SYS-CON MEDIA Authors: Liz McMillan, Carmen Gonzalez, Zakia Bouachraoui, Roger Strukhoff, David Linthicum

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LiveWorld Reports Second Quarter Financial Results

LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the second quarter of 2019. Total revenues were approximately $1.9 million for the second quarter, as compared to the approximately $1.7 million in total revenues reported for the same period in 2018. The $1.9 million revenue compares to $1.3 million for the first quarter of 2018 when excluding Walmart, or a 48% increase in non-Walmart revenue. The Company’s revenues for the six months ended June 30, 2019 were approximately $3.6 million, as compared to the $4.1 million for the six months ended June 30, 2018. The $3.6 million revenue compares to $2.5 million for the six months ended June 30, 2019 when excluding Walmart, or a 46% increase in non-Walmart revenue.

The Company reported a net loss for the quarter of approximately $69,000, or 4% of total revenues. This compares to net loss of approximately $358,000, or 20% of total revenues reported for the second quarter of 2018. This is a reduction of approximately $289,000 or 81% quarter over quarter. This reduction was a result of lower operating costs. The Company had a net loss for the six months ended June 30, 2019 of approximately $413,000, or 11% of total revenues, as compared to the net loss of approximately $490,000, or 11% of total revenues for the six months ended June 30, 2018. This is a reduction of approximately $77,000 or 16% period over period. This reduction was a result of lower operating costs in the second quarter.

The Company finished the second quarter with approximately $1.2 million in cash and cash equivalents, as compared to the approximately $1.2 million at the end of 2018.

“In 2019 we continue to focus on expanding our healthcare related revenues, and make strategic investments in our platform along with sales and marketing,” said David Houston, Chief Financial Officer of LiveWorld, “We saw our total healthcare related revenues for the first six months of 2019 grow by approximately 82%. We do not anticipate the growth rate to remain this high, but do expect it to remain strong for 2019."

Detailed financial information may be downloaded at https://www.liveworld.com/about-us/investor-relations/ (LiveWorld’s Investor Relations page).

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, 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)

 

June 30,

December 31,

 

2019

 

 

2018

 

ASSETS

Current assets

Cash and cash equivalent

$

1,188

 

$

1,152

 

Accounts receivable, net

 

470

 

 

362

 

Prepaid expenses

 

152

 

 

142

 

Total current assets

 

1,810

 

 

1,656

 

 

Property and equipment, net

 

16

 

 

24

 

Other assets

 

22

 

 

22

 

Total assets

$

1,848

 

$

1,702

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

114

 

$

83

 

Accrued employee expenses

 

399

 

 

386

 

Other accrued liabilities

 

36

 

 

38

 

Deferred revenue

 

512

 

 

340

 

Total current liabilities

 

1,061

 

 

847

 

Total liabilities

 

1,061

 

 

847

 

 

Stockholders' equity

Common stock: $0.001 par value, 100,000,000 shares authorized 45,633,442 issued and outstanding as of June 30, 2019 and 33,388,545 outstanding as of December 31, 2018 respectively

 

34

 

 

34

 

Additional paid-in capital

 

143,577

 

 

143,233

 

Accumulated deficit

 

(142,824

)

 

(142,412

)

Total stockholders' equity

 

787

 

 

855

 

Total liabilities and stockholders' equity

$

1,848

 

$

1,702

 

LIVEWORLD, INC.

CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

Three Months Ended

June 30,

Six Months Ended

June 30,

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Total revenues

$

 

1,902

 

$

 

1,716

 

$

 

3,608

 

$

 

4,138

 

Cost of revenues

 

901

 

 

786

 

 

1,757

 

 

1,738

 

Gross Margin

 

1,001

 

 

930

 

 

1,851

 

 

2,400

 

Operating Expense

Product development

 

303

 

 

397

 

 

656

 

 

928

 

Sales and marketing

 

284

 

 

243

 

 

589

 

 

733

 

General and administrative

 

478

 

 

638

 

 

1,011

 

 

1,218

 

Total operating expense

 

1,065

 

 

1,278

 

 

2,256

 

 

2,879

 

Income / (loss) from operations

 

(64

)

 

(348

)

 

(405

)

 

(479

)

Income / (loss) before tax

 

(64

)

 

(348

)

 

(405

)

 

(479

)

Other Income / Expense

 

1

 

--------

 

1

 

 

2

 

Provision for income taxes

 

6

 

 

10

 

 

9

 

 

13

 

Net income / (loss)

 

(69

)

 

(358

)

 

(413

)

 

(490

)

 

Basic income / (loss) per share

$

 

(0.00

)

$

 

(0.01

)

$

 

(0.01

)

$

 

(0.01

)

Shares used in computing basic loss per share

 

45,633,442

 

 

33,388,545

 

 

40,531,401

 

 

33,388,545

 

Diluted net income (loss) per share

$

 

(0.00

)

$

 

(0.01

)

$

 

(0.01

)

$

 

(0.01

)

Shares used in computing diluted income (loss) per share

 

45,633,442

 

 

33,388,545

 

 

40,531,401

 

 

33,388,545

 

 

Departmental allocation of stock-based compensation:

Cost of revenues

$

 

5

 

$

 

13

 

$

 

11

 

$

 

25

 

Product development

 

5

 

 

 

9

 

 

 

11

 

 

 

21

 

Sales and marketing

 

4

 

 

11

 

 

10

 

 

23

 

General and administrative

 

6

 

 

47

 

 

14

 

 

95

 

Total stock-based compensation

$

 

20

 

$

 

80

 

$

 

46

 

$

 

164

 

LIVEWORLD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

Three Months

Ended June 30,

Six Months

Ended June 30,

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Cash flows from operating activities:

Net income (loss)

$

(69

)

$

(358

)

$

(413

)

$

(490

)

Adjustments to reconcile net income (loss) provided by

(used in) operating activities:

Depreciation of long-lived assets

 

5

 

 

7

 

 

11

 

 

14

 

Stock-based compensation

 

20

 

 

80

 

 

46

 

 

164

 

Changes in operating assets and liabilities:

Accounts receivable

 

116

 

 

1,703

 

 

(108

)

 

(141

)

Other assets

 

99

 

 

74

 

 

(10

)

 

9

 

Accounts payable

 

(92

)

 

(101

)

 

31

 

 

(74

)

Accrued liabilities

 

31

 

 

(8

)

 

11

 

 

(136

)

Deferred revenue

 

137

 

 

(733

)

 

172

 

 

(295

)

Net cash provided by (used in) operating activities

 

247

 

 

664

 

 

(260

)

 

(949

)

Cash flows from investing activities:

Purchase of property and equipment

---------

--------

 

(4

)

 

(1

)

Net cash provided by (used in) investing activities

---------

--------

 

(4

)

 

(1

)

Cash flows from financing activities:

Capital Investment

---------

 

--------

 

 

300

 

 

--------

Proceeds from exercise of stock options

---------

 

--------

 

---------

 

--------

Net cash provided by (used for) financing activities

---------

--------

 

300

 

--------

Change in cash and cash equivalent

 

247

 

 

664

 

 

36

 

 

(950

)

Cash and cash equivalents, beginning of period

 

941

 

 

656

 

 

1,152

 

 

2,270

 

Cash and cash equivalents, end of period

$

1,188

 

$

1,320

 

$

1,188

 

$

1,320

 

 

Supplemental disclosure of non-cash financing and investing activities:

Income taxes paid

$

6

 

$

10

 

$

9

 

$

13

 

 

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