017 | $ 796 | 359,853 | 73,334 | (997,595) | (563,612) | |
Balance, beginning (in shares) at Dec. 31, 2017 | 7,950,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Loss | (329,201) | |||||
Balance, end at Sep. 30, 2018 | $ 796 | 359,853 | 114,584 | (1,291,762) | (816,529) | |
Balance, end (in shares) at Sep. 30, 2018 | 7,950,000 | |||||
Balance, beginning at Mar. 31, 2018 | $ 796 | 359,853 | 87,084 | (1,148,659) | (700,926) | |
Balance, beginning (in shares) at Mar. 31, 2018 | 7,950,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued for services | 6,875 | 6,875 | ||||
Common stock issued for services - related party | 6,875 | 6,875 | ||||
Net Loss | (79,045) | (79,045) | ||||
Balance, end at Jun. 30, 2018 | $ 796 | 359,853 | 100,834 | (1,227,704) | (766,221) | |
Balance, end (in shares) at Jun. 30, 2018 | 7,950,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued for services | 6,875 | 6,875 | ||||
Common stock issued for services - related party | 6,875 | 6,875 | ||||
Net Loss | (64,058) | (64,058) | ||||
Balance, end at Sep. 30, 2018 | $ 796 | 359,853 | 114,584 | (1,291,762) | (816,529) | |
Balance, end (in shares) at Sep. 30, 2018 | 7,950,000 | |||||
Balance, beginning at Dec. 31, 2018 | $ 791 | 417,200 | 64,845 | $ (50) | (1,016,549) | (533,763) |
Balance, beginning (in shares) at Dec. 31, 2018 | 7,400,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued for services | 1,017 | 1,017 | ||||
Common stock issued for services - related party | 6,875 | 6,875 | ||||
Net Loss | (85,599) | (85,599) | ||||
Balance, end at Mar. 31, 2019 | $ 791 | 417,200 | 72,737 | (50) | (1,102,148) | (611,470) |
Balance, end (in shares) at Mar. 31, 2019 | 7,400,000 | |||||
Balance, beginning at Dec. 31, 2018 | $ 791 | 417,200 | 64,845 | (50) | (1,016,549) | (533,763) |
Balance, beginning (in shares) at Dec. 31, 2018 | 7,400,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Loss | (259,016) | |||||
Balance, end at Sep. 30, 2019 | $ 791 | 417,200 | 88,521 | (50) | (1,275,565) | (769,103) |
Balance, end (in shares) at Sep. 30, 2019 | 7,400,000 | |||||
Balance, beginning at Mar. 31, 2019 | $ 791 | 417,200 | 72,737 | (50) | (1,102,148) | (611,470) |
Balance, beginning (in shares) at Mar. 31, 2019 | 7,400,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued for services | 1,017 | 1,017 | ||||
Common stock issued for services - related party | 6,875 | 6,875 | ||||
Net Loss | (59,522) | (59,522) | ||||
Balance, end at Jun. 30, 2019 | $ 791 | 417,200 | 80,629 | (50) | (1,161,670) | (663,100) |
Balance, end (in shares) at Jun. 30, 2019 | 7,400,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued for services | 1,017 | 1,017 | ||||
Common stock issued for services - related party | 6,875 | 6,875 | ||||
Net Loss | (113,895) | (113,895) | ||||
Balance, end at Sep. 30, 2019 | $ 791 | $ 417,200 | $ 88,521 | $ (50) | $ (1,275,565) | $ (769,103) |
Balance, end (in shares) at Sep. 30, 2019 | 7,400,000 |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS Nature of Business Live, Inc. (The “Company”), formerly known as Taluhu Inc. was organized on September 6, 2016, under the laws of the State of California. On September 29, 2016 the Company changed its name from Taluhu Inc. to Live Inc. We are cloud based broadcasting network. Each channel will deliver content circumscribed by a specific theme, such as personal health care, do-it-yourself topics, business formation and management, among others. Content will be provided by one or more providers who will produce and deliver the content on one of our channels. The content will be subscribed by individual viewers for a fee. We will receive an agreed percentage of the fees. Our offices are located at 315 Montgomery Street, 9 th |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2019. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes for the year ended December 31, 2018. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Recently issued accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
SOFTWARE DEVELOPMENT
SOFTWARE DEVELOPMENT | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SOFTWARE DEVELOPMENT | NOTE 3 – SOFTWARE DEVELOPMENT During the nine months ended September 30, 2019, the Company began to capitalize costs incurred for the development of its software programs to be used in its revenue generating operations. As of September 30, 2019, the Company has capitalized $30,000. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 4 - GOING CONCERN The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has an accumulated deficit of $1,275,565 at September 30, 2019, had a net loss of $259,016 and net cash used in operating activities of $43,834 for the nine months ended September 30, 2019. The Company’s ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. These conditions and the ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. |
RELATED PARTY
RELATED PARTY | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY | NOTE 5 - RELATED PARTY On July 31, 2017, the Company executed a promissory note with Keith Wong, CEO for $200,000. The note accrues interest at a rate of 10% per annum and is due on demand. As of September 30, 2019, there is $45,041 of accrued interest on this note. On June 21, 2019, the Company executed a promissory note with Keith Wong, CEO, for $160,000. The loan is unsecured, accrues interest at 4%, compounded quarterly, and is due on demand. As of September 30, 2019, there is $1,790 of accrued interest on this note. On August 16, 2019, the Company executed a promissory note with Keith Wong, CEO, for $60,000. The loan is unsecured, accrues interest at 4%, compounded quarterly, and is due on demand. As of September 30, 2019, there is $302 of accrued interest on this note. In addition to the above loans Mr. Wong advanced the Company $500 to open a bank account in the Company’s name in the Philippines. During the nine months ended September 30, 2019, the Company granted 187,500 shares of common stock to its CEO for services rendered, for total non-cash expense of $20,625. Since the Company’s common stock is not currently trading shares were issued at the price of shares sold to third parties of $0.11. As of September 30, 2019, the shares have not yet been issued by the transfer agent, and have been credited to common stock to be issued. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 6 – COMMON STOCK Pursuant to the terms of a consulting agreement dated November 1, 2018, the Company granted 74,000 shares of common stock for services. The shares vest equally over twenty-four months. During the nine months ended September 30, 2019, 27,747 shares have vested for total non-cash compensation expense of $3,052. As of September 30, 2019, the shares have not yet been issued by the transfer agent and have therefore been credited to common stock to be issued. Refer to Note 4 for related party equity transactions. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2019. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes for the year ended December 31, 2018. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Sep. 30, 2019 |
Maximum [Member] | |
Lease term | 12 months |
SOFTWARE DEVELOPMENT (Details N
SOFTWARE DEVELOPMENT (Details Narrative) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Capitalize costs related to software development | $ 30,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Accumulated deficit | $ (1,275,565) | $ (1,275,565) | $ (1,016,549) | ||||||
Net loss | $ (113,895) | $ (59,522) | $ (85,599) | $ (64,058) | $ (79,045) | $ (151,064) | (259,016) | $ (329,201) | |
Net cash used in operating activities | $ (43,834) | $ (35,784) |
RELATED PARTY (Details Narrativ
RELATED PARTY (Details Narrative) - USD ($) | Aug. 16, 2019 | Jun. 21, 2019 | Jul. 31, 2017 | Sep. 30, 2019 |
Third Parties [Member] | ||||
Share issue price (in dollars per share) | $ 0.11 | |||
Keith Wong [Member] | ||||
Advance from related parties | $ 500 | |||
Number of shares issued for services (in shares) | 187,500 | |||
Total non-cash expense | $ 20,625 | |||
Promissory Note [Member] | Keith Wong [Member] | ||||
Principal amount | $ 200,000 | |||
Interest rate | 10.00% | |||
Accrued interest | 45,041 | |||
Description of maturity terms | Due on demand | |||
Unsecured Promissory Note [Member] | Keith Wong [Member] | ||||
Principal amount | $ 60,000 | $ 160,000 | ||
Interest rate | 4.00% | 4.00% | ||
Accrued interest | 1,790 | |||
Description of maturity terms | Due on demand | Due on demand | ||
Unsecured Promissory Note [Member] | Keith Wong [Member] | ||||
Accrued interest | $ 302 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | Nov. 01, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Total non-cash compensation expense | $ 3,052 | $ 20,625 | |
Consulting Agreement [Member] | |||
Number of shares granted for service (in shares) | 74,000 | ||
Vesting period | 24 months | ||
Number of shares vested (in shares) | 27,747 | ||
Total non-cash compensation expense | $ 3,052 |