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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

LiveWorld Reports Third Quarter 2021 Financial Results

November 10, 2021 GMT

CAMPBELL, Calif. & NEW YORK--(BUSINESS WIRE)--Nov 10, 2021--

LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the third quarter of 2021. Total revenues were approximately $2.7 million for the third quarter, as compared to the approximately $2.0 million in total revenues reported for the same period in 2020. This was an increase of approximately $676,000 or 34% when compared to the third quarter of 2020. Total revenues for the nine months ended September 30, 2021 were approximately $7.4 million, as compared to the $6.0 million for the nine months ended September 30, 2020. This was an increase of approximately $1.4 million or 23% when compared to the nine months ended September 30, 2020. Healthcare related revenues grew approximately 45% when compared to the third quarter of 2020.

We reported a net income for the quarter of approximately $263,000 or 10% of total revenues. This compares to net income of approximately $136,000 or 7% of total revenues reported for the third quarter of 2020. The company had a net income for the nine months ended September 30, 2021 of approximately $514,000, or 7% of total revenues, as compared to the net income for the nine months ended September 30, 2020 of approximately $75,000, or 1% of total revenues.

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We finished the third quarter with approximately $4.1 million in cash and cash equivalents, as compared to the approximately $2.6 million at the end of 2020. Cash from operations has grown from $1.6 million to $3.1 million or 93%. We were recently informed the PPP loan the company received in 2020 has been forgiven by the government and will be accounted for in the fourth quarter. The valuation of the company using the average share price for the first nine months of the year is approximately $4.9 million as compared to the $4.1 million cash.

“We have made tremendous strides in improving our revenue growth and our profitability over the past year,” said David Houston, Chief Financial Officer of LiveWorld. “This has contributed to our cash from operations growing 136% year-over-year. Our total cash is equal to 84% of the average stock price of LiveWorld in 2021. We anticipate continued positive results for 2021.”

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

About LiveWorld

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LiveWorld is a digital agency and software company specializing in social media solutions that help companies build stronger customer relationships. We provide consulting, strategy, and creative along with human agents, conversation management software, and chatbots for digital campaigns and social media programs. Our solutions empower companies to deepen relationships with customers, professionals, patients and healthcare providers with emotion driven behavior change through conversations and campaigns with a human touch. LiveWorld clients include the number one brands in pharmaceuticals, consumer packaged goods, and financial-travel services. LiveWorld is headquartered in San Jose, 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)

 

September 30,

December 31,

2021

2020

ASSETS

Current assets

Cash and cash equivalent

$

4,082

 

$

2,552

 

Accounts receivable, net

 

1,541

 

 

1,179

 

Prepaid expenses

 

149

 

 

96

 

Total current assets

 

5,772

 

 

3,827

 

 

Property and equipment, net

 

41

 

 

43

 

Other assets

 

25

 

 

25

 

Total assets

$

5,838

 

$

3,895

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

175

 

$

139

 

Accrued employee expenses

 

1,226

 

 

680

 

Other accrued liabilities

 

29

 

 

68

 

Loan

 

1,026

 

 

921

 

Deferred revenue

 

1,643

 

 

897

 

Total current liabilities

 

4,099

 

 

2,705

 

Total liabilities

 

4,099

 

 

2,705

 

 

Stockholders' equity

Common stock: $0.001 par value, 100,000,000 shares authorized 45,633,442 issued and outstanding as of September 30, 2021 and December 31, 2020 respectively

 

34

 

 

34

 

Additional paid-in capital

 

143,686

 

 

143,651

 

Accumulated deficit

 

(141,981

)

 

(142,495

)

Total stockholders' equity

 

1,739

 

 

1,190

 

Total liabilities and stockholders' equity

$

5,838

 

$

3,895

 

LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

Three Months Ended
Sept 30,

Nine Months Ended
Sept 30,

2021

2020

2021

2020

Total revenues

$

2,686

 

$

2,010

 

$

7,409

 

$

6,019

 

Cost of revenues

 

1,193

 

 

942

 

 

3,695

 

 

2,960

 

Gross Margin

 

1,493

 

 

1,068

 

 

3,714

 

 

3,059

 

Operating Expense

Product development

 

208

 

 

188

 

 

643

 

 

652

 

Sales and marketing

 

409

 

 

237

 

 

967

 

 

773

 

General and administrative

 

608

 

 

487

 

 

1,567

 

 

1,472

 

Total operating expense

 

1,225

 

 

912

 

 

3,177

 

 

2,897

 

Income / (loss) from operations

 

268

 

 

156

 

 

537

 

 

162

 

Income / (loss) before tax

 

268

 

 

156

 

 

537

 

 

162

 

Other Income / Expense

 

-----------

 

 

(2

)

 

-----------

 

 

(67

)

Provision for income taxes

 

5

 

 

18

 

 

23

 

 

20

 

Net income / (loss)

 

263

 

 

136

 

 

514

 

 

75

 

 

Basic income / (loss) per share

$

0.01

 

$

0.00

 

$

0.01

 

$

0.00

 

Shares used in computing basic loss per share

 

45,633,442

 

 

45,633,442

 

 

45,633,442

 

 

45,633,442

 

Diluted net income (loss) per share

$

0.01

 

$

0.00

 

$

0.01

 

$

0.00

 

Shares used in computing diluted income (loss) per share

 

62,730,038

 

 

48,127,443

 

 

62,730,038

 

 

48,127,443

 

 

Departmental allocation of stock-based compensation:

Cost of revenues

$

4

 

$

2

 

$

8

 

$

6

 

Product development

 

1

 

3

 

 

4

 

9

 

Sales and marketing

 

1

 

 

2

 

 

4

 

 

8

 

General and administrative

 

7

 

 

4

 

 

19

 

 

12

 

Total stock-based compensation

$

13

 

$

11

 

$

35

 

$

35

 

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

Three Months Ended
Sept 30,

Nine Months Ended
Sept 30,

2021

2020

2021

2020

Cash flows from operating activities:

Net income (loss)

$

263

 

$

136

 

$

514

 

$

75

 

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

 

 

Depreciation of long-lived assets

 

5

 

 

3

 

 

14

 

 

8

 

Stock-based compensation

 

13

 

 

11

 

 

35

 

 

35

 

Changes in operating assets and liabilities:

Accounts receivable

 

703

 

 

(282

)

 

(362

)

 

(927

)

Other assets

 

22

 

 

(4

)

 

(55

)

 

77

 

Accounts payable

 

27

 

 

27

 

 

36

 

 

(93

)

Accrued liabilities

 

49

 

 

280

 

 

507

 

 

484

 

Deferred revenue

 

(270

)

 

174

 

 

747

 

 

969

 

Net cash provided by (used in) operating activities

 

812

 

 

345

 

 

1,436

 

 

628

 

Cash flows from investing activities:

Purchase of property and equipment

 

(3

)

 

(8

)

 

(12

)

 

(15

)

Net cash provided by (used in) investing activities

 

(3

)

 

(8

)

 

(12

)

 

(15

)

Cash flows from financing activities:

Loan

 

-----------

 

 

(54

)

 

106

 

 

973

 

Proceeds from exercise of stock options

 

-----------

 

 

----------

 

 

-----------

 

 

----------

 

Net cash provided by (used for) financing activities

 

-----------

 

 

(54

)

 

106

 

 

973

 

Change in cash and cash equivalent

 

809

 

 

283

 

 

1,530

 

 

1,586

 

Cash and cash equivalents, beginning of period

 

3,273

 

 

2,033

 

 

2,552

 

 

730

 

Cash and cash equivalents, end of period

$

4,082

 

$

2,316

 

$

4,082

 

$

2,316

 

 

Supplemental disclosure of non-cash financing and investing activities:

Income tax paid

$

5

 

$

18

 

$

23

 

$

20

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20211110005511/en/

CONTACT: LiveWorld ContactsIR Contact:

David Houston

LiveWorld

dhouston@liveworld.com

(408) 615-8496PR Contact:

Matthew Hammer

LiveWorld

mhammer@liveworld.com

(737) 212-9739

KEYWORD: CALIFORNIA NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: MARKETING ADVERTISING COMMUNICATIONS SOCIAL MEDIA TECHNOLOGY SOFTWARE INTERNET

SOURCE: LiveWorld, Inc.

Copyright Business Wire 2021.

PUB: 11/10/2021 04:30 PM/DISC: 11/10/2021 04:32 PM

http://www.businesswire.com/news/home/20211110005511/en