LiveWorld Reports Second Quarter 2024 Financial Results
Q2 2024 Financial and Business Highlights
-
Total three months revenues of
$2.8 million -
Healthcare revenues of
$2.4 million in Q2 2024 -
Net loss from operations of (
$134,000 ) -
Cash increased by
$136,000 to$4.8 million fromDecember 31, 2023
Management Commentary
“In the first six months of 2024 we have seen net losses as a result of reduced revenues and our planned investment for 2024,” remarked
“2024 and 2025 are investment years for LiveWorld,” said
Financial Review for the Three and Six Months Ended
Total revenues were approximately
Total revenues were approximately
The company reported a net loss for the three months of approximately
The company reported a net loss for the six months of approximately
The company finished the quarter with approximately
Detailed financial information may be downloaded at www.liveworld.com/ir (LiveWorld’s Investor Relations page) or at https://www.otcmarkets.com/stock/LVWD/overview.
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“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) |
||||||||
|
|
|||||||
2024 |
2023 |
|||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalent |
$ |
4,772 |
|
$ |
4,635 |
|
||
Accounts receivable, net |
|
2,082 |
|
|
1,701 |
|
||
Prepaid expenses |
|
226 |
|
|
225 |
|
||
Total current assets |
|
7,080 |
|
|
6,561 |
|
||
Property and equipment, net |
|
38 |
|
|
44 |
|
||
Other assets |
|
26 |
|
|
27 |
|
||
Total assets |
$ |
7,144 |
|
$ |
6,632 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ |
222 |
|
$ |
238 |
|
||
Accrued employee expenses |
|
768 |
|
|
890 |
|
||
Other accrued liabilities |
|
260 |
|
|
343 |
|
||
Deferred revenue |
|
1,646 |
|
|
438 |
|
||
Total current liabilities |
|
2,896 |
|
|
1,909 |
|
||
Total liabilities |
|
2,896 |
|
|
1,909 |
|
||
Stockholders' equity |
||||||||
Common stock: |
|
34 |
|
|
34 |
|
||
Additional paid-in capital |
|
144,287 |
|
|
144,131 |
|
||
Accumulated deficit |
|
(140,073 |
) |
|
(139,442 |
) |
||
Total stockholders' equity |
|
4,248 |
|
|
4,723 |
|
||
Total liabilities and stockholders' equity |
$ |
7,144 |
|
$ |
6,632 |
|
|
||||||||||||||
CONDENSED STATEMENT OF OPERATIONS |
||||||||||||||
(In thousands, except per share data) |
||||||||||||||
Three Months Ended |
Six Months Ended
|
|||||||||||||
2024 |
2023 |
|
2024 |
2023 |
||||||||||
Total revenues |
$ |
2,786 |
|
$ |
3,070 |
$ |
5,359 |
|
$ |
5,818 |
||||
Cost of revenues |
|
1,567 |
|
|
1,477 |
|
|
3,144 |
|
|
2,793 |
|||
Gross Margin |
|
1,219 |
|
|
1,593 |
|
2,215 |
|
|
3,025 |
||||
Operating Expense |
||||||||||||||
Product development |
|
245 |
|
|
272 |
|
517 |
|
|
531 |
||||
Sales and marketing |
|
460 |
|
|
451 |
|
970 |
|
|
881 |
||||
General and administrative |
|
629 |
|
|
606 |
|
1,340 |
|
|
1,213 |
||||
Total operating expense |
|
1,334 |
|
|
1,329 |
|
|
2,827 |
|
|
2,625 |
|||
Income from operations |
|
(115 |
) |
|
264 |
|
|
(612 |
) |
|
400 |
|||
Income before tax |
|
(115 |
) |
|
264 |
|
(612 |
) |
|
400 |
||||
Other Income |
|
1 |
|
|
1 |
|
2 |
|
|
2 |
||||
Provision for income taxes |
|
20 |
|
|
101 |
|
22 |
|
|
104 |
||||
Net income from operations |
|
(134 |
) |
|
164 |
|
|
(632 |
) |
|
298 |
|||
Earnings per share analysis from operations: |
||||||||||||||
Basic income per share |
$ |
(0.00 |
) |
$ |
0.00 |
|
$ |
(0.01 |
) |
$ |
0.01 |
|||
Shares used in computing basic loss per share |
|
45,633,442 |
|
|
45,633,442 |
|
45,633,442 |
|
|
45,633,442 |
||||
Diluted net income (loss) per share |
$ |
(0.00 |
) |
$ |
0.00 |
|
$ |
(0.01 |
) |
$ |
0.00 |
|||
Shares used in computing diluted income (loss) per share |
|
45,633,442 |
|
|
64,547,778 |
|
45,633,442 |
|
|
64,547,778 |
||||
Departmental allocation of stock-based compensation: |
||||||||||||||
Cost of revenues |
$ |
19 |
|
$ |
15 |
$ |
38 |
|
$ |
29 |
||||
Product development |
|
5 |
|
|
|
3 |
|
|
9 |
|
|
|
7 |
|
Sales and marketing |
|
8 |
|
|
8 |
|
16 |
|
|
16 |
||||
General and administrative |
|
48 |
|
|
34 |
|
|
93 |
|
|
67 |
|||
Total stock-based compensation |
$ |
80 |
|
$ |
60 |
|
$ |
156 |
|
$ |
119 |
|
||||||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS |
||||||||||||||||
(In thousands) |
||||||||||||||||
Three Months Ended
|
Six Months Ended |
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
Cash flows from operating activities: |
||||||||||||||||
Net income (loss) |
$ |
(134 |
) |
$ |
164 |
|
$ |
(632 |
) |
$ |
298 |
|
||||
Adjustments to reconcile net income (loss) provided by (used in) operating activities: |
||||||||||||||||
Depreciation of long-lived assets |
|
6 |
|
|
8 |
|
|
13 |
|
|
15 |
|
||||
Stock-based compensation |
|
80 |
|
|
60 |
|
|
156 |
|
|
119 |
|
||||
Changes in operating assets and liabilities: |
||||||||||||||||
Accounts receivable |
|
181 |
|
|
575 |
|
|
(381 |
) |
|
476 |
|
||||
Other assets |
|
125 |
|
|
46 |
|
---- |
|
(64 |
) |
||||||
Accounts payable |
|
(14 |
) |
|
82 |
|
|
(16 |
) |
|
127 |
|
||||
Accrued liabilities |
|
10 |
|
|
87 |
|
|
(204 |
) |
|
(154 |
) |
||||
Deferred revenue |
|
203 |
|
|
(436 |
) |
|
1,207 |
|
|
364 |
|
||||
Net cash provided by (used in) operating activities |
|
457 |
|
|
586 |
|
|
143 |
|
|
1,181 |
|
||||
Cash flows from investing activities: |
||||||||||||||||
Purchase of property and equipment |
|
(1 |
) |
|
(16 |
) |
|
(6 |
) |
|
(20 |
) |
||||
Net cash provided by (used in) investing activities |
|
(1 |
) |
|
(16 |
) |
|
(6 |
) |
|
(20 |
) |
||||
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 |
|
456 |
|
|
570 |
|
|
137 |
|
|
1,161 |
|
||||
Cash and cash equivalents, beginning of period |
|
4,316 |
|
|
4,392 |
|
|
4,635 |
|
|
3,801 |
|
||||
Cash and cash equivalents, end of period |
$ |
4,772 |
|
$ |
4,962 |
|
$ |
4,772 |
|
$ |
4,962 |
|
||||
Supplemental disclosure of non-cash financing and investing activities: |
||||||||||||||||
Income tax paid |
$ |
20 |
|
$ |
101 |
|
$ |
22 |
|
$ |
104 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814006253/en/
LiveWorld Contacts
IR Contact:
dhouston@liveworld.com
(408) 615-8496
PR Contact:
mhammer@liveworld.com
(737) 212-9739
Source: