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LiveWorld Reports: Full Year 2022 Financial Results

Company sees third straight year of improved operating results.

LiveWorld, Inc. (OTC Markets: LVWD) today reported financial results for the fiscal year ending December 31, 2022.

2022 Financial and Business Highlights

  • Total revenues of $11.1 million, up 11% year-over-year
  • Healthcare revenues of $9.9 million, up 12% year-over-year
  • Top four clients grew approximately 15% – 25%
  • Net income from operations of $1.0 million, or 9% of revenues
  • Cash increased to $3.8 million as of December 31st
  • Closed four new clients at year’s end

Management Commentary

“The 2022 financial results mark the third consecutive year of double-digit revenue growth, improved net income, and positive cash flows from operations,” said David Houston, Chief Financial Officer of LiveWorld. “This highlights our demonstrated ability to grow organically while continuing to invest in our creative and moderation services, our SaaS platform, and our sales and marketing efforts. Each of our top four clients grew approximately 15% - 25%. This, combined with four new client wins at the end of the year, positions us well for 2023.

"As we move into 2023, we expect to see continued growth in revenue and profits from operations. Our strong client relationships and ongoing client acquisitions will drive revenue growth. This will result in continued profits and positive cash flow in 2023. Generally, we see some seasonality in the first quarter, which can have a small impact on revenue and cash flow. However, we expect any impact to be offset over the remainder of 2023.”

Financial Review for the Twelve Months Ended December 31, 2022

Total revenues were approximately $11.1 million for the twelve months, as compared to the approximately $10.1 million in total revenues reported for the same period in 2021. This was an increase of approximately $1.1 million, or 11%, when compared to the twelve months of 2021. Healthcare-related revenues increased from $8.8 million in 2021 to $9.9 million in 2022 for a 12% growth rate.

The company reported net income from operations of approximately $1.0 million, or 9%, of total revenues in 2022. This compares to net income from operations of approximately $796,000, or 8%, of total revenues reported for 2021. This is an increase of 28% year-over-year in net income.

The company finished the year with approximately $3.8 million in cash and cash equivalents, as compared to approximately $3.6 million at the end of 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 with deep social and technology expertise that helps companies spark emotional connections, build stronger customer relationships, and drive behavior change. We live at the intersection of bold creative rooted in strategy that inspires, moderation that activates human interactions, and technology that enriches and scales customer experiences.

With over 26 years of making connections, our integrated team leverages our social media DNA to deliver emotion-driven behavior change through digital campaigns with a human touch. LiveWorld clients include the number one brands in pharmaceuticals, healthcare, and financial-travel services. LiveWorld is headquartered in Campbell, 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,

 

 

2022

 

2021

ASSETS

Current assets

Cash and cash equivalent

$

3,801

 

$

3,551

 

Accounts receivable, net

 

2,583

 

 

1,773

 

Prepaid expenses

 

180

 

 

156

 

Total current assets

 

6,564

 

 

5,480

 

 

Property and equipment, net

 

43

 

 

47

 

Other assets

 

26

 

 

25

 

Total assets

$

6,633

 

$

5,552

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

203

 

$

231

 

Accrued employee expenses

 

791

 

 

1,076

 

Other accrued liabilities

 

52

 

 

14

 

Deferred revenue

 

1,326

 

 

1,169

 

Total current liabilities

 

2,372

 

 

2,490

 

Total liabilities

 

2,372

 

 

2,490

 

 

Stockholders' equity

Common stock: $0.001 par value, 100,000,000 shares authorized, 45,633,442 issued and outstanding as of December 31, 2022 and December 31, 2021 respectively

 

34

 

 

34

 

Additional paid-in capital

 

143,883

 

 

143,701

 

Accumulated deficit

 

(139,656

)

 

(140,673

)

Total stockholders' equity

 

4,261

 

 

3,062

 

Total liabilities and stockholders' equity

$

6,633

 

$

5,552

 

 

LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

 

 

 

 

 

 

Twelve Months Ended December 31,

 

 

2022

 

2021

Total revenues

$

11,146

 

$

10,061

 

Cost of revenues

 

5,341

 

 

5,051

 

Gross Margin

 

5,805

 

 

5,010

 

Operating Expense

Product development

 

958

 

 

866

 

Sales and marketing

 

1,356

 

 

1,230

 

General and administrative

 

2,345

 

 

2,109

 

Total operating expense

 

4,659

 

 

4,205

 

Income from operations

 

1,146

 

 

805

 

Income before tax

 

1,146

 

 

805

 

Other Income

 

1

 

 

17

 

Provision for income taxes

 

130

 

 

26

 

Net income from operations

 

1,017

 

 

796

 

 

PPP loan forgiveness

 

------------

 

1,026

 

Net income

 

1,017

 

 

1,822

 

 

Earnings per share analysis from operations

Basic income per share

$

0.02

 

$

0.02

 

Shares used in computing basic loss per share

 

45,633,442

 

 

45,633,442

 

Diluted net income (loss) per share

$

0.02

 

$

0.01

 

Shares used in computing diluted income (loss) per share

 

62,522,559

 

 

64,446,830

 

 

Earnings per share analysis after PPP loan forgiveness

Basic income per share

$

------------

$

0.04

 

Shares used in computing basic loss per share

------------

 

45,633,442

 

Diluted net income (loss) per share

$

------------

$

0.03

 

Shares used in computing diluted income (loss) per share

------------

 

64,446,830

 

 
 

Departmental allocation of stock-based compensation

Cost of revenues

$

49

 

$

12

 

Product development

 

10

 

 

5

 

Sales and marketing

 

26

 

 

6

 

General and administrative

 

97

 

 

27

 

Total stock-based compensation

$

182

 

$

50

 

 

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

Twelve Months Ended December 31,

 

 

2022

 

2021

Cash flows from operating activities

Net income (loss)

$

1,017

 

$

1,822

 

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

Depreciation of long-lived assets

 

26

 

 

20

 

Stock-based compensation

 

182

 

 

50

 

Changes in operating assets and liabilities:

Accounts receivable

 

(809

)

 

(595

)

Other assets

 

(25

)

 

(59

)

Accounts payable

 

(28

)

 

92

 

Accrued liabilities

 

(248

)

 

342

 

Deferred revenue

 

157

 

 

272

 

Net cash provided by (used in) operating activities

 

272

 

 

1,944

 

Cash flows from investing activities

Purchase of property and equipment

 

(22

)

 

(24

)

Net cash provided by (used in) investing activities

 

(22

)

 

(24

)

Cash flows from financing activities

Loan

------------

 

(921

)

Proceeds from exercise of stock options

------------

-----------

Net cash provided by (used for) financing activities

------------

 

(921

)

Change in cash and cash equivalent

 

250

 

 

999

 

Cash and cash equivalents, beginning of period

 

3,551

 

 

2,552

 

Cash and cash equivalents, end of period

$

3,801

 

$

3,551

 

 

Supplemental disclosure of non-cash financing and investing activities

Income tax paid

$

130

 

$

26

 

 

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