LiveWorld Reports 2021 Annual Financial Results


CAMPBELL, Calif. & NEW YORK–()–LiveWorld, Inc. (OTC Markets: LVWD) today announced financial results for the year of 2021. Total revenues for the twelve months ended December 31, 2021 were approximately $10.1 million, as compared to the $8.6 million for the twelve months ended December 31, 2020. This was an increase of approximately $1.5 million or 18% when compared to the twelve months ended December 31, 2020. Healthcare related revenues grew approximately 25% when compared to the twelve months of 2020.

We reported a net income before the forgiveness of our PPP loan for the year of approximately $796,000 or 8% of total revenues. This compares to net income of approximately $366,000 or 4% of total revenues reported for the twelve months of 2020. Total net income after the forgiveness of the PPP loan was approximately $1,822,000 or 18% of revenues.

We finished the year with approximately $3.6 million in cash and cash equivalents, as compared to the approximately $2.6 million at the end of 2020. Our total cash grew approximately 40% from 2020. The cash from operations was approximately $2.5 million for 2021 as compared to the $1.5 million for 2020. The cash grew approximately $1 million or 65% year-over-year.

“Overall 2021 was a successful year for us, with double digit growth for revenues, healthcare related revenues, and cash from operations. We also saw our profits from operations jump 118% compared to 2020,” said David Houston, Chief Financial Officer of LiveWorld. “In 2022 we will remain focused on driving revenue growth through our healthcare initiatives, while maintaining positive profit margins.”

LiveWorld received forgiveness for its PPP loan in 2021 and is reporting it as other income. Therefore the statement of operations shows net income from operations and net income after the loan forgiveness.

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, hospitals, 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,

2021

2020

ASSETS

Current assets

Cash and cash equivalent

$ 3,551

 

$ 2,552

 

Accounts receivable, net

1,773

 

1,179

 

Prepaid expenses

156

 

96

 

Total current assets

5,480

 

3,827

 

 

Property and equipment, net

47

 

43

 

Other assets

25

 

25

 

Total assets

$ 5,552

 

$ 3,895

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable

$ 231

 

$ 139

 

Accrued employee expenses

1,076

 

680

 

Other accrued liabilities

14

 

68

 

Loan

———–

 

921

 

Deferred revenue

1,169

 

897

 

Total current liabilities

2,490

 

2,705

 

Total liabilities

2,490

 

2,705

 

 

Stockholders’ equity

Common stock: $0.001 par value, 100,000,000 shares authorized 45,633,442 issued and outstanding as of December 31, 2021 and December 31, 2020 respectively

34

 

34

 

Additional paid-in capital

143,701

 

143,651

 

Accumulated deficit

(140,673

)

(142,495

)

Total stockholders’ equity

3,062

 

1,190

 

Total liabilities and stockholders’ equity

$ 5,552

 

$ 3,895

 

LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

Twelve Months Ended December 31,

2021

2020

Total revenues

$ 10,061

$ 8,560

 

Cost of revenues

5,051

4,160

 

Gross Margin

5,010

4,400

 

Operating Expense

Product development

866

880

 

Sales and marketing

1,230

1,058

 

General and administrative

2,109

2,029

 

Total operating expense

4,205

3,967

 

Income from operations

805

433

 

Income before tax

805

433

 

Other Income

17

(68

)

Provision for income taxes

26

(1

)

Net income from operations

796

366

 

 

 

 

 

PPP loan forgiveness

1,026

 

———-

 

Net income

1,822

 

366

 

 

 

 

 

Earnings per share analysis from operations:

Basic income per share

$ 0.02

$ 0.01

 

Shares used in computing basic income per share

45,633,442

45,633,442

 

Diluted net income per share

$ 0.01

$ 0.01

 

Shares used in computing diluted income per share

64,446,830

48,127,547

 

 

 

 

 

Earnings per share analysis after PPP loan forgiveness:

$ 0.04

 

$ 0.01

 

Basic income per share

45,633,442

 

45,633,442

 

Shares used in computing basic income per share

$ 0.03

 

$ 0.01

 

Diluted net income per share

64,446,830

 

48,127,547

 

Shares used in computing diluted income per share

 

 

 

 

Departmental allocation of stock-based compensation:

Cost of revenues

$ 12

$ 8

 

Product development

5

11

 

Sales and marketing

6

10

 

General and administrative

27

16

 

Total stock-based compensation

$ 50

$ 45

 

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

Twelve Months Ended December 31,

2021

2020

Cash flows from operating activities:

Net income (loss)

$ 1,822

 

$ 366

 

Adjustments to reconcile net income (loss)

provided by (used in) operating activities:

Depreciation of long-lived assets

20

 

11

 

Stock-based compensation

50

 

45

 

Changes in operating assets and liabilities:

Accounts receivable

(595

)

(336

)

Other assets

(59

)

63

 

Accounts payable

92

 

(51

)

Accrued liabilities

342

 

329

 

Deferred revenue

272

 

514

 

Net cash provided by (used in) operating activities

1,944

 

941

 

Cash flows from investing activities:

Purchase of property and equipment

(24

)

(40

)

Net cash provided by (used in) investing activities

(24

)

(40

)

Cash flows from financing activities:

Loan

(921

)

921

 

Proceeds from exercise of stock options

———–

 

———-

 

Net cash provided by (used for) financing activities

(921

)

921

 

Change in cash and cash equivalent

999

 

1,822

 

Cash and cash equivalents, beginning of period

2,552

 

730

 

Cash and cash equivalents, end of period

$ 3,551

 

$ 2,552

 

 

Supplemental disclosure of non-cash financing and investing activities:

Income tax paid

$ 26

 

$ (1

)

 





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