LiveWorld Reports First Quarter 2022 Financial Results
Company sees double digit growth in revenues and continued operating profits
-
Q1 total revenues of
, up$2.5 million 10% year-over-year -
Healthcare revenues of
, up$2.1 million 12% year-over-year -
Net income from operations of
or$122,000 5% - Current company valuation is approximately 0.77x Q1 annualized revenues
We reported a net income for the quarter of approximately
We finished the first quarter with approximately
“In the first quarter we saw solid growth in our revenues and continued operating profits from our healthcare initiatives,” said
Detailed financial information may be downloaded at www.liveworld.com/ir (LiveWorld’s Investor Relations page) or at www.otcmarkets.com.
About
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
|
||||||
UNAUDITED CONDENSED BALANCE SHEETS |
||||||
(In thousands, except share data) |
||||||
|
|
|||||
2022 |
2021 |
|||||
ASSETS |
||||||
Current assets |
||||||
Cash and cash equivalent |
$ |
2,932 |
$ |
3,551 |
||
Accounts receivable, net |
|
2,652 |
|
1,773 |
||
Prepaid expenses |
|
389 |
|
156 |
||
Total current assets |
|
5,973 |
|
5,480 |
||
|
|
|
|
|||
Property and equipment, net |
|
44 |
|
47 |
||
Other assets |
|
25 |
|
25 |
||
Total assets |
$ |
6,042 |
$ |
5,552 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
Current liabilities |
||||||
Accounts payable |
$ |
310 |
$ |
231 |
||
Accrued employee expenses |
|
800 |
|
1,076 |
||
Other accrued liabilities |
|
27 |
|
14 |
||
Deferred revenue |
|
1,695 |
|
1,169 |
||
Total current liabilities |
|
2,832 |
|
2,490 |
||
Total liabilities |
|
2,832 |
|
2,490 |
||
Stockholders' equity |
||||||
Common stock: |
|
34 |
|
34 |
||
Additional paid-in capital |
|
143,727 |
|
143,701 |
||
Accumulated deficit |
|
(140,551) |
|
(140,673) |
||
Total stockholders' equity |
|
3,210 |
|
3,062 |
||
Total liabilities and stockholders' equity |
$ |
6,042 |
$ |
5,552 |
|
||||||
CONDENSED STATEMENT OF OPERATIONS |
||||||
(In thousands, except per share data) |
||||||
Three Months Ended |
Three Months Ended |
|||||
|
|
|||||
2022 |
2021 |
|||||
Total revenues |
$ |
2,451 |
$ |
2,224 |
||
Cost of revenues |
|
1,238 |
|
1,156 |
||
Gross Margin |
|
1,213 |
|
1,068 |
||
Operating Expense |
||||||
Product development |
|
202 |
|
217 |
||
Sales and marketing |
|
401 |
|
252 |
||
General and administrative |
|
483 |
|
474 |
||
Total operating expense |
|
1,086 |
|
943 |
||
Income from operations |
|
127 |
|
125 |
||
Income before tax |
|
127 |
|
125 |
||
Other Income / Expense |
------------ |
----------- |
||||
Provision for income taxes |
|
5 |
|
4 |
||
Net income |
|
122 |
|
121 |
||
Basic income per share |
$ |
0.00 |
$ |
0.00 |
||
Shares used in computing basic loss per share |
|
45,633,442 |
|
45,633,442 |
||
Diluted net income per share |
$ |
0.00 |
$ |
0.00 |
||
Shares used in computing diluted income per share |
|
68,916,821 |
|
65,603,063 |
||
Departmental allocation of stock-based compensation: |
||||||
Cost of revenues |
$ |
9 |
$ |
3 |
||
Product development |
|
1 |
|
1 |
||
Sales and marketing |
|
4 |
|
1 |
||
General and administrative |
|
12 |
|
5 |
||
Total stock-based compensation |
$ |
26 |
$ |
10 |
|
||||||
CONDENSED STATEMENTS OF CASH FLOWS |
||||||
(In thousands) |
||||||
Three Months Ended |
Three Months Ended |
|||||
|
|
|||||
2022 |
|
2021 |
||||
Cash flows from operating activities: |
||||||
Net income |
$ |
122 |
$ |
121 |
||
Adjustments to reconcile net income provided by operating activities: |
||||||
Depreciation of long-lived assets |
|
6 |
|
5 |
||
Stock-based compensation |
|
26 |
|
10 |
||
Changes in operating assets and liabilities: |
||||||
Accounts receivable |
|
(878) |
|
(999) |
||
Other assets |
|
(232) |
|
(118) |
||
Accounts payable |
|
79 |
|
5 |
||
Accrued liabilities |
|
(264) |
|
84 |
||
Deferred revenue |
|
525 |
|
452 |
||
Net cash provided by (used in) operating activities |
|
(616) |
|
(440) |
||
Cash flows from investing activities: |
||||||
Purchase of property and equipment |
|
(3) |
|
(5) |
||
Net cash provided by (used in) investing activities |
|
(3) |
|
(5) |
||
Loan |
------------ |
|
106 |
|||
Proceeds from exercise of stock options |
------------ |
----------- |
||||
Net cash provided by (used for) financing activities |
------------ |
|
106 |
|||
Change in cash and cash equivalent |
|
(619) |
|
(339) |
||
Cash and cash equivalents, beginning of period |
|
3,551 |
|
2,552 |
||
Cash and cash equivalents, end of period |
$ |
2,932 |
$ |
2,213 |
||
Supplemental disclosure of non-cash financing and investing activities: |
||||||
Income tax paid |
$ |
5 |
$ |
4 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220512005293/en/
IR Contact:
dhouston@liveworld.com
(408) 615-8496
PR Contact:
mhammer@liveworld.com
(737) 212-9739
Source: