BusinessWire

LiveWorld Reports Full Year and Fourth Quarter Financial Results

CAMPBELL, Calif.--(BUSINESS WIRE)--LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the fourth quarter of 2019. Total revenues were approximately $1.9 million for the fourth quarter, as compared to the approximately $2.0 million in total revenues reported for the same period in 2018. The Company’s revenues for the twelve months ended December 31, 2019 were approximately $7.4 million, as compared to the $7.7 million for the twelve months ended December 31, 2018. The $7.4 million revenue compares to $6.0 million for the twelve months ended December 31, 2018 when excluding Walmart, or a 22% increase in non-Walmart revenue.

The Company reported a net income for the quarter of approximately $14,000, or 1% of total revenues. This compares to net income of approximately $41,000, or 2% of total revenues reported for the fourth quarter of 2018. The Company had a net loss for the twelve months ended December 31, 2019 of approximately $449,000, or 6% of total revenues, as compared to the net loss of approximately $637,000, or 8% of total revenues for the twelve months ended December 31, 2018.

The Company finished the fourth quarter with approximately $730,000 in cash and cash equivalents, as compared to the approximately $1.2 million at the end of 2018.

Our total revenues for 2019 were approximately $7.4 million an increase of approximately $1.4 million or 22% when compared to non-Walmart revenues for 2018. Our total healthcare revenues for 2019 were approximately $5.4 million as compared to the $4.3 million for 2018, or a 32% 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 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 empower companies to deepen customer relationships with emotion driven behavior change through campaigns with a human touch. The Company provides consulting, strategy, and creative along with human agents for moderation, engagement, customer care, and adverse events management, as well as conversation management software, and chatbots for digital campaigns and social media programs. 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,

 

2019

 

 

2018

 

ASSETS

Current assets

Cash and cash equivalent

$

730

 

$

1,152

 

Accounts receivable, net

 

843

 

 

362

 

Prepaid expenses

 

154

 

 

142

 

Total current assets

 

1,727

 

 

1,656

 

 

Property and equipment, net

 

15

 

 

24

 

Other assets

 

31

 

 

22

 

Total assets

$

1,773

 

$

1,702

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

190

 

$

83

 

Accrued employee expenses

 

388

 

 

386

 

Other accrued liabilities

 

33

 

 

38

 

Deferred revenue

 

383

 

 

340

 

Total current liabilities

 

994

 

 

847

 

Total liabilities

 

994

 

 

847

 

 

Stockholders' equity

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

 

34

 

 

34

 

Additional paid-in capital

 

143,606

 

 

143,233

 

Accumulated deficit

 

(142,861

)

 

(142,412

)

Total stockholders' equity

 

779

 

 

855

 

Total liabilities and stockholders' equity

$

1,773

 

$

1,702

 

LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

Three Months Ended

Twelve Months Ended

December 31,

December 31,

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Total revenues

$

1,860

 

$

2,009

 

$

7,374

 

$

7,709

 

Cost of revenues

 

905

 

 

824

 

 

3,559

 

 

3,258

 

Gross Margin

 

955

 

 

1,185

 

 

3,815

 

 

4,451

 

Operating Expense

Product development

 

279

 

 

405

 

 

1,228

 

 

1,703

 

Sales and marketing

 

229

 

 

282

 

 

1,099

 

 

1,219

 

General and administrative

 

455

 

 

462

 

 

1,950

 

 

2,161

 

Total operating expense

 

963

 

 

1,149

 

 

4,277

 

 

5,083

 

Income / (loss) from operations

 

(8

)

 

36

 

 

(462

)

 

(632

)

Income / (loss) before tax

 

(8

)

 

36

 

 

(462

)

 

(632

)

Other Income / Expense

 

1

 

 

1

 

 

2

 

 

4

 

Provision for income taxes

 

(21

)

 

(4

)

 

(11

)

 

9

 

Net income / (loss)

 

14

 

 

41

 

 

(449

)

 

(637

)

 

Basic income / (loss) per share

$

0.00

 

$

0.00

 

$

(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

 

$

0.00

 

$

(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

$

3

 

$

8

 

$

18

 

$

40

 

Product development

 

3

 

 

6

 

 

17

 

 

36

 

Sales and marketing

 

3

 

 

 

6

 

 

 

16

 

 

 

39

 

General and administrative

 

4

 

 

22

 

 

23

 

 

149

 

Total stock-based compensation

$

13

 

$

42

 

$

74

 

$

264

 

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

 

Three Months Ended
December 31,

Twelve Months Ended
December 31,

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Cash flows from operating activities:

Net income (loss)

$

14

 

$

41

 

$

(449

)

$

(637

)

Adjustments to reconcile net income (loss) provided by

(used in) operating activities:

Depreciation of long-lived assets

 

3

 

 

7

 

 

18

 

 

28

 

Stock-based compensation

 

13

 

 

42

 

 

74

 

 

264

 

Changes in operating assets and liabilities:

Accounts receivable

 

(330

)

 

132

 

 

(481

)

 

(58

)

Other assets

 

(23

)

 

18

 

 

(21

)

 

2

 

Accounts payable

 

31

 

 

(71

)

 

107

 

 

(107

)

Accrued liabilities

 

21

 

 

(129

)

 

(4

)

 

(296

)

Deferred revenue

 

(95

)

 

(367

)

 

43

 

 

(310

)

Net cash provided by (used in) operating activities

 

(366

)

 

(327

)

 

(713

)

 

(1,114

)

Cash flows from investing activities:

Purchase of property and equipment

 

(5

)

 

(3

)

 

(9

)

 

(4

)

Net cash provided by (used in) investing activities

 

(5

)

 

(3

)

 

(9

)

 

(4

)

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

 

(371

)

 

(330

)

 

(422

)

 

(1,118

)

Cash and cash equivalents, beginning of period

 

1,101

 

 

1,482

 

 

1,152

 

 

2,270

 

Cash and cash equivalents, end of period

$

730

 

$

1,152

 

$

730

 

$

1,152

 

 

Supplemental disclosure of non-cash financing and investing activities:

Income tax paid

$

(21

)

 

(4

)

$

(11

)

$

9

 

 


Contacts

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

PR Contact:
Jason Kapler
LiveWorld
jkapler@liveworld.com
(917) 722-8281