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LiveWorld Reports 2020 Financial Results
[March 30, 2021]

LiveWorld Reports 2020 Financial Results


LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the fourth quarter of 2020. Total revenues were approximately $2.5 million for the fourth quarter, as compared to the approximately $1.9 million in total revenues reported for the same period in 2019. This was an increase of approximately $681,000 or 37% when compared to the fourth quarter of 2019. Total revenues for the twelve months ended December 31, 2020 were approximately $8.6 million, as compared to the $7.4 million for the twelve months ended December 31, 2019. This was an increase of approximately $1.2 million or 16% when compared to the twelve months ended December 31, 2019. Healthcare related revenues grew 46% when comparing the fourth quarter of 2020 to 2019 and grew 21% when comparing the full year 2020 to 2019.

We reported a net income for the quarter of approximately $291,000 or 11% of total revenues. This compares to net income of approximately $14,000 or 1% of total revenues reported for the fourth quarter of 2019. The company had a net income for the twelve months ended December 31, 2020 of approximately $366,000, or 4% of total revenues, as compared to the net loss for the twelve months ended December 31, 2019 of approximately $449,000 or 6% of total revenues.

We finished the fourth quarter with approximately $2.6 million in cash and cash equivalents, as compared to the approximately $730,000 at the end of 2019. We received proceeds from a loan of approximately $1.0 million, while cash from operations was approximately $1.5 million, an increase of approximately $806,000 or 110% from the end of 2019.

"The 2020 operating results saw an improvement of almost $900,000 from 2019 to 2020 or approximately 10% of the total 2020 revenues," said David Houston, Chief Financial Officer of LiveWorld. "In 2020 we were steadfastly focused on growing our revenue in healthcare while managing the bottom line to profitability. We anticipate both revenue and the operating result to see boosts in 2021."

Detailed financial information may be downloaded at www.liveworld.com/ir (LiveWorld's Investor Relations page).

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)

 

December 31,

December 31,

2020

2019

ASSETS

Current assets

Cash and cash equivalent

$

2,552

$

730

Accounts receivable, net

 

1,179

 

843

Prepaid expenses

 

96

 

154

Total current assets

 

3,827

 

1,727

 

Property and equipment, net

 

43

 

15

Other assets

 

25

 

31

Total assets

$

3,895

$

1,773

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

139

$

190

Accrued employee expenses

 

680

 

388

Other accrued liabilities

 

68

 

33

Loan

 

921

---------

Deferred revenue

 

897

 

383

Total current liabilities

 

2,705

 

994

Total liabilities

 

2,705

 

994

 

Stockholders' equity

Common stock: $0.001 par value, 100,000,000 shares authorized 45,633,442 issued and outstanding as of December 31, 2020 and December 31, 2019 respectively

 

34

 

34

Additional paid-in capital

 

143,651

 

143,606

Accumulated deficit

 

(142,495)

 

(142,861)

Total stockholders' equity

 

1,190

 

779

Total liabilities and stockholders' equity

$

3,895

$

1,773


LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2020

2019

2020

2019

Total revenues

$

2,541

$

1,860

$

8,560

$

7,374

Cost of revenues

 

1,200

 

905

 

4,160

 

3,559

Gross Margin

 

1,341

 

955

 

4,400

 

3,815

Operating Expense

Product development

 

228

 

279

 

880

 

1,228

Sales and marketing

 

285

 

229

 

1,058

 

1,099

General and administrative

 

557

 

455

 

2,029

 

1,950

Total operating expense

 

1,070

 

963

 

3,967

 

4,277

Income / (loss) from operations

 

271

 

(8)

 

433

 

(462)

Income / (loss) before tax

 

271

 

(8)

 

433

 

(462)

Other Income / Expense

 

(1)

 

1

 

(68)

 

2

Provision for income taxes

 

(21)

 

(21)

 

(1)

 

(11)

Net income / (loss)

 

291

 

14

 

366

 

(449)

 

Basic income / (loss) per share

$

0.01

$

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

$

0.01

$

0.00

$

0.01

$

(0.01)

Shares used in computing diluted income (loss) per share

 

59,404,153

 

45,633,442

 

48,127,547

 

45,633,442

 

Departmental allocation of stock-based compensation:

Cost of revenues

$

1

$

3

$

8

$

18

Product development

 

3

 

3

 

11

 

17

Sales and marketing

 

2

 

 

3

 

 

10

 

 

16

General and administrative

 

4

 

4

 

16

 

23

Total stock-based compensation

$

10

$

13

$

45

$

74

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2020

2019

 

2020

2019

Cash flows from operating activities:

Net income (loss)

$

291

$

14

$

366

$

(449)

Adjustments to reconcile net income (loss) provided

by (used in) operating activities:

 

 

Depreciation of long-lived assets

 

3

 

3

 

11

 

18

Stock-based compensation

 

10

 

13

 

45

 

74

Changes in operating assets and liabilities:

Accounts receivable

 

591

 

(330)

 

(336)

 

(481)

Other assets

 

(12)

 

(23)

 

63

 

(21)

Accounts payable

 

42

 

31

 

(51)

 

107

Accrued liabilities

 

(156)

 

21

 

329

 

(4)

Deferred revenue

 

(456)

 

(95)

 

514

 

43

Net cash provided by (used in) operating activities

 

313

 

(366)

 

941

 

(713)

Cash flows from investing activities:

Purchase of property and equipment

 

(25)

 

(5)

 

(40)

 

(9)

Net cash provided by (used in) investing activities

 

(25)

 

(5)

 

(40)

 

(9)

Capital Investment

----------

---------

----------

 

300

Loan

 

(52)

 

921

Proceeds from exercise of stock options

----------

---------

----------

---------

Net cash provided by (used for) financing activities

 

(52)

---------

 

921

 

300

Change in cash and cash equivalent

 

236

 

(371)

 

1,822

 

(422)

Cash and cash equivalents, beginning of period

 

2,316

 

1,101

 

730

 

1,152

Cash and cash equivalents, end of period

$

2,552

$

730

$

2,552

$

730

 

Supplemental disclosure of non-cash financing and investing activities:

Income tax paid

$

(21)

$

(21)

$

(1)

$

(11)

 


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