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LiveXLive Earnings Show 'Contractual Dispute' With Tesla and Restrictions On Half Its Cash

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Streaming media company LiveXLive has been in a 'contractual dispute' with Tesla, its largest client accounting for two-thirds of LiveXLive’s consolidated revenue, company officials announced during Monday’s mid-year earnings call.

LiveXLive has struggled to keep up with royalty payments due to the major labels it pays for the rights to stream music on the Slacker Radio app. The company was blocked from accessing Universal Music Group's catalog for four days in February after missing a $6.8 million payment, according to a lawsuit UMG filed against Slacker Radio in Los Angeles County.By late April, LiveXLive owed UMG more than $7.7 million and negotiated a settlement through a stock issuance of 2.

"The ompany intends to apply for the forgiveness of the loans," from the PPP program, valued at a total of $2.5 million, according to the annual report.

 

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