The Company has sustained operating losses since inception. It has an accumulated deficit of
The Company's independent auditors have issued a report regarding the continuation of the Company as a going concern. Continuation of the Company as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations, which it has not been able to accomplish to date, and /or obtain additional financing from its stockholders and/or other third parties and/or to successfully locate and negotiate with a business entity for the combination of that target company with it.
Since inception Live Brands has been in the developmental stage and its operations to date have been limited to issuing shares of common stock to its shareholders, filing a registration statement on Form 10 with the
The Company anticipates that it will effect a business combination with
No such business combination has been effected nor has any agreement or contract been entered into for such business combination. When such business combination is effected, the Company will file a Form 8-K.
A combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended.
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