LiveWorld Reports Second Quarter Financial Results

–Innovative Healthcare Digital Marketing Agency Delivers 14 Consecutive Quarters of Growth

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

Q2 2023 Financial and Business Highlights

  • Total revenues of $3.1 million, up 13% year-over-year
  • Healthcare revenues of $2.7 million, up 13% year-over-year
  • Net income from operations of $164,000, or 5% of revenues
  • Cash increased by $1.2 million to $5.0 million from December 31st 2022
  • Recognized as top performing healthcare digital agency in North America by MM+M

Management Commentary

“Our second quarter results demonstrate that we are continuing to deliver valuable solutions to our clients, primarily in the healthcare arena, as well as expanding our client base,” said Peter Friedman, Chairman and CEO, LiveWorld. “We’ve just achieved reaching the MM&M (Medical Marketing + Media) annual list of the top 100 healthcare agencies by revenue. This recognition is prestigious in its own right and reflects that our core offerings, social media expertise creative campaigns, and compliance implementation, are being sought out by healthcare industry leaders, including pharmaceutical, medical device, and hospital companies.”

“We ended our second quarter of operations marking our 14th consecutive quarter over quarter revenue growth, while continuing to generate healthy profits and cash from operations,” remarked David Houston, Chief Financial Officer of LiveWorld. “We not only saw an increase in our top line revenue, we also experienced increases across the board growth in our creative services, moderation, and SaaS software license revenue. For the second half of 2023, we anticipate continued revenue growth while maintaining our profitability.”

Financial Review for the Three and Six Months Ended June 30, 2023

Total revenues were approximately $3.1 million for the three months, as compared to the approximately $2.7 million in total revenues reported for the same period in 2022. This was an increase of approximately $345,000 or 13% when compared to the three months of 2022.

Total revenues were approximately $5.8 million for the six months, as compared to the approximately $5.2 million in total revenues reported for the same period in 2022. This was an increase of approximately $642,000 or 12% when compared to the six months of 2022.

The company reported net income for the second quarter of approximately $164,000 or 5% of total revenues. This compares to net income of approximately $139,000 or 5% of total revenues reported for the second quarter of 2022.

The company reported net income for the six months of 2023 of approximately $298,000 or 5% of total revenues. This compares to net income of approximately $261,000 or 5% of total revenues reported for the six months of 2022.

The company finished the second 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 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)

 

 

 

 

 

June 30,

 

December 31,

 

2023

 

2022

ASSETS

Current assets

Cash and cash equivalent

$

4,962

 

$

3,801

 

Accounts receivable, net

 

2,107

 

 

2,583

 

Prepaid expenses

 

243

 

 

180

 

Total current assets

 

7,312

 

 

6,564

 

 

Property and equipment, net

 

48

 

 

43

 

Other assets

 

26

 

 

26

 

Total assets

$

7,386

 

$

6,633

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

330

 

$

203

 

Accrued employee expenses

 

598

 

 

791

 

Other accrued liabilities

 

91

 

 

52

 

Deferred revenue

 

1,690

 

 

1,326

 

Total current liabilities

 

2,709

 

 

2,372

 

Total liabilities

 

2,709

 

 

2,372

 

 

Stockholders' equity

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

 

34

 

 

34

 

Additional paid-in capital

 

144,001

 

 

143,883

 

Accumulated deficit

 

(139,358

)

 

(139,656

)

Total stockholders' equity

 

4,677

 

 

4,261

 

Total liabilities and stockholders' equity

$

7,386

 

$

6,633

 

LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2023

 

2022

 

2023

 

2022

Total revenues

$

3,070

$

2,725

$

5,818

$

5,176

Cost of revenues

 

1,477

 

1,294

 

2,793

 

2,532

Gross Margin

 

1,593

 

1,431

 

3,025

 

2,644

Operating Expense

Product development

 

272

 

243

 

531

 

445

Sales and marketing

 

451

 

391

 

881

 

792

General and administrative

 

606

 

609

 

1,213

 

1,091

Total operating expense

 

1,329

 

1,243

 

2,625

 

2,328

Income / (loss) from operations

 

264

 

188

 

400

 

316

Income / (loss) before tax

 

264

 

188

 

400

 

316

Other Income / Expense

 

1

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

 

2

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

Provision for income taxes

 

101

 

49

 

104

 

55

Net income / (loss)

 

164

 

139

 

298

 

261

 

Basic income / (loss) per share

$

0.00

$

0.00

$

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

$

0.00

$

0.01

$

0.00

Shares used in computing diluted income (loss) per share

 

64,633,442

 

62,373,776

 

64,633,442

 

62,373,776

 

Departmental allocation of stock-based compensation:

Cost of revenues

$

15

$

12

$

29

$

21

Product development

 

3

 

3

 

7

 

4

Sales and marketing

 

8

 

 

7

 

 

16

 

 

11

General and administrative

 

34

 

 

24

 

 

67

 

 

36

Total stock-based compensation

$

60

$

46

$

119

$

72

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2023

 

2022

 

2023

 

2022

Cash flows from operating activities:

Net income (loss)

$

164

 

$

139

 

$

298

 

$

261

 

Adjustments to reconcile net income (loss) provided by

(used in) operating activities:

Depreciation of long-lived assets

 

8

 

 

6

 

 

15

 

 

12

 

Stock-based compensation

 

60

 

 

46

 

 

119

 

 

72

 

Changes in operating assets and liabilities:

Accounts receivable

 

575

 

 

175

 

 

476

 

 

(703

)

Other assets

 

46

 

 

153

 

 

(64

)

 

(80

)

Accounts payable

 

82

 

 

237

 

 

127

 

 

316

 

Accrued liabilities

 

87

 

 

(99

)

 

(154

)

 

(363

)

Deferred revenue

 

(436

)

 

(31

)

 

364

 

 

494

 

Net cash provided by (used in) operating activities

 

586

 

 

626

 

 

1,181

 

 

9

 

Cash flows from investing activities:

Purchase of property and equipment

 

(16

)

 

(10

)

 

(20

)

 

(12

)

Net cash provided by (used in) investing activities

 

(16

)

 

(10

)

 

(20

)

 

(12

)

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

 

570

 

 

616

 

 

1,161

 

 

(3

)

Cash and cash equivalents, beginning of period

 

4,392

 

 

2,932

 

 

3,801

 

 

3,551

 

Cash and cash equivalents, end of period

$

4,962

 

$

3,548

 

$

4,962

 

$

3,548

 

 

Supplemental disclosure of non-cash financing and investing activities:

Income taxes paid

$

101

 

$

49

 

$

104

 

$

55

 

 

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