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LiveCare, Inc. – ‘1-SA’ for 6/30/19

On:  Friday, 11/1/19, at 3:01pm ET   ·   For:  6/30/19   ·   Accession #:  1493152-19-16317

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/01/19  LiveCare, Inc.                    1-SA        6/30/19    1:82K                                    M2 Compliance/FA

Semi-Annual Report — Reg. A   —   Form 1-SA
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 1-SA        Semi-Annual Report -- Reg. A                        HTML     40K 


This is an HTML Document rendered as filed.  [ Alternative Formats ]



 

 

 

UNITED STATES

SECURITIES AND EXHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 1-SA

 

SEMIANNUAL REPORT PURSUANT TO REGULATION A

SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A

 

For the fiscal semiannual period ended: June 30, 2019

 

LIVE CARE, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware   83-1151012
(State or other jurisdiction   (IRS Employer
of Incorporation)   Identification Number)

 

12646 South Fort St, Suite 240

Draper, UT 84020

(Address of Principal Executive Offices)

 

(941) 225-6699

 

 

 

 C: 
   

 

 

Item 1. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following presents managements analysis of the financial condition of Live Care, Inc.as of June, 30 2019.

 

Accounting Policies

 

The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States and conform to general practices within the banking industry.

 

Results of Operations of the Company Ending June 30, 2019

 

The company has initiated its business plans and intends to begin revenue production in 1st quarter of 2020. The company has continued raising funds through the regulation A offering and the ability to raise funds will greatly enhance the probability of reaching the goal of being a revenue generating company by the first quarter of 2020.

 

Liquidity and Capital Resources of the Company

 

As previously noted, we are a start-up company and our ability to succeed in the market will greatly depend on our ability to secure investment funding through the sale of securities. We intend to use proceeds of the sale of securities to increase our market presence through advertising and hiring key staff members that will assist us in forming the Live Care center. At the period end the company had $111,074 cash on hand. Sources of future liquidity will greatly depend on our ability to secure investment funding through the sale of securities. If we are unable to raise capital through the sale of securities the company does have the ability to borrow money from traditional lending sources.

 

Item 2. Other Information

 

None

 

 C: 
  C: 2 

 

 

Item 3. Financial Statements

 

LIVECARE, INC.

(FORMERLY GULF CHRONIC CARE, INC.)

BALANCE SHEETS

 

   June 30, 2019   December 31, 2018 
   (Unaudited)     
ASSETS          
           
Current assets:          
Cash  $111,074   $84,810 
Prepaid expenses   -    7,000 
Total current assets   111,074    91,810 
           
Total assets  $111,074   $91,810 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current liabilities:          
Accounts payable, related party  $   $7,705 
Accrued wages   48,100    60,000 
Accounts payable   -    325 
Total current liabilities   48,100    68,030 
           
Stockholders’ equity:          
Common stock; $0.01 par value, 100,000,000 shares authorized,15,386,000 and 10,950,000 shares issued and outstanding, respectively   153,860    109,500 
Additional paid-in capital   508,740    85,500 
Accumulated deficit   (599,626)   (171,220)
Total stockholders’ equity   62,974    23,780 
           
Total liabilities and stockholders’ equity  $111,074   $91,810 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

 C: 
 3 

 

 

LIVECARE, INC.

(FORMERLY GULF CHRONIC CARE, INC.)

UNAUDITED STATEMENT OF OPERATIONS

 

   For the Six Month Ended
June 30, 2019
 
     
Operating Expenses:     
General and administrative   362,071 
Compensation expense   67,000 
Total operating expenses   429,071 
      
Loss before other expenses   (429,071)
      
Other expense     
Interest expense   - 
Total other expense   - 
      
Other Income:     
Interest income   665 
Total other income   665 
      
Loss before income taxes   (428,406)
      
Provision for income taxes   - 
      
Net loss  $(428,406)
      
Basic loss per common share  $(0.03)
      
Basic weighted average common shares outstanding   13,301,702 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

 C: 
 4 

 

 

LIVECARE, INC.

(FORMERLY GULF CHRONIC CARE, INC.)

UNAUDITED STATEMENT OF CASH FLOWS

 

   For the Six Month Ended
June 30, 2019
 
     
Cash flows from operating activities:     
Net loss  $(428,406)
Adjustments to reconcile net loss to net cash (used) provided by operating activities:     
Common stock issued for services   242,600 
Changes in operating assets and liabilities:     
Decrease in prepaid assets   7,000 
Decrease in accounts payable   (325)
Increase in accounts payable and salaries payable - related party   (19,605)
Net cash used in operating activities   (198,736)
      
Cash flows from financing activities:     
Proceeds from the sale of common stock   225,000 
Net cash provided by financing activities   225,000 
      
Net change in cash   26,264 
Cash, beginning of period   84,810 
      
Cash, end of period  $111,074 
      
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:     
Cash paid for interest  $- 
Cash paid for taxes  $- 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

 C: 
 5 

 

 

LIVECARE, INC.

(FORMERLY GULF CHRONIC CARE, INC.)

UNAUDITED STATEMENTS OF STOCKHOLDERS’ EQUITY

 

   Common Stock   Additional
Paid-in
   Accumulated   Total
Stockholders’
 
   Shares   Amount   Capital   Deficit   Equity 
Balance, Inception July 10, 2018   -   $-   $-   $-   $- 
                          
Common stock issued to founders   10,000,000    100,000    -    -    100,000 
                          
Common stock issued for cash   950,000    9,500    85,500    -    95,000 
                          
Net loss for the period ended December 31, 2018                  (171,220)   (171,220)
                          
Balance, December 31, 2018   10,950,000    109,500    85,500    (171,220)   23,780 
                          
Common stock issued for services   2,376,000    24,260    218,340    -    242,600 
                          
Common stock issued for cash   2,010,000    20,100    204,900    -    225,000 
                          
Net loss for the six months ended June 30, 2019                  (428,406)   (428,406)
                          
Balance, June 30, 2019 (Unaudited)   15,336,000   $153,860   $508,740   $(599,626)  $62,974 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

 C: 
 6 

 

 

SIGNATURES

 

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on November 1, 2019.

 

  LIVE CARE, INC
     
  By: /s/ Max Rockwell
  Name: Max Rockwell
  Title: Chief Executive Officer and Director

 

Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities on November 1, 2019.

 

    /s/ Max Rockwell
  Name: Max Rockwell
    Chief Executive Officer and Director
    (Principal Executive Officer)
     
    /s/ Jim Dalton
  Name: Jim Dalton
    Chairman of the Board

 

 C: 
 7 

 

 


Dates Referenced Herein

This ‘1-SA’ Filing    Date    Other Filings
Filed on:11/1/19None on these Dates
For Period end:6/30/19
12/31/18
7/10/18
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Filing Submission 0001493152-19-016317   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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