For $400,000, Live Current Cuts 38% — Malaysia.com Sells

Live Current Media sells domain name and lays off 38% of staff.

Live Current Media (OTCBB: LIVC.ob) today disclosed the sale of a domain name for gross proceeds of 500,000 CAD, or approximately $400,000 USD. Based on information counting whois record changes, Reglike believes the domain name sold is Malaysia.com. Malaysia.com is the only domain the firm has put on the sales block that has had a whois change since then.

The firm also disclosed it is laying off 38% of its staff to conserve cash. The firm is betting on its perfume and cricket businesses to get it through the downturn. Live Current owns Perfume.com and Cricket.com, but its primary cricket business is a 10 year deal with Indian Premier League. The deal requires the firm to pay $5 million a year, but some of the payments have been forgiven.

Also, the firm disclosed that it didn’t complete the second half of a planned private placement that took place late last year.

The staff reductions include Jonathan Ehrlich, Live Current President and COO. Mark Melville, Chief Corporate Development Officer, will assume the additional role of President of Live Current. The firm expects to save $1.3M CAD per year from the cost reductions.