0001213900-23-009075.txt : 20230207 0001213900-23-009075.hdr.sgml : 20230207 20230207203027 ACCESSION NUMBER: 0001213900-23-009075 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20230203 FILED AS OF DATE: 20230207 DATE AS OF CHANGE: 20230207 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: ELLIN ROBERT S CENTRAL INDEX KEY: 0001071292 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-38249 FILM NUMBER: 23596743 MAIL ADDRESS: STREET 1: 4751 WILSHIRE BLVD STREET 2: 3RD FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90010 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: LiveOne, Inc. CENTRAL INDEX KEY: 0001491419 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 980657263 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 BUSINESS ADDRESS: STREET 1: 9200 SUNSET BOULEVARD STREET 2: SUITE #1201 CITY: WEST HOLLYWOOD STATE: CA ZIP: 90069 BUSINESS PHONE: (310) 601-2505 MAIL ADDRESS: STREET 1: 9200 SUNSET BOULEVARD STREET 2: SUITE #1201 CITY: WEST HOLLYWOOD STATE: CA ZIP: 90069 FORMER COMPANY: FORMER CONFORMED NAME: LiveXLive Media, Inc. DATE OF NAME CHANGE: 20170808 FORMER COMPANY: FORMER CONFORMED NAME: LOTON, CORP DATE OF NAME CHANGE: 20100507 4 1 ownership.xml X0306 4 2023-02-03 0 0001491419 LiveOne, Inc. LVO 0001071292 ELLIN ROBERT S C/O LIVEONE, INC. 269 SOUTH BEVERLY DRIVE, SUITE 1450 BEVERLY HILLS CA 90212 1 1 1 0 CEO & Chairman Common Stock, $0.001 par value 2023-02-03 4 J 0 200000 A 18686046 I See footnotes Common Stock, $0.001 par value 2089666 D Convertible Promissory Notes 3.00 2023-02-03 4 J 0 6177218 D Common Stock, $0.001 par value 0 I See footnote Series A Perpetual Convertible Preferred Stock 2.10 2023-02-03 4 J 0 6177 A Common Stock, $0.001 par value 2945454 6177 I See footnote Effective as of February 3, 2023, Issuer entered into the Exchange Agreement with Trinad Capital Master Fund Ltd. ("Trinad Capital"), pursuant to which Trinad Capital exchanged all of its promissory notes in the aggregate principal and interest amount of $6,177,218 issued by Issuer (the "Notes") for 6,177 shares of Issuer's newly designated and issued Series A Perpetual Convertible Preferred Stock, par value $0.001 per share (the "Series A Preferred Stock"), having the terms as set forth in Issuer's Certificate of Designation of Preferences, Rights and Limitations of Series A Perpetual Convertible Preferred Stock, dated as of February 2, 2023 (the "Certificate of Designation"). The Notes and accrued and unpaid interest on the Notes were convertible at any time at $3.00 per share as a result of Issuer's public offering completed on December 27, 2017. In consideration for entry into the Exchange Agreement, Issuer issued to Trinad Capital 200,000 shares of Issuer's common stock. Trinad Capital is a fund controlled by the Reporting Person, Issuer's Chief Executive Officer, Chairman, director and principal stockholder. The Series A Preferred Stock is convertible at any time at Trinad Capital's option into shares of Issuer's common stock at a price of $2.10 per share of common stock, bears a dividend of 12% per annum, which initially shall be paid in kind as provided in the Certificate of Designation, is perpetual and has no expiration date. The Series A Preferred Stock has a stated value of $1,000 per share. The reported number of shares of Issuer's common stock represents the number of shares of common stock issuable upon conversion of the Series A Preferred Stock as of February 7, 2023 and includes the dividend to be paid in kind and accrued as of February 7, 2023. Includes (i) 7,539,899 shares of Issuer's common stock owned by Trinad Capital as of February 7, 2023, as the Reporting Person, the Managing Director and Portfolio Manager of Trinad Capital, is deemed to have sole voting and dispositive power over such shares, (ii) 716,216 shares of Issuer's common stock owned by Trinad Capital Management, LLC ("Trinad Management") as of February 7, 2023, as the Reporting Person, the Managing Member of Trinad Management, is deemed to have sole voting and dispositive power over such shares, (iii) 6,817,810 shares of Issuer's common stock owned by JJAT Corp. ("JJAT") as of February 7, 2023, an entity owned by the Reporting Person, as the Reporting Person is deemed to have sole voting and dispositive power over such shares, (continued to footnote 5) (continued from footnote 4), (iv) approximately 2,945,454 shares of Issuer's common stock issuable as of February 7, 2023 upon conversion of the Series A Preferred Stock held by Trinad Capital (including the dividend to be paid in kind and accrued as of February 7, 2023), which Trinad Capital has the right to convert at the conversion price of $2.10 per share, and (v) 666,667 stock options to purchase shares of Issuer's common stock at an exercise price of $4.00 per share. Accordingly, securities owned by these entities may be regarded as being beneficially owned by the Reporting Person. Each of the Reporting Person and Trinad Management disclaim beneficial ownership of the reported securities except for the (i) Reporting Person's and Trinad Management's pecuniary interest therein, (ii) direct beneficial ownership of Trinad Management as reported herein, (iii) indirect interest of Trinad Management by virtue of being the Managing Director and Portfolio Manager of Trinad Capital, (iv) indirect interest of the Reporting Person by virtue of being a member of Trinad Management, (v) indirect interest of the Reporting Person by virtue of being a shareholder of JJAT, and (vi) indirect interest of the Reporting Person by virtue of being a member of Trinad Capital. This report shall not be deemed an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Does not include (i) shares of Issuer's common stock held by a family trust and family foundation as to which the Reporting Person does not exercise voting or dispositive power, and (ii) 88,660 restricted stock units that shall vest on September 7, 2023, subject to earlier vesting in the event of a change in control or the Reporting Person's departure from Issuer. The Reporting Person is the Managing Director and Portfolio Manager of Trinad Capital and is deemed to have sole voting and dispositive power over, and accordingly is deemed to have beneficial ownership of, the reported securities. /s/ Robert S. Ellin 2023-02-07