Live Current goes into the black thanks to domain sales and leases.
Live Current Media posted a small profit of $84,078 for the first quarter of 2010, the company announced today. But that profit was only possible thanks to a $250,000 “Gain on settlement of amounts due regarding Global Cricket Venture” and $600,000 from “Gain from sales and sales-type lease of domain names.”
But the company says it is now fully funded through 2011 thanks in part to cost concessions from employees and service providers and future income from domain lease payments.
That doesn’t mean the company has necessarily turned the corner. Its balance sheet has only $0.78 million in current assets but $1.72 million in current liabilities.
The company says it has “an agreement in principle with a group of boxing luminaries” to launch its Boxing.com web site. It also shifted its strategy for Perfume.com from a discount perfume etailer to a full-price, luxury etailer. This could be a challenge in the short term:
As a result of this change in strategy and new target market, the old perfume.com email list that consists of mostly price sensitive buyers is now largely ineffective. We are building a new list with current customers, however this process will take time. Meanwhile, we believe that mail marketing is the most effective sales strategy.
Hopefully the “leaner” Live Current will be better at executing on its development projects than the Live Current of the past several years.