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LiveWorld Reports Second Quarter 2022 Financial Results

·7-min read

- Ninth consecutive profitable quarter for Company -

CAMPBELL, Calif. & NEW YORK, August 11, 2022--(BUSINESS WIRE)--LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the second quarter of 2022.

Q2 2022 Financial and Business Highlights

  • Q2 total revenues of $2.7 million, up 9% year-over-year

  • Six months total revenues of $5.2 million, up 10% year-over-year

  • Q2 Healthcare revenues of $2.4 million, up 10% year-over-year

  • Net income from operations of $139,000 or 5%

  • Cash increased to $3.5 million, or 21% from the first quarter of 2022

  • The company continues to operate using no debt

Management Commentary

"Our second quarter was the ninth consecutive quarter of profitability combined with double digit growth in our healthcare related revenues," said David Houston, Chief Financial Officer of LiveWorld. "Our focus on running the business profitably while expanding our efforts in the healthcare sector are paying off in 2022. We expect to see continued profitability for the rest of the fiscal year, even as we invest in our sales and marketing to grow our revenues."

"We are in a very solid financial position with a history of proven profitability, our improved cash and current asset position, and doing it without incurring any debt. Given our ability to generate cash from operations and our profits we do not see a need to use any debt in the future," said David Houston. "Given the current economic climate our client relationships are stable as we have increased current client revenues by providing new and additional services to our client base."

Financial Review for Q2 and Six Months Ended June 30th

Total revenues were approximately $2.7 million for the second quarter, as compared to the approximately $2.5 million in total revenues reported for the same period in 2021. This was an increase of approximately $226,000 or 9% when compared to the second quarter of 2021. Total revenues for the six months ended June 30, 2022 were approximately $5.2 million, as compared to the $4.7 million for the six months ended June 30, 2021. This was an increase of approximately $453,000 or 10% when compared to the six months ended June 30, 2021. The healthcare related revenues grew 10% when compared to the second quarter of 2021.

The company reported net income for the quarter of approximately $139,000 or 5% of total revenues. This compares to net income of approximately $130,000 or 5% of total revenues reported for the second quarter of 2021. The company recorded net income for the six months period ended June 30, 2022, of approximately $261,000, or 5% of total revenues, as compared to the net income for the six months ended June 30, 2021, of approximately $251,000, or 5% of total revenues.

The company finished the second quarter with approximately $3.5 million in cash and cash equivalents, an increase of approximately $600,000 or 21% from the end of Q1 of 2022 and approximately $3.6 million compared to the end of 2021.

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 digital agency specializing in social media and technology solutions that help companies spark emotional conversations, build stronger customer relationships, and drive behavior change. We live at the intersection of bold creative rooted in strategy that inspires, moderation that activates human interactions, and technology that enriches and scales customer experiences.

With over 25 years of making connections, our integrated team leverages 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)

June 30,

December 31,

2022

2021

ASSETS

Current assets

Cash and cash equivalent

$

3,548

$

3,551

Accounts receivable, net

2,476

1,773

Prepaid expenses

238

156

Total current assets

6,262

5,480

Property and equipment, net

48

47

Other assets

24

25

Total assets

$

6,334

$

5,552

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

547

$

231

Accrued employee expenses

694

1,076

Other accrued liabilities

34

14

Deferred revenue

1,664

1,169

Total current liabilities

2,939

2,490

Total liabilities

2,939

2,490

Stockholders' equity

Common stock: $0.001 par value, 100,000,000 shares authorized 45,633,442 issued and outstanding as of June 30, 2022 and December 31, 2021 respectively

34

34

Additional paid-in capital

143,772

143,701

Accumulated deficit

(140,411

)

(140,673

)

Total stockholders' equity

3,395

3,062

Total liabilities and stockholders' equity

$

6,334

$

5,552

LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

Three Months Ended

June 30,

Six Months Ended

June 30,

2022

2021

2022

2021

Total revenues

$

2,725

$

2,499

$

5,176

$

4,723

Cost of revenues

1,294

1,346

2,532

2,502

Gross Margin

1,431

1,153

2,644

2,221

Operating Expense

Product development

243

218

445

435

Sales and marketing

391

306

792

559

General and administrative

609

484

1,091

958

Total operating expense

1,243

1,008

2,328

1,952

Income / (loss) from operations

188

145

316

269

Income / (loss) before tax

188

145

316

269

Other Income / Expense

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

-----------

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

-----------

Provision for income taxes

49

15

55

18

Net income / (loss)

139

130

261

251

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

45,633,442

65,585,134

45,633,442

65,585,134

Departmental allocation of stock-based compensation:

Cost of revenues

$

12

$

3

$

21

$

4

Product development

3

1

4

3

Sales and marketing

7

1

11

3

General and administrative

24

7

36

12

Total stock-based compensation

$

46

$

12

$

72

$

22

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

2022

2021

2022

2021

Cash flows from operating activities:

Net income (loss)

$

139

$

130

$

261

$

251

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

Depreciation of long-lived assets

6

5

12

9

Stock-based compensation

46

12

72

22

Changes in operating assets and liabilities:

Accounts receivable

175

(66

)

(703

)

(1,065

)

Other assets

153

40

(80

)

(77

)

Accounts payable

237

4

316

9

Accrued liabilities

(99

)

375

(363

)

458

Deferred revenue

(31

)

565

494

1,017

Net cash provided by (used in) operating activities

626

1,065

9

624

Cash flows from investing activities:

Purchase of property and equipment

(10

)

(4

)

(12

)

(9

)

Net cash provided by (used in) investing activities

(10

)

(4

)

(12

)

(9

)

Cash flows from financing activities:

Loan

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

-----------

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

106

Proceeds from exercise of stock options

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

-----------

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

-----------

Net cash provided by (used for) financing activities

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

-----------

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

106

Change in cash and cash equivalent

616

1,061

(3

)

721

Cash and cash equivalents, beginning of period

2,932

2,212

3,551

2,552

Cash and cash equivalents, end of period

$

3,548

$

3,273

$

3,548

$

3,273

Supplemental disclosure of non-cash financing and investing activities:

Income taxes paid

$

49

$

15

$

55

$

18

View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005661/en/

Contacts

LiveWorld Contacts

IR Contact:
David Houston
LiveWorld
dhouston@liveworld.com
(408) 615-8496

PR Contact:
Matthew Hammer
LiveWorld
mhammer@liveworld.com
(737) 212-9739