LiveWorld Reports 2023 Annual Financial Results
Twelve Months 2023 Financial and Business Highlights
-
Total twelve months revenues of
$11.5 million -
Healthcare revenues of
$10.2 million in 2023 -
Net income from operations of
$214,000 , or 2% of revenues -
Cash increased by
$835,000 to$4.6 million fromDecember 31, 2022
Management Commentary
“2023 was the fourth consecutive year of increased revenues while maintaining a positive net income,” remarked
The Company stated that beginning in 2023 and continuing in 2024 it is making investments to add additional revenue streams by expanding its solution sets, entering new market segments, and increasing its market presence. It is anticipated the current business operations will grow and be profitable net of the investment which will result in a loss for the year.
“LiveWorld leads the market in unlocking the true value of social media marketing, with a combination of compliance, engagement, and insight solutions,” said
Financial Review for the Twelve Months Ended
Total revenues were approximately
The company reported net income for the twelve months of approximately
The company finished the year with approximately
Detailed financial information may be downloaded at www.liveworld.com/ir (LiveWorld’s Investor Relations page) or at www.otcmarkets.com.
About
With over 27 years of making connections, we leverage our social media DNA to deliver emotion-driven behavior change through digital campaigns with a human touch.
“ Safe Harbor" Statement Under The Private Securities Litigation Reform Act
This press release may contain forward-looking information concerning
|
|||||||
UNAUDITED CONDENSED BALANCE SHEETS |
|||||||
(In thousands, except share data) |
|||||||
|
|
||||||
|
2023 |
|
|
2022 |
|
||
ASSETS |
|||||||
Current assets |
|||||||
Cash and cash equivalent |
$ |
4,635 |
|
$ |
3,801 |
|
|
Accounts receivable, net |
|
1,701 |
|
|
2,583 |
|
|
Prepaid expenses |
|
225 |
|
|
180 |
|
|
Total current assets |
|
6,561 |
|
|
6,564 |
|
|
Property and equipment, net |
|
44 |
|
|
43 |
|
|
Other assets |
|
27 |
|
|
26 |
|
|
Total assets |
$ |
6,632 |
|
$ |
6,633 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
Current liabilities |
|||||||
Accounts payable |
$ |
238 |
|
$ |
203 |
|
|
Accrued employee expenses |
|
890 |
|
|
791 |
|
|
Other accrued liabilities |
|
343 |
|
|
52 |
|
|
Deferred revenue |
|
438 |
|
|
1,326 |
|
|
Total current liabilities |
|
1,909 |
|
|
2,372 |
|
|
Total liabilities |
|
1,909 |
|
|
2,372 |
|
|
Stockholders' equity |
|||||||
Common stock: |
|
34 |
|
|
34 |
|
|
Additional paid-in capital |
|
144,131 |
|
|
143,883 |
|
|
Accumulated deficit |
|
(139,442 |
) |
|
(139,656 |
) |
|
Total stockholders' equity |
|
4,723 |
|
|
4,261 |
|
|
Total liabilities and stockholders' equity |
$ |
6,632 |
|
$ |
6,633 |
|
|
|||||
CONDENSED STATEMENT OF OPERATIONS |
|||||
(In thousands, except per share data) |
|||||
Twelve Months Ended |
|||||
2023 |
2022 |
||||
Total revenues |
$ |
11,458 |
$ |
11,146 |
|
Cost of revenues |
|
5,884 |
|
5,341 |
|
Gross Margin |
|
5,574 |
|
5,805 |
|
Operating Expense |
|||||
Product development |
|
1,070 |
|
958 |
|
Sales and marketing |
|
1,548 |
|
1,356 |
|
General and administrative |
|
2,538 |
|
2,345 |
|
Total operating expense |
|
5,156 |
|
4,659 |
|
Income from operations |
|
418 |
|
1,146 |
|
Income before tax |
|
418 |
|
1,146 |
|
Other Income |
|
4 |
|
1 |
|
Provision for income taxes |
|
208 |
|
130 |
|
Net income from operations |
|
214 |
|
1,017 |
|
Earnings per share analysis from operations: |
|||||
Basic income per share |
$ |
0.01 |
$ |
0.02 |
|
Shares used in computing basic loss per share |
|
45,633,442 |
|
45,633,442 |
|
Diluted net income (loss) per share |
$ |
0.00 |
$ |
0.02 |
|
Shares used in computing diluted income (loss) per share |
|
64,632,465 |
|
62,522,559 |
|
Departmental allocation of stock-based compensation: |
|||||
Cost of revenues |
$ |
59 |
$ |
49 |
|
Product development |
|
15 |
|
|
10 |
Sales and marketing |
|
33 |
|
|
26 |
General and administrative |
|
141 |
|
|
97 |
Total stock-based compensation |
$ |
248 |
|
$ |
182 |
|
|||||||
CONDENSED STATEMENTS OF CASH FLOWS |
|||||||
(In thousands) |
|||||||
Twelve Months Ended |
|||||||
|
2023 |
|
|
2022 |
|
||
Cash flows from operating activities: |
|||||||
Net income (loss) |
$ |
214 |
|
$ |
1,017 |
|
|
Adjustments to reconcile net income (loss) provided by (used in) operating activities: |
|||||||
Depreciation of long-lived assets |
|
31 |
|
|
26 |
|
|
Stock-based compensation |
|
248 |
|
|
182 |
|
|
Changes in operating assets and liabilities: |
|||||||
Accounts receivable |
|
881 |
|
|
(809 |
) |
|
Other assets |
|
(44 |
) |
|
(25 |
) |
|
Accounts payable |
|
35 |
|
|
(28 |
) |
|
Accrued liabilities |
|
389 |
|
|
(248 |
) |
|
Deferred revenue |
|
(888 |
) |
|
157 |
|
|
Net cash provided by (used in) operating activities |
|
866 |
|
|
272 |
|
|
Cash flows from investing activities: |
|||||||
Purchase of property and equipment |
|
(32 |
) |
|
(22 |
) |
|
Net cash provided by (used in) investing activities |
|
(32 |
) |
|
(22 |
) |
|
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 |
|
834 |
|
|
250 |
|
|
Cash and cash equivalents, beginning of period |
|
3,801 |
|
|
3,551 |
|
|
Cash and cash equivalents, end of period |
$ |
4,635 |
|
$ |
3,801 |
|
|
Supplemental disclosure of non-cash financing and investing activities: |
|||||||
Income tax paid |
$ |
208 |
|
$ |
130 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240327782395/en/
LiveWorld Contacts
IR Contact:
dhouston@liveworld.com
(408) 615-8496
PR Contact:
mhammer@liveworld.com
(737) 212-9739
Source: