LiveWorld Reports 2023 Annual Financial Results
- Total revenues for 2023 reached $11.5 million, showing a 3% increase from 2022.
- Healthcare revenues amounted to $10.2 million in 2023.
- Net income for the year was $214,000, representing 2% of total revenues.
- Cash reserves grew to $4.6 million by the end of 2023.
- LiveWorld plans to add new revenue streams, enter new markets, and increase market presence in 2024.
- Despite expected losses from investments, the company remains positive about future growth prospects.
- None.
Twelve Months 2023 Financial and Business Highlights
-
Total twelve months revenues of
$11.5 million -
Healthcare revenues of
in 2023$10.2 million -
Net income from operations of
, or$214,000 2% of revenues -
Cash increased by
to$835,000 from December 31, 2022$4.6 million
Management Commentary
“2023 was the fourth consecutive year of increased revenues while maintaining a positive net income,” remarked David Houston, Chief Financial Officer, LiveWorld. “Overall, the year was positive and has us headed in the right direction as we move into 2024.”
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 Peter Friedman, Chairman & CEO, LiveWorld. “In 2023 we added new clients, won multiple awards for our digital agency work, and were recognized by Medical Marketing & Media as a top 100 healthcare agency.”
Financial Review for the Twelve Months Ended December 31, 2023
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 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 27 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
“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, |
||||||
|
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 |
|
LIVEWORLD, INC. |
|||||
CONDENSED STATEMENT OF OPERATIONS |
|||||
(In thousands, except per share data) |
|||||
Twelve Months Ended December 31, |
|||||
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 |
LIVEWORLD, INC. |
|||||||
CONDENSED STATEMENTS OF CASH FLOWS |
|||||||
(In thousands) |
|||||||
Twelve Months Ended Dec 31, |
|||||||
|
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:
David
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 total revenues for 2023?
How much were the healthcare revenues for LiveWorld in 2023?
What was LiveWorld's net income for the year 2023?
What was the cash reserve amount for LiveWorld at the end of 2023?
What is LiveWorld's strategy for 2024?