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LiveWorld Reports Third Quarter Financial Results
[November 19, 2019]

LiveWorld Reports Third Quarter Financial Results


LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the third quarter of 2019. Total revenues were approximately $1.9 million for the third quarter, as compared to the approximately $1.6 million in total revenues reported for the same period in 2018. The Company's revenues for the nine months ended September 30, 2019 were approximately $5.5 million, as compared to the $5.7 million for the nine months ended September 30, 2018. The $5.5 million revenue compares to $4.0 million for the nine months ended September 30, 2019 when excluding Walmart, or a 37% increase in non-Walmart revenue.

The Company reported a net loss for the quarter of approximately $50,000, or 2% of total revenues. This compares to net loss of approximately $188,000, or 12% of total revenues reported for the third quarter of 2018. The Company had a net loss for the nine months ended September 30, 2019 of approximately $463,000, or 8% of total revenues, as compared to the net loss of approximately $678,000, or 12% of total revenues for the nine months ended September 30, 2018.

The Company finished the third quarter with approximately $1.1 million in cash and cash equivalents, as compared to the approximately $1.2 million at the end of 2018.

"Our total revenues for the third quarter were approximately $1.9 million, an increase of approximately $344,000 or 22% when compared to the third quarter of 2018. Our total healthcare revenues for the nine months ended September 30th were approximately $4.4 million as compared to the nine months ended September 30th 2018 of $2.8 million, or a 58% growth rate," said David Houston, Chief Financial Officer of LiveWorld, "We will continue to focus our efforts on the healthcare market as a means to grow top line revenues for the company."

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 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,

2019

2018

ASSETS

Current assets

Cash and cash equivalent

$

1,101

 

$

1,152

 

Accounts receivable, net

 

513

 

 

362

 

Prepaid expenses

 

142

 

 

142

 

Total current assets

 

1,756

 

 

1,656

 

 

Property and equipment, net

 

13

 

 

24

 

Other assets

 

22

 

 

22

 

Total assets

$

1,791

 

$

1,702

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

159

 

$

83

 

Accrued employee expenses

 

372

 

 

386

 

Other accrued liabilities

 

28

 

 

38

 

Deferred revenue

 

479

 

 

340

 

Total current liabilities

 

1,038

 

 

847

 

Total liabilities

 

1,038

 

 

847

 

 

Stockholders' equity

Common stock: $0.001 par value, 100,000,000 shares authorized 45,633,442 issued and outstanding as of September 30, 2019 and 33,388,545 as of December 31, 2018 respectively

 

34

 

 

34

 

Additional paid-in capital

 

143,593

 

 

143,233

 

Accumulated deficit

 

(142,874

)

 

(142,412

)

Total stockholders' equity

 

753

 

 

855

 

Total liabilities and stockholders' equity

$

1,791

 

$

1,702

 


LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

Three Months Ended

Sept 30,

Nine Months Ended

Sept 30,

2019

2018

2019

2018

Total revenues

$

1,906

 

$

1,562

 

$

5,514

 

$

5,700

 

Cost of revenues

 

897

 

 

695

 

 

2,654

 

 

2,434

 

Gross Margin

 

1,009

 

 

867

 

 

2,860

 

 

3,266

 

Operating Expense

Product development

 

293

 

 

370

 

 

950

 

 

1,298

 

Sales and marketing

 

281

 

 

204

 

 

870

 

 

937

 

General and administrative

 

485

 

 

482

 

 

1,495

 

 

1,699

 

Total operating expense

 

1,059

 

 

1,056

 

 

3,315

 

 

3,934

 

Income / (loss) from operations

 

(50

)

 

(189

)

 

(455

)

 

(668

)

Income / (loss) before tax

 

(50

)

 

(189

)

 

(455

)

 

(668

)

Other Income / Expense

---------

 

1

 

 

2

 

 

3

 

Provision for income taxes

---------

--------

 

10

 

 

13

 

Net income / (loss)

 

(50

)

 

(188

)

 

(463

)

 

(678

)

 

Basic income / (loss) per share

$

(0.00

)

$

(0.01

)

$

(0.01

)

$

(0.02

)

Shares used in computing basic loss per share

 

45,633,442

 

 

33,388,545

 

 

45,633,442

 

 

33,388,545

 

Diluted net income (loss) per share

$

(0.00

)

$

(0.01

)

$

(0.01

)

$

(0.02

)

Shares used in computing diluted income (loss) per share

 

45,633,442

 

 

33,388,545

 

 

45,633,442

 

 

33,388,545

 

 

Departmental allocation of stock-based compensation:

Cost of revenues

$

5

 

$

7

 

$

15

 

$

32

 

Product development

 

3

 

 

 

9

 

 

 

14

 

 

 

30

 

Sales and marketing

 

3

 

 

10

 

 

13

 

 

33

 

General and administrative

 

4

 

 

32

 

 

19

 

 

127

 

Total stock-based compensation

$

15

 

$

58

 

$

61

 

$

222

 

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

Three Months Ended
Sept 30,

Nine Months Ended
Sept 30,

2019

2018

2019

2018

Cash flows from operating activities:

Net income (loss)

$

(50

)

$

(188

)

$

(463

)

$

(678

)

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

Depreciation of long-lived assets

 

3

 

 

7

 

 

15

 

 

21

 

Stock-based compensation

 

15

 

 

58

 

 

61

 

 

222

 

Changes in operating assets and liabilities:

Accounts receivable

 

(43

)

 

(48

)

 

(151

)

 

(189

)

Other assets

 

12

 

 

(26

)

 

2

 

 

(16

)

Accounts payable

 

45

 

 

38

 

 

76

 

 

(36

)

Accrued liabilities

 

(35

)

 

(31

)

 

(25

)

 

(168

)

Deferred revenue

 

(34

)

 

352

 

 

138

 

 

57

 

Net cash provided by (used in) operating activities

 

(87

)

 

162

 

 

(347

)

 

(787

)

Cash flows from investing activities:

Purchase of property and equipment

---------

--------

 

(4

)

 

(1

)

Net cash provided by (used in) investing activities

---------

--------

 

(4

)

 

(1

)

Cash flows from financing activities:

Capital Investment

---------

 

--------

 

 

300

 

 

--------

Proceeds from exercise of stock options

---------

--------

---------

--------

Net cash provided by (used for) financing activities

---------

--------

 

300

 

--------

Change in cash and cash equivalent

 

(87

)

 

162

 

 

(51

)

 

(788

)

Cash and cash equivalents, beginning of period

 

1,188

 

 

1,320

 

 

1,152

 

 

2,270

 

Cash and cash equivalents, end of period

$

1,101

 

$

1,482

 

$

1,101

 

$

1,482

 

 

Supplemental disclosure of non-cash financing and investing activities:

Income tax paid

$

---------

--------

$

10

 

$

13

 

 


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