Live Current Media Inc(LIVC)., a leading media company, has released its consolidated financial statements for the year ended December 31, 2022. The company reported a net loss of $15.7 million, reflecting challenging market conditions and increased expenses. However, Live Current Media Inc. managed to generate $488,018 in revenue during the same period, demonstrating its ability to maintain a steady stream of income. Let's take a closer look at the financial data provided.
Current Assets and Liabilities:
Live Current Media Inc. reported total current assets of $373,095 for the year 2022, a significant increase from $19,311 in 2021. The company's current assets primarily consisted of cash ($169,551), accounts receivable ($112,676), and prepaid expenses and other current assets ($90,868).
On the liabilities side, the company's total current liabilities amounted to $1,932,838 in 2022, compared to $962,990 in the previous year. These liabilities included accounts payable ($952,278), accrued expenses ($344,118), accrued rent payable ($160,000), deferred revenue ($56,466), financing arrangements - advances on future receipts ($369,976), secured promissory notes ($50,000), secured promissory notes - related parties ($8,000), and operating lease liability ($0).
Total Assets and Liabilities:
Live Current Media Inc.'s total assets for the year 2022 were $498,814, a substantial increase from $46,788 in 2021. The company's assets comprised current assets ($373,095), fixed assets ($115,789), and other assets ($9,930).
The total liabilities of Live Current Media Inc. were reported as $3,135,174 in 2022, compared to $4,060,109 in the previous year. These liabilities included convertible notes ($511,759), convertible notes - related parties ($272,020), financing arrangements - advances on future receipts, long term ($18,396), interest payable ($0), warrant derivative ($400,161), and operating lease liability ($0).
Net Loss and Revenue:
Live Current Media Inc. experienced a net loss of $15,731,697 in 2022, a significant increase from the net loss of $392,329 in 2021. The higher loss can be attributed to various factors, including increased operating expenses and impairment charges.
Despite the challenging circumstances, Live Current Media Inc. achieved $488,018 in revenue for the year 2022. This indicates the company's ability to generate a consistent income stream, albeit with the need for expense management and potential improvements in profitability.
Live Current Media Inc. will need to continue evaluating its financial performance and implementing strategies to reduce costs and enhance revenue streams to improve its overall financial position.
Please note that the information provided is based on Live Current Media Inc.'s consolidated balance sheets and statements of operations for the years ended December 31, 2022, and 2021.