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LiveWorld Reports Third Quarter Financial Results

LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the third quarter of 2017. Total revenues were approximately $2.3 million for the third quarter, as compared to the approximately $2.4 million in total revenues reported for the same period in 2016. The Company’s revenues for the nine months ended September 30, 2017 were approximately $7.3 million, as compared to the $7.0 million for the nine months ended September 30, 2016.

The Company reported a net loss for the quarter of approximately $418,000, or 18% of total revenues. This compares to net loss of approximately $429,000, or 18% of total revenues reported for the third quarter of 2016. The Company had a net loss for the nine months ended September 30, 2017 of approximately $1.2 million, or 17% of total revenues, as compared to the net loss of approximately $1.1 million, or 16% of total revenues for the nine months ended September 30, 2016.

The Company finished the third quarter with approximately $2.3 million in cash and cash equivalents, as compared to the approximately $1.8 million at the end of the second quarter. This increase in our cash was a result of better collections on accounts.

“Revenues in the third quarter saw a slight dip due in part to client timing of programs. However, we did see improvement in our healthcare initiatives which is a key sector for us,” said David Houston, Chief Financial Officer of LiveWorld. “Healthcare related revenues grew 15% for the quarter and over 35% for the first nine month of the year. We attribute these gains to a sales and marketing strategy focused on expanding online conversations between brands and their consumers as well as advances in our software platform.”

Detailed financial information may be downloaded at www.liveworld.com/ir (LiveWorld’s Investor Relations page) or at www.otcmarkets.com.

About LiveWorld

At LiveWorld, we provide conversation management software, consulting, and online agent workforce services. These empower companies to manage conversations in messaging apps and social media to develop deeper relationships with customers. 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. Companies are able to quickly solve the scale, security, automation, and multi-social channel challenges associated with marketing and customer service programs. LiveWorld services include strategy, campaign management, content moderation, engagement, customer service, and social analytics. Our team of marketing strategists, conversation specialists, chatbot experts, social data analysts, online agents, and software developers collaborate to deliver marketing and customer service solutions that seamlessly integrate software and human teams. LiveWorld clients include the number one brands in consumer packaged goods, retail, pharmaceutical, 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.



(In thousands, except share data)

September 30, December 31,
2017 2016
Current assets
Cash and cash equivalent $ 2,278 $ 2,555
Accounts receivable, net 398 726
Prepaid expenses   191   102
Total current assets 2,867 3,383
Property and equipment, net 42 55
Other assets   19   20
Total assets $ 2,928 $ 3,458


Current liabilities
Accounts payable $ 151 $ 254
Accrued employee expenses 530 497
Other accrued liabilities 289 71
Deferred revenue   705   438
Total current liabilities   1,675   1,260
Total liabilities 1,675 1,260
Stockholders' equity
Common stock: $0.001 par value, 100,000,000 shares authorized 33,388,545 issued and outstanding as of September 30, 2017 and December 31, 2016 respectively. 34 34
Additional paid-in capital 142,881 142,600
Accumulated deficit   (141,662)   (140,436)
Total stockholders' equity   1,253   2,198
Total liabilities and stockholders' equity $ 2,928 $ 3,458
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2017 2016 2017 2016
Total revenues $ 2,324 $ 2,390 $ 7,268 $ 6,960
Cost of revenues   948   947   2,926   2,782
Gross Margin 1,376 1,443 4,342 4,178
Operating Expense
Product development 536 653 1,686 1,841
Sales and marketing 603 591 1,802 1,586
General and administrative   657   628   2,089   1,871
Total operating expense   1,796   1,872   5,577   5,298
Income / (loss) from operations   (420)   (429)   (1,235)   (1,120)
Income / (loss) before tax (420) (429) (1,235) (1,120)
Other Income / Expense 2 14 12
Provision for income taxes   -------   ------   5   (1)
Net income / (loss)   (418)   (429)   (1,226)   (1,107)
Basic income / (loss) per share $ (0.01) $ (0.01) $ (0.04) $ (0.03)
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) $ (0.01) $ (0.04) $ (0.03)
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 $ 14 $ 15 $ 38 $ 54
Product development 16 25 56 78
Sales and marketing 13 5 48 21
General and administrative   48   49   139   155
Total stock-based compensation $ 91 $ 94 $ 281 $ 308
(In thousands)
    Three Months Ended     Nine Months Ended
September 30, September 30,
2017     2016 2017     2016
Cash flows from operating activities:
Net income (loss) $ (418) $ (429) $ (1,226) $ (1,107)

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

Depreciation of long-lived assets 6 11 22 30
Stock-based compensation 91 94 281 308
Changes in operating assets and liabilities:
Accounts receivable 2,246 (25) 327 32
Other assets 14 (34) (87) (43)
Accounts payable (171) 46 (103) 219
Accrued liabilities 208 59 251 62
Deferred revenue   (1,463)   (91)   267   (174)
Net cash provided by (used in) operating activities   513   (369)   (268)   (673)
Cash flows from investing activities:
Purchase of property and equipment   (1)   (3)   (9)   (47)
Net cash provided by (used in) investing activities   (1)   (3)   (9)   (47)
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 512 (372) (277) (720)
Cash and cash equivalents, beginning of period   1,766   3,190   2,555   3,538
Cash and cash equivalents, end of period $ 2,278 $ 2,818 $ 2,278 $ 2,818
Supplemental disclosure of non-cash financing and investing activities:
Income tax paid $ -------   ------ $ 5 $ (1)

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