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LiveWorld Reports 2023 Annual Financial Results

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

Twelve Months 2023 Financial and Business Highlights

  • Total twelve months revenues of $11.5 million
  • Healthcare revenues of $10.2 million in 2023
  • Net income from operations of $214,000, or 2% of revenues
  • Cash increased by $835,000 to $4.6 million from December 31, 2022

Management Commentary

“2023 was the fourth consecutive year of increased revenues while maintaining a positive net income,” remarked David Houston, Chief Financial Officer, LiveWorld. “Overall, the year was positive and has us headed in the right direction as we move into 2024.”

The Company stated that beginning in 2023 and continuing in 2024 it is making investments to add additional revenue streams by expanding its solution sets, entering new market segments, and increasing its market presence. It is anticipated the current business operations will grow and be profitable net of the investment which will result in a loss for the year.

“LiveWorld leads the market in unlocking the true value of social media marketing, with a combination of compliance, engagement, and insight solutions,” said Peter Friedman, Chairman & CEO, LiveWorld. “In 2023 we added new clients, won multiple awards for our digital agency work, and were recognized by Medical Marketing & Media as a top 100 healthcare agency.”

Financial Review for the Twelve Months Ended December 31, 2023

Total revenues were approximately $11.5 million for the twelve months, as compared to approximately $11.1 million in total revenues reported for the same period in 2022. This was an increase of approximately $312,000 or 3% when compared to the twelve months of 2022.

The company reported net income for the twelve months of approximately $214,000 or 2% of total revenues. This compares to net income of approximately $1.0 million or 9% of total revenues reported for the twelve months of 2022. The lower income in 2023 was primarily due to a higher tax liability and investments for future growth of the company.

The company finished the year with approximately $4.6 million in cash and cash equivalents, 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 social-first digital agency that unlocks the full potential of social media to transform customer relationships through integrated compliance, engagement, and insight solutions. We provide brand marketers bold creative rooted in strategy that captivates and resonates, social moderation and engagement that activates interactions, software that enriches customer experiences, and compliance that enables and accelerates digital programs.

With over 27 years of making connections, we leverage our social media DNA 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)

 

December 31

December 31,

 

2023

 

 

2022

 

ASSETS

Current assets

Cash and cash equivalent

$

4,635

 

$

3,801

 

Accounts receivable, net

 

1,701

 

 

2,583

 

Prepaid expenses

 

225

 

 

180

 

Total current assets

 

6,561

 

 

6,564

 

 

Property and equipment, net

 

44

 

 

43

 

Other assets

 

27

 

 

26

 

Total assets

$

6,632

 

$

6,633

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

238

 

$

203

 

Accrued employee expenses

 

890

 

 

791

 

Other accrued liabilities

 

343

 

 

52

 

Deferred revenue

 

438

 

 

1,326

 

Total current liabilities

 

1,909

 

 

2,372

 

Total liabilities

 

1,909

 

 

2,372

 

 

Stockholders' equity

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

 

34

 

 

34

 

Additional paid-in capital

 

144,131

 

 

143,883

 

Accumulated deficit

 

(139,442

)

 

(139,656

)

Total stockholders' equity

 

4,723

 

 

4,261

 

Total liabilities and stockholders' equity

$

6,632

 

$

6,633

 

LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

Twelve Months Ended December 31,

2023

2022

Total revenues

$

11,458

$

11,146

Cost of revenues

 

5,884

 

5,341

Gross Margin

 

5,574

 

5,805

Operating Expense

Product development

 

1,070

 

958

Sales and marketing

 

1,548

 

1,356

General and administrative

 

2,538

 

2,345

Total operating expense

 

5,156

 

4,659

Income from operations

 

418

 

1,146

Income before tax

 

418

 

1,146

Other Income

 

4

 

1

Provision for income taxes

 

208

 

130

Net income from operations

 

214

 

1,017

 

Earnings per share analysis from operations:

Basic income per share

$

0.01

$

0.02

Shares used in computing basic loss per share

 

45,633,442

 

45,633,442

Diluted net income (loss) per share

$

0.00

$

0.02

Shares used in computing diluted income (loss) per share

 

64,632,465

 

62,522,559

 
 

Departmental allocation of stock-based compensation:

Cost of revenues

$

59

$

49

Product development

 

15

 

 

10

Sales and marketing

 

33

 

 

26

General and administrative

 

141

 

 

97

Total stock-based compensation

$

248

 

$

182

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

Twelve Months Ended Dec 31,

 

2023

 

 

2022

 

Cash flows from operating activities:

Net income (loss)

$

214

 

$

1,017

 

Adjustments to reconcile net income (loss) provided by (used in) operating activities:

Depreciation of long-lived assets

 

31

 

 

26

 

Stock-based compensation

 

248

 

 

182

 

Changes in operating assets and liabilities:

Accounts receivable

 

881

 

 

(809

)

Other assets

 

(44

)

 

(25

)

Accounts payable

 

35

 

 

(28

)

Accrued liabilities

 

389

 

 

(248

)

Deferred revenue

 

(888

)

 

157

 

Net cash provided by (used in) operating activities

 

866

 

 

272

 

Cash flows from investing activities:

Purchase of property and equipment

 

(32

)

 

(22

)

Net cash provided by (used in) investing activities

 

(32

)

 

(22

)

Cash flows from financing activities:

Proceeds from exercise of stock options

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

 

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

 

Net cash provided by (used for) financing activities

 

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

 

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

 

Change in cash and cash equivalent

 

834

 

 

250

 

Cash and cash equivalents, beginning of period

 

3,801

 

 

3,551

 

Cash and cash equivalents, end of period

$

4,635

 

$

3,801

 

 

Supplemental disclosure of non-cash financing and investing activities:

Income tax paid

$

208

 

$

130

 

 

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