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LiveWorld Reports First Quarter Financial ResultsLiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the first quarter of 2020. Total revenues were approximately $1.9 million for the first quarter, as compared to the approximately $1.7 million in total revenues reported for the same period in 2019. This was an increase of approximately of $193,000 or 11% when compared to the first quarter of 2019. Healthcare related revenues grew 18% when comparing the first quarter of 2020 to 2019. We reported a net loss for the quarter of approximately $89,000, or 6% of total revenues. This compares to net loss of approximately $343,000, or 20% of total revenues reported for the first quarter of 2019. This reduction in the net loss of $254,000 was a result of the increased revenues and a reduction in the operating expenses when comparing the first quarter of 2020 to 2019. We finished the first quarter with approximately $335,000 in cash and cash equivalents, as compared to the approximately $730,000 at the end of 2019. This reduction of $395,000 in cash was a result of the net loss for the quarter, an increase in our accounts receivable of approximately $1.6 million, and timing of the 2020 contract renewals with clients. Additionally, in March we put a line of credit in place to simplify cash flow management as clients continue to extend payment terms. "Our first quarter financial results saw double digit growth in the healthcare sector along with a material reduction in operating expenses," said David Houston, Chief Financial Officer of LiveWorld. "We are expanding our digital marketing services which improved our top line revenues for the quarter, while focusing on key initiatives in sales, marketing, and product development." In the first quarter of 2020, we experienced some revenue attrition and project delays as a result of the COVID-19 pandemic. This reduction in revenue was offset by increases in other clients and new client acquisition. As of the end of the quarter the COVID-19 pandemic had a minimal impact on our business. "We are sober to the fact current and future market dynamics present new and difficult challenges in 2020," said Mr. Houston, "The COVID-19 pandemic brings material risk to every company, including LiveWorld. As of now we feel our long-term client relationships, reduced operating expenses, and new line of credit will provide us with stability for the foreseeable future." 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.
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