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LiveWorld Reports Second Quarter Financial Results

Posted: August 11, 2016 8:57 pm (UTC)

LiveWorld Reports Second Quarter Financial Results

SAN JOSE, Calif. — (BUSINESS WIRE) —

LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the second quarter of 2016. Total revenues were approximately $2.3 million for the second quarter, as compared to the approximately $2.2 million in total revenues reported for the same period in 2015. The Company’s revenues for the six months ended June 30, 2016 were approximately $4.6 million, as compared to the $4.9 million for the six months ended June 30, 2015.

The Company reported a net loss for the quarter of approximately $443,000, or 19% of total revenues. This compares to net loss of approximately $668,000, or 29% of total revenues reported for the second quarter of 2015. The Company had a net loss for the six months ended June 30, 2016 of approximately $678,000, or 15% of total revenues, as compared to the net loss of approximately $1.5 million, or 30% of total revenues for the six months ended June 30, 2015.

The Company finished the second quarter with approximately $3.2 million in cash and cash equivalents, as compared to the approximately $3.5 million at the end of 2015.

“In the second quarter we saw an increase of our total revenues of approximately $84,000, which was driven by our continued expansion into the pharmaceutical and healthcare markets,” said David Houston, Chief Financial Officer of LiveWorld. “We recently launched our Conversation Management Platform which will be a critical part of the growth of the company, and as a result we will increase our efforts in product development, sales and marketing.”

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 services and software company that enables brands to enhance the customer experience in social media. Our solutions empower the largest brands in the world, allowing them to develop deeper relationships with their customers in the areas of marketing, customer service, and insights. LiveWorld clients foster social media environments that are natural continuations of the experiences customers have with brands—and with each other—in the real world.

LiveWorld uses the power of content and conversation to help companies achieve business goals, measureable through marketing and operational KPIs. Our services include strategy, campaign management, content moderation, customer engagement, customer service, and social analytics. Our software has been designed to empower human beings to be more effective and allow companies to efficiently address the demands of social at global scale. LiveWorld clients include the #1 brands in consumer packaged goods, retail, pharmaceutical, financial, and travel services. LiveWorld is headquartered in San Jose, California, with offices in New York City and Austin. 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,
2016 2015
ASSETS
Current assets
Cash and cash equivalent $ 3,190 $ 3,538
Accounts receivable, net 370 427
Prepaid expenses   115     106  
Total current assets 3,675 4,071
 
Property and equipment, net 63 38
Other assets   17     17  
Total assets $ 3,755   $ 4,126  

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities
Accounts payable $ 262 $ 89
Accrued employee expenses 452 474
Other accrued liabilities 47 23
Deferred revenue   389     472  
Total current liabilities   1,150     1,058  
Total liabilities 1,150 1,058
 
Stockholders’ equity

Common stock: $0.001 par value, 100,000,000 shares authorized 33,388,545 issued and outstanding as of June 30, 2016 and December 31, 2015 respectively.

34 34
Additional paid-in capital 142,414 142,200
Accumulated deficit   (139,843 )   (139,166 )
Total stockholders’ equity   2,605     3,068  
Total liabilities and stockholders’ equity $ 3,755   $ 4,126  
 
LIVEWORLD, INC.
UNAUDITED CONDENSED STATEMENT OF OPERATIONS
(In thousands, except per share data)
             

Three Months Ended
June 30,

Six Months Ended
June 30,

2016 2015 2016 2015
Total revenues $ 2,328 $ 2,244 $ 4,571 $ 4,879
Cost of revenues   910     1,089     1,837     2,435  
Gross Margin 1,418 1,155 2,734 2,444
Operating Expense
Product development 634 678 1,188 1,546
Sales and marketing 600 442 995 964
General and administrative   637     675     1,241     1,415  
Total operating expense   1,871     1,795     3,424     3,925  
Income / (loss) from operations   (453 )   (640 )   (690 )   (1,481 )
Income / (loss) before tax (453 ) (640 ) (690 ) (1,481 )
Other Income / Expense 10 (25 ) 11 (25 )
Provision for income taxes   ——     3     (1 )   7  
Net income / (loss)   (443 )   (668 )   (678 )   (1,513 )
 
Basic income / (loss) per share $ (0.01 ) $ (0.02 ) $ (0.02 ) $ (0.05 )
Shares used in computing basic loss per share 33,388,545 33,388,545 33,388,545 33,388,545
Diluted net income (loss) per share $ (0.01 ) $ (0.02 ) $ (0.02 ) $ (0.05 )
Shares used in computing diluted income (loss) per share 33,388,545 33,388,545 33,388,545 33,388,545
 
Departmental allocation of stock-based compensation:
Cost of revenues $ 18 $ 21 $ 38 $ 40
Product development 26 22 53 43
Sales and marketing 7 18 16 34
General and administrative   52     54     107     102  
Total stock-based compensation $ 103   $ 115   $ 214   $ 219  
 
LIVEWORLD, INC.
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
     

Three Months
Ended June 30,

   

Six Months
Ended June 30,

2016   2015 2016   2015
Cash flows from operating activities:
Net income (loss) $ (443 ) $ (668 ) $ (678 ) $ (1,513 )

Adjustments to reconcile net income (loss) provided by (used in) operating activities:

Depreciation of long-lived assets (10 ) 22 19 52
(Gain)/Loss on sale of assets —— 37 —— 37
Stock-based compensation 103 115 214 219
Changes in operating assets and liabilities:
Accounts receivable 350 (298 ) 57 (304 )
Other assets 54 141 (9 ) 177
Accounts payable 51 (202 ) 173 58
Accrued liabilities 22 (127 ) 3 (125 )
Deferred revenue   (8 )   483     (83 )   (714 )
Net cash provided by (used in) operating activities   119     (497 )   (304 )   (2,113 )
Cash flows from investing activities:
Purchase of property and equipment   ——     —–     (44 )   (2 )
Net cash provided by (used in) investing activities   ——     —–     (44 )   (2 )
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 119 (497 ) (348 ) (2,115 )
Cash and cash equivalents, beginning of period   3,071     2,768     3,538     4,386  
Cash and cash equivalents, end of period $ 3,190   $ 2,271   $ 3,190   $ 2,271  
 
Supplemental disclosure of non-cash financing and investing activities:
Income taxes paid $ ——   $ 3   $ 1   $ 7  
 

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