Healthcare Services Strength Drives Increases in Revenues, Profits, and Cash
- Third quarter total revenues of $2.7 million, up 34% year-over-year
- Net income of $263,000 or 10%, up 93% year-over-year
- Company received forgiveness of 2020 PPP loan of $1 million
- Third quarter healthcare revenues of $2.4 million, up 45% year-over-year
- Cash from operations was $3.1 million, up 136% year-over-year
- Met requirements of SEC rule 15c2-1, allowing the free trading of LVWD stock
LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the third quarter of 2021. Total revenues were approximately $2.7 million for the third quarter, as compared to the approximately $2.0 million in total revenues reported for the same period in 2020. This was an increase of approximately $676,000 or 34% when compared to the third quarter of 2020. Total revenues for the nine months ended September 30, 2021 were approximately $7.4 million, as compared to the $6.0 million for the nine months ended September 30, 2020. This was an increase of approximately $1.4 million or 23% when compared to the nine months ended September 30, 2020. Healthcare related revenues grew approximately 45% when compared to the third quarter of 2020.
We reported a net income for the quarter of approximately $263,000 or 10% of total revenues. This compares to net income of approximately $136,000 or 7% of total revenues reported for the third quarter of 2020. The company had a net income for the nine months ended September 30, 2021 of approximately $514,000, or 7% of total revenues, as compared to the net income for the nine months ended September 30, 2020 of approximately $75,000, or 1% of total revenues.
We finished the third quarter with approximately $4.1 million in cash and cash equivalents, as compared to the approximately $2.6 million at the end of 2020. Cash from operations has grown from $1.6 million to $3.1 million or 93%. We were recently informed the PPP loan the company received in 2020 has been forgiven by the government and will be accounted for in the fourth quarter. The valuation of the company using the average share price for the first nine months of the year is approximately $4.9 million as compared to the $4.1 million cash.
“We have made tremendous strides in improving our revenue growth and our profitability over the past year,” said David Houston, Chief Financial Officer of LiveWorld. “This has contributed to our cash from operations growing 136% year-over-year. Our total cash is equal to 84% of the average stock price of LiveWorld in 2021. We anticipate continued positive results for 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 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, |
|||||||
2021 |
2020 |
|||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalent |
$ |
4,082 |
|
$ |
2,552 |
|
||
Accounts receivable, net |
|
1,541 |
|
|
1,179 |
|
||
Prepaid expenses |
|
149 |
|
|
96 |
|
||
Total current assets |
|
5,772 |
|
|
3,827 |
|
||
Property and equipment, net |
|
41 |
|
|
43 |
|
||
Other assets |
|
25 |
|
|
25 |
|
||
Total assets |
$ |
5,838 |
|
$ |
3,895 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ |
175 |
|
$ |
139 |
|
||
Accrued employee expenses |
|
1,226 |
|
|
680 |
|
||
Other accrued liabilities |
|
29 |
|
|
68 |
|
||
Loan |
|
1,026 |
|
|
921 |
|
||
Deferred revenue |
|
1,643 |
|
|
897 |
|
||
Total current liabilities |
|
4,099 |
|
|
2,705 |
|
||
Total liabilities |
|
4,099 |
|
|
2,705 |
|
||
Stockholders' equity |
||||||||
Common stock: $0.001 par value, 100,000,000 shares authorized 45,633,442 issued and outstanding as of September 30, 2021 and December 31, 2020 respectively |
|
34 |
|
|
34 |
|
||
Additional paid-in capital |
|
143,686 |
|
|
143,651 |
|
||
Accumulated deficit |
|
(141,981 |
) |
|
(142,495 |
) |
||
Total stockholders' equity |
|
1,739 |
|
|
1,190 |
|
||
Total liabilities and stockholders' equity |
$ |
5,838 |
|
$ |
3,895 |
|
||
LIVEWORLD, INC. |
||||||||||||||||
CONDENSED STATEMENT OF OPERATIONS |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Total revenues |
$ |
2,686 |
|
$ |
2,010 |
|
$ |
7,409 |
|
$ |
6,019 |
|
||||
Cost of revenues |
|
1,193 |
|
|
942 |
|
|
3,695 |
|
|
2,960 |
|
||||
Gross Margin |
|
1,493 |
|
|
1,068 |
|
|
3,714 |
|
|
3,059 |
|
||||
Operating Expense |
||||||||||||||||
Product development |
|
208 |
|
|
188 |
|
|
643 |
|
|
652 |
|
||||
Sales and marketing |
|
409 |
|
|
237 |
|
|
967 |
|
|
773 |
|
||||
General and administrative |
|
608 |
|
|
487 |
|
|
1,567 |
|
|
1,472 |
|
||||
Total operating expense |
|
1,225 |
|
|
912 |
|
|
3,177 |
|
|
2,897 |
|
||||
Income / (loss) from operations |
|
268 |
|
|
156 |
|
|
537 |
|
|
162 |
|
||||
Income / (loss) before tax |
|
268 |
|
|
156 |
|
|
537 |
|
|
162 |
|
||||
Other Income / Expense |
|
----------- |
|
|
(2 |
) |
|
----------- |
|
|
(67 |
) |
||||
Provision for income taxes |
|
5 |
|
|
18 |
|
|
23 |
|
|
20 |
|
||||
Net income / (loss) |
|
263 |
|
|
136 |
|
|
514 |
|
|
75 |
|
||||
Basic income / (loss) per share |
$ |
0.01 |
|
$ |
0.00 |
|
$ |
0.01 |
|
$ |
0.00 |
|
||||
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 |
|
$ |
0.00 |
|
||||
Shares used in computing diluted income (loss) per share |
|
62,730,038 |
|
|
48,127,443 |
|
|
62,730,038 |
|
|
48,127,443 |
|
||||
Departmental allocation of stock-based compensation: |
||||||||||||||||
Cost of revenues |
$ |
4 |
|
$ |
2 |
|
$ |
8 |
|
$ |
6 |
|
||||
Product development |
|
1 |
|
3 |
|
|
4 |
|
9 |
|
||||||
Sales and marketing |
|
1 |
|
|
2 |
|
|
4 |
|
|
8 |
|
||||
General and administrative |
|
7 |
|
|
4 |
|
|
19 |
|
|
12 |
|
||||
Total stock-based compensation |
$ |
13 |
|
$ |
11 |
|
$ |
35 |
|
$ |
35 |
|
||||
LIVEWORLD, INC. |
||||||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS |
||||||||||||||||
(In thousands) |
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Cash flows from operating activities: |
||||||||||||||||
Net income (loss) |
$ |
263 |
|
$ |
136 |
|
$ |
514 |
|
$ |
75 |
|
||||
Adjustments to reconcile net income (loss) provided by (used in) operating activities: |
|
|
||||||||||||||
Depreciation of long-lived assets |
|
5 |
|
|
3 |
|
|
14 |
|
|
8 |
|
||||
Stock-based compensation |
|
13 |
|
|
11 |
|
|
35 |
|
|
35 |
|
||||
Changes in operating assets and liabilities: |
||||||||||||||||
Accounts receivable |
|
703 |
|
|
(282 |
) |
|
(362 |
) |
|
(927 |
) |
||||
Other assets |
|
22 |
|
|
(4 |
) |
|
(55 |
) |
|
77 |
|
||||
Accounts payable |
|
27 |
|
|
27 |
|
|
36 |
|
|
(93 |
) |
||||
Accrued liabilities |
|
49 |
|
|
280 |
|
|
507 |
|
|
484 |
|
||||
Deferred revenue |
|
(270 |
) |
|
174 |
|
|
747 |
|
|
969 |
|
||||
Net cash provided by (used in) operating activities |
|
812 |
|
|
345 |
|
|
1,436 |
|
|
628 |
|
||||
Cash flows from investing activities: |
||||||||||||||||
Purchase of property and equipment |
|
(3 |
) |
|
(8 |
) |
|
(12 |
) |
|
(15 |
) |
||||
Net cash provided by (used in) investing activities |
|
(3 |
) |
|
(8 |
) |
|
(12 |
) |
|
(15 |
) |
||||
Cash flows from financing activities: |
||||||||||||||||
Loan |
|
----------- |
|
|
(54 |
) |
|
106 |
|
|
973 |
|
||||
Proceeds from exercise of stock options |
|
----------- |
|
|
---------- |
|
|
----------- |
|
|
---------- |
|
||||
Net cash provided by (used for) financing activities |
|
----------- |
|
|
(54 |
) |
|
106 |
|
|
973 |
|
||||
Change in cash and cash equivalent |
|
809 |
|
|
283 |
|
|
1,530 |
|
|
1,586 |
|
||||
Cash and cash equivalents, beginning of period |
|
3,273 |
|
|
2,033 |
|
|
2,552 |
|
|
730 |
|
||||
Cash and cash equivalents, end of period |
$ |
4,082 |
|
$ |
2,316 |
|
$ |
4,082 |
|
$ |
2,316 |
|
||||
Supplemental disclosure of non-cash financing and investing activities: |
||||||||||||||||
Income tax paid |
$ |
5 |
|
$ |
18 |
|
$ |
23 |
|
$ |
20 |
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211110005511/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
