LiveOne (NASDAQ: LVO) announced the elimination of over $15 million in short-term liabilities, generating more than $13 million in cash savings. The music and entertainment technology platform also expanded its stock conversion program to over $15 million at $7.50 per share, with $8 million already completed.

The Los Angeles-based company made the announcement as part of what it described as strategic financial and operational milestones aimed at strengthening its balance sheet.

"This is an important step toward strengthening our balance sheet and eliminating going concern opinions," said Robert Ellin, Chairman and CEO of LiveOne. "By reducing near-term obligations and executing on our stock conversion strategy, we are enhancing financial stability and positioning the Company for long-term growth."

LiveOne operates as a music, entertainment, and technology platform focused on delivering content through memberships and live and virtual events. The company's subsidiaries include Slacker, PodcastOne (NASDAQ: PODC), PPVOne, Custom Personalization Solutions, LiveXLive, DayOne Music Publishing, Drumify and Splitmind.

The company's platform is available across multiple devices including iOS, Android, Roku, Apple TV, Spotify, Samsung, Amazon Fire, Android TV, and through STIRR's over-the-top applications.

The information is based on a press release statement from LiveOne.