EX-99.4 5 exhibit99-4.htm EXHIBIT 99.4 Live Current Media Inc.: Exhibit 99.4 - Filed by newsfilecorp.com

Exhibit 99.4

LIVE CURRENT MEDIA, INC. AND GURU EXPERIENCE, CO
UNAUDITED PROFORMA COMBINED CONDENSED BALANCE SHEETS
As of September 30, 2022


                Proforma          
    Live Current     Guru     Adjustments       Proforma  
ASSETS                          
                           
Current Assets                          
Cash $ 41,436   $ 193,522   $ (50,000 ) 1) $ 184,958  
Receivables   80,339     76,962     -       157,301  
Prepaid expenses and other current assets   -     11,735     -       11,735  
Total Current Assets   121,775     282,219     (50,000 )     353,994  
Intangible assets and goodwill   8,406,199     -     824,196   5)   9,230,395  
Fixed assets, net   79,595     23,998     -       103,593  
Other assets   45,172     5,250     -       50,422  
Total Assets $ 8,652,741   $ 311,467   $ 774,196     $ 9,738,404  
                           
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)                          
Current Liabilities                          
Accounts payable and other current liabilities $ 708,868   $ 530,140   $ (88,677 ) 4) $ 1,150,331  
Debt   1,859,975     675,000     (675,000 ) 4)   1,859,975  
Total Current Liabilities   2,568,843     1,205,140     (763,677 )     3,010,306  
                           
Total Liabilities   2,568,843     1,205,140     (763,677 )     3,010,306  
                           
Commitments and contingencies                          
                           
Stockholders' Equity (Deficit):                          
Preferred stock   -     4,140     (4,140 ) 3)   -  
Common stock   160,559     2,778     (2,778 ) 3)   163,559  
                3,000   4)   -  
Additional paid in capital   18,475,971     4,615,319     (4,615,319 ) 3)   19,167,171  
                691,200   4)   -  
Accumulated deficit   (12,552,632 )   (5,515,910 )   5,515,910   3)   (12,602,632 )
                (50,000 ) 1)   -  
                           
Total Stockholders' Equity (Deficit)   6,083,898     (893,673 )   1,537,873       6,728,098  
                           
Total Liabilities and Stockholders' Equity (Deficit) $ 8,652,741   $ 311,467   $ 774,196     $ 9,738,404  

The accompanying notes are an integral part of these unaudited proforma combined condensed financial information.

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LIVE CURRENT MEDIA, INC. AND GURU EXPERIENCE, CO

UNAUDITED PROFORMA COMBINED CONDENSED STATEMENT OF OPERATIONS

Nine months ended September 30, 2022


    Live Current     Guru     Adjustments       Proforma    
                             
Revenues $ 230,372   $ 700,814   $ -     $ 931,186    
                             
Total Operating Expenses   (4,108,775 )   (726,406 )   -       (4,835,181 )  
                             
Loss from Operations   (3,878,403 )   (25,592 )   -       (3,903,995 )  
                             
Other income (expense)                   2)        
Interest expense, net   (371,960 )   (20,250 )   20,250     (371,960 )  
Other miscellaneous income (expense), net   (10,256 )   17,447     -       7,191    
Total other income (expense)   (382,216 )   (2,803 )   20,250       (364,769 )  
                             
Net Income (Loss) $ (4,260,619 ) $ (28,395 ) $ 20,250     $ (4,268,764 )  
                             
Net Loss per Common Share:                            
Basic & Diluted $ (0.04 ) $ (0.01 )         $ (0.04 )  
                             
Weighted Average Common Shares Outstanding:                            
Basic & Diluted   112,435,806     2,778,392             115,435,806   6)

The accompanying notes are an integral part of these unaudited proforma combined condensed financial information.

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LIVE CURRENT MEDIA, INC. AND GURU EXPERIENCE, CO
UNAUDITED PROFORMA COMBINED CONDENSED STATEMENT OF OPERATIONS
Year ended December 31, 2021


    Live Current*     Guru     Adjustments       Proforma
    
                             
Revenues $ 427,868   $ 758,223   $ -     $ 1,186,091    
                             
Total Operating Income (Expenses)   (296,850 )   (719,108 )   (50,000 ) 1)   (1,065,958 )  
                             
Loss (Income) from Operations   131,018     39,115     (50,000 )     120,133    
                             
Other income (expense)                   2)        
Interest expense, net   (6,163 )   (27,068 )   26,130     (7,101 )  
Other miscellaneous income (expense), net   256,921     132,446     -       389,367    
Total other income (expense)   250,758     105,378     26,130       382,266    
                             
Net Income (Loss) $ 381,776   $ 144,493   $ (23,870 )   $ 502,399    
                             
Net Loss per Common Share:                            
Basic & Diluted $ 0.00   $ 0.05           $ 0.00    
                             
Weighted Average Common Shares                            
Basic & Diluted   163,348,483     2,778,392             166,348,483   6)

* The amounts for Live Current for the year ended December 31, 2021 include the combined amounts of Live Current and Evasyst for the year ended December 31, 2021. Live Current and Evasyst merged on April 22, 2022 . See the Company's Form 8-K/A filed on July 8, 2022.

The accompanying notes are an integral part of these unaudited proforma combined condensed financial information.

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LIVE CURRENT MEDIA, INC. AND GURU EXPERIENCE, CO.

NOTES TO UNAUDITED PROFORMA COMBINED CONDENSED FINANCIAL INFORMATION

1. Unaudited Pro Forma Financial Information

Effective November 23, 2022, Live Current Media Inc. ("LIVC") (the "Company") entered into an Agreement and Plan of Reorganization with Guru Experience, Co. ("Guru"), Guru Acquisition Inc., the Company's wholly owned subsidiary formed for the purpose of completing the acquisition of Guru ("LIVC Sub") and certain stockholders of Guru, whereby the Company agreed to acquire all of the outstanding shares of Guru.  Closing of the acquisition of Guru was completed on November 23, 2022.  Concurrent with the entry into the Guru agreement and completion of the Guru acquisition, the Company entered into a Note Cancellation Agreement with the holders of convertible promissory notes of Guru in the aggregate principal amount of $675,000.  The Company agreed to issue to the Guru note holders an aggregate of 3,000,000 shares of the Company's common stock as satisfaction in full of the amounts owing under the Guru notes. 

2. Pro Forma Adjustments

The following pro forma adjustments are incorporated into the pro forma condensed combined balance sheet as of September 30, 2022, the pro forma condensed combined statements of operations for the nine months ended September 30, 2022, and for the year ended December 31, 2021. 

1) To recognize transaction-related costs of $50,000. 

2) To eliminate interest expense recognized by Guru on the notes payable that were cancelled as part of the merger agreement.

3) To eliminate GURU's historical equity.

4) To reflect the issuance of 3,000,000 shares of LIVC common stock in exchange for GURU's convertible note payable ($675,000) and related interest payable ($88,677) pursuant to the Note Cancellation Agreement.

5) To recognize the identifiable intangible assets and goodwill at fair value as a result of the acquisition of GURU. 

6) Net loss per share calculated using the historical weighted average shares outstanding as of September 30, 2022 and December 31, 2021.  As the Merger is being reflected as if it had occurred at the beginning of the periods presented, the calculation of weighted average shares outstanding for basic and diluted net loss per share assumes that the 3,000,000 shares issuable relating to the Merger have been outstanding for the entire period presented.

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