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LiveWorld Reports First Quarter Financial Results

LiveWorld, Inc. (OTC Markets: LVWD) today announced financial results for the first quarter of 2023.

Q12023 Financial and Business Highlights

  • Total revenues of $2.7 million, up 12% year-over-year
  • Healthcare revenues of $2.4 million, up 14% year-over-year
  • Net income from operations of $134,000, or 5% of revenues
  • Cash increased by $591,000 to $4.4 million from December 31st, 2022
  • Company received industry recognition with three new creative and social media awards

Management Commentary

“The end of our first quarter of 2023 marked our thirteenth consecutive quarter over quarter revenue growth and our twelfth consecutive quarter of profitability,” remarked David Houston, Chief Financial Officer of LiveWorld. “As a company we remain focused on profitable growth while making strategic investments. We will look to accelerate our investments where we can see an improvement in the growth and delivery of our services. Our expectations are we will continue to see top line revenue growth, while maintaining our profitability, and generating cash from operations in 2023.”

Financial Review for the Three Months Ended March 31, 2023

Total revenues were approximately $2.7 million for the three months, as compared to the approximately $2.5 million in total revenues reported for the same period in 2022. This was an increase of approximately $297,000 or 12% when compared to the three months of 2022.

The company reported net income for the first quarter of approximately $134,000 or 5% of total revenues. This compares to net income of approximately $122,000 or 5% of total revenues reported for the first quarter of 2022.

The company finished the first quarter with approximately $4.4 million in cash and cash equivalents, as compared to approximately $3.8 million at the end of 2022.

Detailed financial information may be downloaded at www.liveworld.com/ir (LiveWorld’s Investor Relations page) or at www.otcmarkets.com.

About LiveWorld

LiveWorld is a full-service, digital agency with deep social, creative, and compliance expertise that helps companies spark emotional connections, build stronger customer relationships, and drive behavior change. We operate at the intersection of bold creative rooted in strategy that captivates and resonates, social engagement that activates human interactions, and compliance to streamline processes, enabling innovative programs.

With over 27 years of making connections, we leverage our social media DNA and technology prowess to deliver emotion-driven behavior change through digital campaigns with a human touch. LiveWorld clients include the number one brands in pharmaceuticals, healthcare, and financial-travel services. LiveWorld is headquartered in Campbell, California, with an additional office in New York City. Learn more at www.liveworld.com and @LiveWorld.

Safe Harbor" Statement Under The Private Securities Litigation Reform Act

This press release may contain forward-looking information concerning LiveWorld plans, objectives, future expectations, forecasts and prospects. These statements may include those regarding LiveWorld’s current or future financial performance including but not limited to lists of clients, revenue and profit, use of cash, investments, relationships and the actual or potential impact of stock option expense, and the results of its product development efforts. Actual results may differ materially from those expressed in the forward-looking statements made as a result of, among other things, final accounting adjustments and results, LiveWorld’s ability to attract new clients and preserve or expand its relationship with existing clients, LiveWorld’s ability to retain and attract high quality employees, including its management staff, the ability to deliver new innovative products in a timely manner, changing accounting treatments, and other risks applicable to the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

LIVEWORLD, INC.

UNAUDITED CONDENSED BALANCE SHEETS

(In thousands, except share data)

 

 

 

 

 

 

 

March 31

 

December 31,

 

 

2023

 

2022

ASSETS

Current assets

Cash and cash equivalent

$

4,392

 

$

3,801

 

Accounts receivable, net

 

2,682

 

 

2,583

 

Prepaid expenses

 

289

 

 

180

 

Total current assets

 

7,363

 

 

6,564

 

 

Property and equipment, net

 

40

 

 

43

 

Other assets

 

26

 

 

26

 

Total assets

$

7,429

 

$

6,633

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

248

 

$

203

 

Accrued employee expenses

 

514

 

 

791

 

Other accrued liabilities

 

88

 

 

52

 

Deferred revenue

 

2,126

 

 

1,326

 

Total current liabilities

 

2,976

 

 

2,372

 

Total liabilities

 

2,976

 

 

2,372

 

 

Stockholders' equity

Common stock: $0.001 par value, 100,000,000 shares authorized, 45,633,442 issued and outstanding as of March 31, 2023 and December 31, 2022 respectively

 

34

 

 

34

 

Additional paid-in capital

 

143,941

 

 

143,883

 

Accumulated deficit

 

(139,522

)

 

(139,656

)

Total stockholders' equity

 

4,453

 

 

4,261

 

Total liabilities and stockholders' equity

$

7,429

 

$

6,633

 

 

LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2023

 

2022

Total revenues

$

2,748

 

$

2,451

 

Cost of revenues

 

1,316

 

 

1,238

 

Gross Margin

 

1,432

 

 

1,213

 

Operating Expense

Product development

 

259

 

 

202

 

Sales and marketing

 

430

 

 

401

 

General and administrative

 

608

 

 

483

 

Total operating expense

 

1,297

 

 

1,086

 

Income from operations

 

135

 

 

127

 

Income before tax

 

135

 

 

127

 

Other Income

 

1

 

------------

Provision for income taxes

 

2

 

 

5

 

Net income from operations

 

134

 

 

122

 

 

Basic income per share

$

0.00

 

$

0.00

 

Shares used in computing basic loss per share

 

45,633,442

 

 

45,633,442

 

Diluted net income (loss) per share

$

0.00

 

$

0.00

 

Shares used in computing diluted income (loss) per share

 

62,694,122

 

 

68,916,821

 

 
 

Departmental allocation of stock-based compensation:

Cost of revenues

$

15

 

$

9

 

Product development

 

3

 

 

1

 

Sales and marketing

 

8

 

 

4

 

General and administrative

 

33

 

 

12

 

Total stock-based compensation

$

59

 

$

26

 

 

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2023

 

2022

Cash flows from operating activities:

Net income

$

134

 

$

122

 

Adjustments to reconcile net income provided by

operating activities:

Depreciation of long-lived assets

 

7

 

 

6

 

Stock-based compensation

 

59

 

 

26

 

Changes in operating assets and liabilities:

Accounts receivable

 

(99

)

 

(878

)

Other assets

 

(109

)

 

(232

)

Accounts payable

 

46

 

 

79

 

Accrued liabilities

 

(241

)

 

(264

)

Deferred revenue

 

799

 

 

525

 

Net cash provided by operating activities

 

596

 

 

(616

)

Cash flows from investing activities:

Purchase of property and equipment

 

(5

)

 

(3

)

Net cash provided by investing activities

 

(5

)

 

(3

)

Cash flows from financing activities:

Proceeds from exercise of stock options

-------------

------------

Net cash provided by financing activities

-------------

------------

Change in cash and cash equivalent

 

591

 

 

(619

)

Cash and cash equivalents, beginning of period

 

3,801

 

 

3,551

 

Cash and cash equivalents, end of period

$

4,392

 

$

2,932

 

 

Supplemental disclosure of non-cash financing and investing activities:

Income tax paid

$

2

 

$

5

 

 

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