Anaheim, CA, Aug. 17, 2020 (GLOBE NEWSWIRE) -- LiveWire Ergogenics Inc. (OTC: LVVV), a company focused on acquiring and managing special purpose real estate properties conducive to producing the highest-quality, organically-grown and handcrafted cannabis products for medicinal and recreational use in California, today announced its financial results for Q2 ending June 30, 2020.
During the quarter ending June 30, 2020, sales amounted to $180,500, an increase of of 28% over the previous quarter in 2020. Revenues in the first two quarters of 2020 do not reflect revenues generated through GHC Ventures. The three and six months revenue for 2019 has been adjusted retroactively to $17,980 to reflect that revenues for GHC Ventures are not being recognized in our financial reporting based on the sale of GHC Ventures, and its treatment as a discontinued operation.
For the quarter ending June 30, 2020 net income was $747,815 compared to an adjusted loss of $400,691 for the quarter ending June 30, 2019, an increase of $1,148,506, or 286%. The increase in net income is attributed to the elimination of non-cash expenses for impairment of capitalized licenses in connection with the sale of GHC Ventures and the appropriate retroactive adjustments, a decrease in operating expenses and a gain on derivatives. Stock based consulting expenses decreased to $0.
The Company still maintains a minority ownership position in GHC Ventures until all payment obligations from the buyer have been received, which allows LiveWire to continue ultizing its network of clients to continue to grow revenue moving forward.
The detailed Financial Report for Q2 2020 can be downloaded at OTC Markets
https://backend.otcmarkets.com/otcapi/company/financial-report/255252/content
Bill Hodson, CEO of LiveWire Ergogenics states, “The acquisition of Estrella Ranch in Paso Robles California in 2019, has successfully positioned LiveWire’s operation at one of the most beautiful and historic locations in California, with a unique microclimate, perfect for growing exceptional organic and handcrafted-style cannabis. The Company’s goal is to develop the world’s first ‘Estate Grown Weedery’ on Estrella Ranch for the cultivation of a cannabis product unique to the environment and establishing high-quality recognized brands Nationwide. The Estrella Ranch business model will allow us to dynamically and economically scale the business on this vast acreage with easily expandable outdoor and indoor growing areas, as required by market demand.”
Mr. Hodson continues, “We consequently continue to implement our unique business model of the ‘Estrella Weedery’, strictly following our mission statement of ‘Doing it Right’. We have established a unique revenue-sharing business model that will generate sustainable revenue and profitability for the Company as we implement and expand for years to come. Based on the progress we have made over the last 18 months, compounded by the excellent potential of the agreement with QDG Agriculture, we are moving into the second half of this year with increased confidence. We have high expectations for the successful implementation of our unique revenue-sharing business model that will generate significant and sustainable revenue and net profits for years to come, following a strict financial discipline of maintaining low operating expenses. Based on the latest response from the responsible authorities, we are encouraged that we will receive our final operation permit in the very near term and we are ready to begin cultivation immediately.”
The Company is centralizing all company and subsidiary operations on the Ranch in Paso Robles, continuing to build a Livewire holding corporation that will be pursuing additional projects and ventures that can benefit from the overall experience of the team that has been assembled at the Ranch and has been getting the Ranch ready for legal operation during the last year. Management considers the agreement with QDG Agricultural crucial for the progress that has been made and the expected expedited start of high-quality cultivation on the Ranch. Management is committed to maintaining a laser sharp focus on revenues, profits and return of investment for our family of investors.
About LiveWire Ergogenics Inc. LiveWire Ergogenics, Inc. (LVVV) specializes in identifying and monetizing current and future trends in the health and wellness industry. The Company is focused on acquiring, managing, and licensing specialized cannabis real estate properties conducive to producing high-quality handcrafted cannabis products for medicinal and adult-use in the US. This includes the distribution of these products and the creation of a Nationally recognized organic "Estrella Weedery" brand. LiveWire Ergogenics does not produce, sell, or distribute products that are in violation of the United States Controlled Substance Act. For more information, please visit: LiveWireErgogenics.com
Forward-Looking Statements. This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, the Company's Social Media postings and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
| LIVEWIRE ERGOGNEICS, INC LIVEWIRE ERGOGENICS INC. 1600 North Kraemer Blvd. Anaheim, CA 92806 714-740-5144 www.livewireergogenics.com info@livewireergogenics.com | MARKET AWARENESS Stockwatchindex, LLC 442-287-8059 www.stockwatchindex.com info@stockwatchindex.com |
Download the Financial Report here:
https://backend.otcmarkets.com/otcapi/company/financial-report/234891/content