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LiveWorld Reports Third Quarter 2023 Financial Results

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

Q3 and Nine Months 2023 Financial and Business Highlights

  • Total Q3 revenues of $2.8 million, in-line with same period a year ago
  • First nine months total revenues were $8.6 million, an increase of 8% over year ago period
  • Healthcare revenues of $2.4 million during Q3
  • Net income from operations of $46,000, or 4% of revenues
  • Cash increased by $1.2 million to $5.0 million from December 31st 2022

Management Commentary

"LiveWorld continues to lead the charge in developing and implementing compliant social media solutions that build brand trust and unlock business value through deeper patient and HCP engagement," said Peter Friedman, Chairman and CEO, LiveWorld. "We recently commissioned a research study In partnership with the Digital Health Coalition Group (DHCG) that examines and calculates social media ROI justifying spending levels of this rapidly ascending and evolving channel."

“The third quarter revenues were in-line with those reported a year ago as we experienced some shifts in revenue contracts and some seasonality in the third quarter. While at times there can be fluctuations in the revenues, depending on certain customers and projects we are working on, the company continued to remain profitable and continued to contribute cash flow and add to our cash position, which is now approximately $5 million,” remarked David Houston, Chief Financial Officer of LiveWorld. “We will make material investments in developing the new revenue opportunities and these investments could come as early as the fourth quarter of this year.”

Financial Review for the Three and Nine Months Ended September 30, 2023

Total revenues were approximately $2.8 million for the three months, in-line compared to the approximately $2.8 million in total revenues reported for the same period in 2022. This was a decrease of approximately $17,000 or 1% when compared to the three months of 2022.

Total revenues were approximately $8.6 million for the nine months, as compared to the approximately $8.0 million in total revenues reported for the same period in 2022. This was an increase of approximately $625,000 or 8% when compared to the nine months of 2022.

The company reported net income for the third quarter of approximately $46,000 or 4% of total revenues. This compares to net income of approximately $253,000 or 10% of total revenues reported for the third quarter of 2022. The lower margin is due to a higher tax liability stemming from clients located in states that carries a higher tax rates and changes in the federal treatment of R&E.

The company reported net income for the nine months of 2023 of approximately $344,000 or 7% of total revenues. This compares to net income of approximately $514,000 or 7% of total revenues reported for the nine months of 2022.

The company finished the third quarter with approximately $5.0 million in cash and cash equivalents, and approximately $3.8 million compared to 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 with deep compliance, customer engagement, and support 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 enabling and accelerating digital campaigns.

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)

 

September 30

December 31,

 

2023

 

 

2022

 

ASSETS

Current assets

Cash and cash equivalent

$

4,971

 

$

3,801

 

Accounts receivable, net

 

1,901

 

 

2,583

 

Prepaid expenses

 

223

 

 

180

 

Total current assets

 

7,095

 

 

6,564

 

 

Property and equipment, net

 

46

 

 

43

 

Other assets

 

26

 

 

26

 

Total assets

$

7,167

 

$

6,633

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

195

 

$

203

 

Accrued employee expenses

 

612

 

 

791

 

Other accrued liabilities

 

224

 

 

52

 

Deferred revenue

 

1,351

 

 

1,326

 

Total current liabilities

 

2,382

 

 

2,372

 

Total liabilities

 

2,382

 

 

2,372

 

 

Stockholders' equity

Common stock: $0.001 par value, 100,000,000 shares authorized 45,633,442 issued and outstanding as of September 30, 2023 and December 31, 2022 respectively

 

34

 

 

34

 

Additional paid-in capital

 

144,063

 

 

143,883

 

Accumulated deficit

 

(139,312

)

 

(139,656

)

Total stockholders' equity

 

4,785

 

 

4,261

 

Total liabilities and stockholders' equity

$

7,167

 

$

6,633

 

LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

Three Months Ended

Sept 30,

Nine Months Ended

Sept 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

Total revenues

$

2,760

$

2,777

$

8,578

$

7,953

Cost of revenues

 

1,453

 

1,374

 

4,246

 

3,906

Gross Margin

 

1,307

 

1,403

 

4,332

 

4,047

Operating Expense

Product development

 

253

 

252

 

785

 

697

Sales and marketing

 

359

 

268

 

1,240

 

1,060

General and administrative

 

585

 

619

 

1,798

 

1,712

Total operating expense

 

1,197

 

1,139

 

3,823

 

3,469

Income / (loss) from operations

 

110

 

264

 

509

 

578

Income / (loss) before tax

 

110

 

264

 

509

 

578

Other Income / Expense

 

1

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

 

3

 

1

Provision for income taxes

 

65

 

11

 

168

 

65

Net income / (loss)

 

46

 

253

 

344

 

514

 

Basic income / (loss) per share

$

0.00

$

0.01

$

0.01

$

0.01

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

$

0.00

$

0.01

$

0.01

$

0.01

Shares used in computing diluted income (loss) per share

 

63,042,604

 

62,916,831

 

65,033,524

 

62,566,831

 

Departmental allocation of stock-based compensation:

Cost of revenues

$

15

$

12

$

44

$

34

Product development

 

4

 

3

 

10

 

7

Sales and marketing

 

8

 

8

 

25

 

18

General and administrative

 

35

 

30

 

102

 

66

Total stock-based compensation

$

62

$

53

$

181

$

125

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

Three Months Ended

Sept 30,

Nine Months Ended

Sept 30,

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

Net income (loss)

$

46

 

$

253

 

$

344

 

$

514

 

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

Depreciation of long-lived assets

 

8

 

 

7

 

 

23

 

 

19

 

Stock-based compensation

 

62

 

 

53

 

 

181

 

 

125

 

Changes in operating assets and liabilities:

Accounts receivable

 

205

 

 

252

 

 

681

 

 

(451

)

Other assets

 

21

 

 

29

 

 

(42

)

 

(53

)

Accounts payable

 

(135

)

 

(399

)

 

(8

)

 

(83

)

Accrued liabilities

 

147

 

 

38

 

 

(7

)

 

(324

)

Deferred revenue

 

(339

)

 

(232

)

 

24

 

 

263

 

Net cash provided by (used in) operating activities

 

15

 

 

1

 

 

1,196

 

 

10

 

Cash flows from investing activities:

Purchase of property and equipment

 

(6

)

 

(2

)

 

(26

)

 

(14

)

Net cash provided by (used in) investing activities

 

(6

)

 

(2

)

 

(26

)

 

(14

)

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

 

9

 

 

(1

)

 

1,170

 

 

(4

)

Cash and cash equivalents, beginning of period

 

4,962

 

 

3,548

 

 

3,801

 

 

3,551

 

Cash and cash equivalents, end of period

$

4,971

 

$

3,547

 

$

4,971

 

$

3,547

 

 

Supplemental disclosure of non-cash financing and investing activities:

Income taxes paid

$

65

 

$

11

 

$

168

 

$

65

 

 

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