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LiveWorld Reports Second Quarter 2024 Financial Results

LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the second quarter 2024.

Q2 2024 Financial and Business Highlights

  • Total three months revenues of $2.8 million
  • Healthcare revenues of $2.4 million in Q2 2024
  • Net loss from operations of ($134,000)
  • Cash increased by $136,000 to $4.8 million from December 31, 2023

Management Commentary

“In the first six months of 2024 we have seen net losses as a result of reduced revenues and our planned investment for 2024,” remarked David Houston, Chief Financial Officer of LiveWorld. “During this period we signed new clients and increased programs with some current clients. But we also found some corporate budgets tighten which we believe is a short-term condition. This combined with the usual client program attrition, indicate the full year 2024 revenues will be relatively flat when compared to 2023. Long term we believe our market segments and product lines are poised for growth.”

“2024 and 2025 are investment years for LiveWorld,” said Peter Friedman, Chairman & CEO. “Our new solutions in managing advertising media and in providing compliance support for pharma digital and social media marketing, along with our existing award-winning creative advertising programs and best in class moderation, are being well received. We expect these and our entry into new segments in the healthcare market to form a foundation for growth in future years.”

Financial Review for the Three and Six Months Ended June 30, 2024

Total revenues were approximately $2.8 million for the three months, as compared to approximately $3.1 million in total revenues reported for the same period in 2023. This was a decrease of approximately $284,000 or 9% when compared to the three months of 2023.

Total revenues were approximately $5.4 million for the six months, as compared to approximately $5.8 million in total revenues reported for the same period in 2023. This was a decrease of approximately $459,000 or 8% when compared to the three months of 2023.

The company reported a net loss for the three months of approximately $134,000 or 5% of total revenues. This compares to net income of approximately $164,000 or 5% of total revenues reported for the three months of 2023.

The company reported a net loss for the six months of approximately $632,000 or 12% of total revenues. This compares to net income of approximately $298,000 or 5% of total revenues reported for the six months of 2023.

The company finished the quarter with approximately $4.8 million in cash and cash equivalents, compared to approximately $4.6 million at the end of 2023.

Detailed financial information may be downloaded at www.liveworld.com/ir (LiveWorld’s Investor Relations page) or at https://www.otcmarkets.com/stock/LVWD/overview.

About LiveWorld

LiveWorld is a social-first digital agency that unlocks the full potential of social media to transform customer relationships through integrated compliance, engagement, and insight solutions. We provide brand marketers bold creative rooted in strategy that captivates and resonates, social moderation and engagement that activates interactions, software that enriches customer experiences, and compliance that enables and accelerates digital programs.

With over 28 years of making connections, we leverage 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)

 

June 30,

December 31,

2024

2023

ASSETS

Current assets

Cash and cash equivalent

$

4,772

 

$

4,635

 

Accounts receivable, net

 

2,082

 

 

1,701

 

Prepaid expenses

 

226

 

 

225

 

Total current assets

 

7,080

 

 

6,561

 

 

Property and equipment, net

 

38

 

 

44

 

Other assets

 

26

 

 

27

 

Total assets

$

7,144

 

$

6,632

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

222

 

$

238

 

Accrued employee expenses

 

768

 

 

890

 

Other accrued liabilities

 

260

 

 

343

 

Deferred revenue

 

1,646

 

 

438

 

Total current liabilities

 

2,896

 

 

1,909

 

Total liabilities

 

2,896

 

 

1,909

 

 

Stockholders' equity

Common stock: $0.001 par value, 100,000,000 shares authorized 45,633,442 issued and outstanding as of June 30, 2024, and December 31, 2023, respectively

 

34

 

 

34

 

Additional paid-in capital

 

144,287

 

 

144,131

 

Accumulated deficit

 

(140,073

)

 

(139,442

)

Total stockholders' equity

 

4,248

 

 

4,723

 

Total liabilities and stockholders' equity

$

7,144

 

$

6,632

 

LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

 

2024

2023

Total revenues

$

2,786

 

$

3,070

$

5,359

 

$

5,818

Cost of revenues

 

1,567

 

 

1,477

 

 

3,144

 

 

2,793

Gross Margin

 

1,219

 

 

1,593

 

2,215

 

 

3,025

Operating Expense

Product development

 

245

 

 

272

 

517

 

 

531

Sales and marketing

 

460

 

 

451

 

970

 

 

881

General and administrative

 

629

 

 

606

 

1,340

 

 

1,213

Total operating expense

 

1,334

 

 

1,329

 

 

2,827

 

 

2,625

Income from operations

 

(115

)

 

264

 

 

(612

)

 

400

Income before tax

 

(115

)

 

264

 

(612

)

 

400

Other Income

 

1

 

 

1

 

2

 

 

2

Provision for income taxes

 

20

 

 

101

 

22

 

 

104

Net income from operations

 

(134

)

 

164

 

 

(632

)

 

298

 

Earnings per share analysis from operations:

Basic income per share

$

(0.00

)

$

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

$

(0.00

)

$

0.00

 

$

(0.01

)

$

0.00

Shares used in computing diluted income (loss) per share

 

45,633,442

 

 

64,547,778

 

45,633,442

 

 

64,547,778

 
 

Departmental allocation of stock-based compensation:

Cost of revenues

$

19

 

$

15

$

38

 

$

29

Product development

 

5

 

 

 

3

 

 

9

 

 

 

7

Sales and marketing

 

8

 

 

8

 

16

 

 

16

General and administrative

 

48

 

 

34

 

 

93

 

 

67

Total stock-based compensation

$

80

 

$

60

 

$

156

 

$

119

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Cash flows from operating activities:

Net income (loss)

$

(134

)

$

164

 

$

(632

)

$

298

 

Adjustments to reconcile net income (loss) provided by

(used in) operating activities:

Depreciation of long-lived assets

 

6

 

 

8

 

 

13

 

 

15

 

Stock-based compensation

 

80

 

 

60

 

 

156

 

 

119

 

Changes in operating assets and liabilities:

Accounts receivable

 

181

 

 

575

 

 

(381

)

 

476

 

Other assets

 

125

 

 

46

 

----

 

(64

)

Accounts payable

 

(14

)

 

82

 

 

(16

)

 

127

 

Accrued liabilities

 

10

 

 

87

 

 

(204

)

 

(154

)

Deferred revenue

 

203

 

 

(436

)

 

1,207

 

 

364

 

Net cash provided by (used in) operating activities

 

457

 

 

586

 

 

143

 

 

1,181

 

Cash flows from investing activities:

Purchase of property and equipment

 

(1

)

 

(16

)

 

(6

)

 

(20

)

Net cash provided by (used in) investing activities

 

(1

)

 

(16

)

 

(6

)

 

(20

)

Cash flows from financing activities:

Proceeds from exercise of stock options

----

 

---

 

----

 

---

 

Net cash provided by (used for) financing activities

----

 

---

 

----

 

---

 

Change in cash and cash equivalent

 

456

 

 

570

 

 

137

 

 

1,161

 

Cash and cash equivalents, beginning of period

 

4,316

 

 

4,392

 

 

4,635

 

 

3,801

 

Cash and cash equivalents, end of period

$

4,772

 

$

4,962

 

$

4,772

 

$

4,962

 

 

Supplemental disclosure of non-cash financing and investing activities:

Income tax paid

$

20

 

$

101

 

$

22

 

$

104

 

 

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