LiveWorld Reports First Quarter 2024 Financial Results
Social-First Digital Agency Publishes Business Report Detailing Growth Strategy
Three Months 2024 Financial and Business Highlights
-
Total three months revenues of
$2.6 million -
Healthcare revenues of
$2.3 million in Q1 2024 -
Net loss from operations of (
$498,000 ) -
Cash decreased by
$320,000 to$4.3 million fromDecember 31, 2023 -
Added pharma executives to the board of directors,
Helen Chang andJennifer Sherak -
LiveWorld Business Report published detailing business model and growth strategy
Management Commentary
“In the first quarter of 2024 we had controlled losses as we invested in new market segments and new solution sets for our current and new clients in 2024 and 2025,” remarked
“We are looking to set a foundation for improved growth by unlocking the true power of social media for our clients with an integrated set of solutions across proactive compliance, dynamic engagement, and strategic insight,” added
Financial Review for the Three Months Ended
Total revenues were approximately
Including the investment based controlled losses, the company reported a net loss for the three months of approximately
The company finished the quarter with approximately
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
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.
“ 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) |
||||||
|
|
|||||
2024 |
2023 |
|||||
ASSETS |
||||||
Current assets |
||||||
Cash and cash equivalent |
$ |
4,316 |
$ |
4,635 |
||
Accounts receivable, net |
|
2,263 |
|
1,701 |
||
Prepaid expenses |
|
349 |
|
225 |
||
Total current assets |
|
6,928 |
|
6,561 |
||
Property and equipment, net |
|
43 |
|
44 |
||
Other assets |
|
26 |
|
27 |
||
Total assets |
$ |
6,997 |
$ |
6,632 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
Current liabilities |
||||||
Accounts payable |
$ |
235 |
$ |
238 |
||
Accrued employee expenses |
|
661 |
|
890 |
||
Other accrued liabilities |
|
357 |
|
343 |
||
Deferred revenue |
|
1,443 |
|
438 |
||
Total current liabilities |
|
2,696 |
|
1,909 |
||
Total liabilities |
|
2,696 |
|
1,909 |
||
Stockholders' equity |
||||||
Common stock: |
|
34 |
|
34 |
||
Additional paid-in capital |
|
144,207 |
|
144,131 |
||
Accumulated deficit |
|
(139,940) |
|
(139,442) |
||
Total stockholders' equity |
|
4,301 |
|
4,723 |
||
Total liabilities and stockholders' equity |
$ |
6,997 |
$ |
6,632 |
|
||||||
CONDENSED STATEMENT OF OPERATIONS |
||||||
(In thousands, except per share data) |
||||||
Three Months Ended |
||||||
2024 |
2023 |
|||||
Total revenues |
$ |
2,572 |
$ |
2,748 |
||
Cost of revenues |
|
1,577 |
|
1,316 |
||
Gross Margin |
|
995 |
|
1,432 |
||
Operating Expense |
||||||
Product development |
|
272 |
|
259 |
||
Sales and marketing |
|
510 |
|
430 |
||
General and administrative |
|
711 |
|
608 |
||
Total operating expense |
|
1,493 |
|
1,297 |
||
Income from operations |
|
(498) |
|
135 |
||
Income before tax |
|
(498) |
|
135 |
||
Other Income |
|
1 |
|
1 |
||
Provision for income taxes |
|
1 |
|
2 |
||
Net income from operations |
|
(498) |
|
134 |
||
Earnings per share analysis from operations: |
||||||
Basic income per share |
$ |
(0.01) |
$ |
0.00 |
||
Shares used in computing basic loss per share |
|
45,633,442 |
|
45,633,442 |
||
Diluted net income (loss) per share |
$ |
(0.01) |
$ |
0.00 |
||
Shares used in computing diluted income (loss) per share |
|
45,633,442 |
|
62,694,122 |
||
Departmental allocation of stock-based compensation: |
||||||
Cost of revenues |
$ |
18 |
$ |
15 |
||
Product development |
|
5 |
|
|
3 |
|
Sales and marketing |
|
8 |
|
8 |
||
General and administrative |
|
45 |
|
33 |
||
Total stock-based compensation |
$ |
76 |
|
$ |
59 |
|
||||||
CONDENSED STATEMENTS OF CASH FLOWS |
||||||
(In thousands) |
||||||
Three Months Ended |
||||||
2024 |
2023 |
|||||
Cash flows from operating activities: |
||||||
Net income (loss) |
$ |
(498) |
$ |
134 |
||
Adjustments to reconcile net income (loss) provided by (used in) operating activities: |
||||||
Depreciation of long-lived assets |
|
6 |
|
7 |
||
Stock-based compensation |
|
76 |
|
59 |
||
Changes in operating assets and liabilities: |
||||||
Accounts receivable |
|
(562) |
|
(99) |
||
Other assets |
|
(124) |
|
(109) |
||
Accounts payable |
|
(2) |
|
46 |
||
Accrued liabilities |
|
(214) |
|
(241) |
||
Deferred revenue |
|
1,004 |
|
799 |
||
Net cash provided by (used in) operating activities |
|
(314) |
|
596 |
||
Cash flows from investing activities: |
||||||
Purchase of property and equipment |
|
(5) |
|
(5) |
||
Net cash provided by (used in) investing activities |
|
(5) |
|
(5) |
||
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 |
|
(319) |
|
591 |
||
Cash and cash equivalents, beginning of period |
|
4,635 |
|
3,801 |
||
Cash and cash equivalents, end of period |
$ |
4,316 |
$ |
4,392 |
||
Supplemental disclosure of non-cash financing and investing activities: |
||||||
Income tax paid |
$ |
1 |
$ |
2 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515933554/en/
LiveWorld Contacts
IR Contact:
dhouston@liveworld.com
(408) 615-8496
PR Contact:
mhammer@liveworld.com
(737) 212-9739
Source: