LiveWorld Reports Full Year and Fourth Quarter Financial Results
Summary
SAN JOSE, Calif.--( BUSINESS WIRE )--LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the fourth quarter of 2018. “We had a profitable fourth quarter as a result of reducing overall expenses while increasing our revenues in the healthcare market,” said David Houston, Chief Financial Officer of LiveWorld. We specialize in handling the speed and scale requirements of brands to engage customers 1-on-1 in real-time and deliver personalized interactions with a human touch. Our conversation-centric software is designed to track and manage dialogue, engage customers, and integrate chatbots and human agents with enterprise systems. LIVEWORLD, INC.UNAUDITED CONDENSED BALANCE SHEETS(In thousands, except share data)December 31,December 31,20182017ASSETS Current assets Cash and cash equivalent $ 1,152 $ 2,270 Accounts receivable, net 362 304 Prepaid expenses 142 148 Total current assets 1,656 2,722 Property and equipment, net 24 48 Other assets 22 19 Total assets $ 1,702 $ 2,789 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities Accounts payable $ 83 $ 190 Accrued employee expenses 386 516 Other accrued liabilities 38 205 Deferred revenue 340 651 Total current liabilities 847 1,562 Total liabilities 847 1,562 Stockholders equity Common stock: $0.001 par value, 100,000,000 shares authorized 33,388,545 issued and outstanding as of December 31, 2018 and December 31, 2017 respectively 34 34 Additional paid-in capital 143,233 142,968 Accumulated deficit (142,412 ) (141,775 ) Total stockholders equity 855 1,227 Total liabilities and stockholders equity $ 1,702 $ 2,789 LIVEWORLD, INC.CONDENSED STATEMENT OF OPERATIONS(In thousands, except per share data)Three Months EndedTwelve Months EndedDecember 31,December 31,2018201720182017 Total revenues $ 2,009 $ 2,680 $ 7,709 $ 9,949 Cost of revenues 824 1,018 3,258 3,945 Gross Margin 1,185 1,662 4,451 6,004 Operating Expense Product development 405 543 1,703 2,229 Sales and marketing 282 582 1,219 2,383 General and administrative 462 644 2,161 2,733 Total operating expense 1,149 1,769 5,083 7,345 Income / (loss) from operations 36 (107 ) (632 ) (1,341 ) Income / (loss) before tax 36 (107 ) (632 ) (1,341 ) Other Income / Expense 1 3 4 17 Provision for income taxes (4 ) 9 9 14 Net income / (loss) 41 (113 ) (637 ) (1,338 ) Basic income / (loss) per share $ 0.00 $ (0.00 ) $ (0.02 ) $ (0.04 ) 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 $ 0.00 $ (0.00 ) $ (0.02 ) $ (0.04 ) 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 $ 8 $ 14 $ 40 $ 53 Product development 6 13 36 68 Sales and marketing 6 12 39 60 General and administrative 22 48 149 187 Total stock-based compensation $ 42 $ 87 $ 264 $ 368 LIVEWORLD, INC.CONDENSED STATEMENTS OF CASH FLOWS(In thousands)Three Months EndedDec 31,
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