LiveWorld, Inc. (OTCMKTS: LVWD) Posts Total Revenue of $2.2 million in the First Quarter 2021

LiveWorld, Inc. (OTCMKTS: LVWD) has announced total revenue of around $2.2 million for the first quarter of 2021. This is compared to the around $1.9 million reported for the same period in 2020. 

The company reports a net income of around $121,000

The net revenue for the present quarter marked a 17% increase for the comparable period last year. The company has reported a net income of around $121,000 or 5% of its total revenues. In the comparable period last year, it has earned a net loss of around $89,000 or 5% of its total revenues. This positive change in net income is a direct result of better revenues and cut down expenditures 

It ended the quarter with about $2.2 million in cash and cash equivalents compared to approximately $2.6 million at the end of 2020. This decrease of $340,000 in cash resulted from the surge in its accounts receivables of about $1.0 million. 

Its cash from operations was roughly $1.2 million, which compares to the $335,000 in cash from operations for the first quarter of 2020. Thus, it represents an increase of $900,000 or 157% in the comparable period.

David Houston, Chief Financial Officer of LiveWorld, speaking about the company’s financial performance, said, “These financial results show that the company has ended four consecutive quarter in a profitable situation. We have achieved this by improving our revenues and cutting down our expenditures.” 

Umar Siddiqui, MD, joins the company as Medical Director

In other news, the company announced Umar Siddiqui, MD, as the agency’s Medical Director. He will be reporting to Chairman & CEO Peter Friedman. This position hints at a profound pledge to and know-how in digital and social media marketing for companies in the biopharma, life sciences, and healthcare.

Umar Siddiqui is an award-winning MD and digital health expert with 15+ years of experience straddling scientific research, health-system management, strategy consulting, venture capital, and health expertise.