LiveWorld Reports 2021 Annual Financial Results

Rhea-AI Summary

LiveWorld, Inc. (OTC Markets: LVWD) reported 2021 total revenues of $10.1 million, marking an 18% increase year-over-year. Healthcare revenues rose 25% to $8.8 million. The company achieved a net income of $796,000, a growth of 118%, equating to 8% of total revenues. Following the forgiveness of a $1 million PPP loan, total net income reached approximately $1.8 million, or 18% of revenues. Cash from operations rose 65% to $2.5 million, and total cash grew 40% to $3.6 million. LiveWorld aims to continue focusing on healthcare initiatives for revenue growth in 2022.

Positive

• 2021 total revenues increased 18% to $10.1 million.
• Healthcare related revenues grew 25% to $8.8 million.
• Net income rose 118% to $796,000, or 8% of total revenues.
• Total net income after PPP loan forgiveness reached $1.8 million or 18% of revenues.
• Cash from operations surged 65% to $2.5 million.
• Total cash increased 40% to $3.6 million.

Negative

• None.

Healthcare Initiatives Drive Growth in Revenues, Profits, and Cash

• 2021 total revenues of $10.1 million, up 18% year-over-year
• 2021 healthcare revenues of $8.8 million, up 25% year-over-year
• Net income from operations of $796,000 or 8%, up 118% year-over-year
• Cash from operations was $2.5 million, up 65% year-over-year
• Company received forgiveness of 2020 PPP loan of $1 million
• Current company valuation is approximately 0.77x 2021 revenues

 

CAMPBELL, Calif. & NEW YORK--(BUSINESS WIRE)-- 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	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220324005076/en/

IR Contact:

David Houston

LiveWorld

dhouston@liveworld.com

(408) 615-8496

PR Contact:

Matthew Hammer

LiveWorld

mhammer@liveworld.com

(737) 212-9739

Source: LiveWorld, Inc.

FAQ

What were LiveWorld's 2021 total revenues?

LiveWorld's total revenues for 2021 were $10.1 million.

How much did LiveWorld's healthcare revenues grow in 2021?

Healthcare revenues increased by 25% to $8.8 million in 2021.

What was LiveWorld's net income in 2021?

LiveWorld reported a net income of $796,000 in 2021, an increase of 118% year-over-year.

What is the current valuation of LiveWorld based on 2021 revenues?

LiveWorld's current valuation is approximately 0.77 times 2021 revenues.

What is LiveWorld's outlook for 2022?

LiveWorld aims to drive revenue growth through continued focus on healthcare initiatives in 2022.