$LVVV LiveWire Ergogenics Reports 2022 Financial R
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Posted On: 04/03/2023 1:42:57 PM
$LVVV LiveWire Ergogenics Reports 2022 Financial Results
https://www.otcmarkets.com/stock/LVVV/news/Li...?id=395350
LiveWireErgogenicsInc. (OTC: LVVV),a company focused on acquiring, managing, leasing, and licensing special purpose real estate properties and operations conducive to producing high-quality, handcrafted, and organically grown cannabis specialty products for medical and recreational adult-use, sun-grown in California, announces financial results for the year ending December 31, 2022
The Company generated $1,938,030 in revenue for 2022, an increase of 128% over 2021, and a net income of $684,124. Assets increased to $6,271,903, an increase of $1,751,026 over 2021. Our assets exceeded our liabilities by $2,092,004.
Bill Hodson, CEO of LiveWire Ergogenics, states, 2022 has been a challenging yet transformative year for the entire cannabis industry. Many companies struggle to keep their doors open, renew their expensive licenses, maintain compliance, or generate the expected operating profits. During 2022, together with our subsidiaries and strategic partners, we finalized all required buildouts and improvements of our Estate Grown Weedery operation at our Estrella Ranch in Paso Robles, California. Our licensed grower, Estrella River Farms, has increased cultivation to three (3) acres of licensed canopy and is planning to process three harvests of high-quality sun-grown California cannabis at the Ranch during the next twelve months. We have renewed all licenses and maintained excellent standing with the local authorities, environmental agencies, and the State. After digesting the experience of our first pilot harvest on Estrella Ranch and confirming the feasibility of a profitable cannabis operation for an organic style, hand-crafted cannabis cultivation at the Ranch, we are now in a great position to face this year.
During the year, we have strengthened our manufacturing partnerships and distribution channels, including acquiring a minority equity position in a direct-to-consumer delivery service in Los Angeles. We have worked with our manufacturing partners to accelerate the development of our family of Estrella Weedery branded specialty products for licensing and branding. We are now launching marketing campaigns to bring our brands to market via digital awareness, customer engagement, and retention activities.
Mr. Hodson continues, We will continue to tightly manage Livewire and its subsidiary companies from our central location in Paso Robles, operating with low overhead, and develop exceptional high-quality specialty products to address an ever-increasing demand for high-quality, organic style products by our distributors and connoisseur customers. To meet this demand, we began creating and delivering a family of exceptional Estrella Weedery licensed products into distribution, including new product innovations to be introduced in the second quarter of 2023.
Sales increased by 128%. DuringtheyearendedDecember31,2022, sales increased to $1,938,030, an increase of 128% from 2021. The increase in sales is due to increased revenues generated through rental, licensing, the management of our intellectual properties and real estate, and the initial launch of licensed specialty products into California distribution.
Net Income and Assets improved. Since the 1st quarter of 2022, we have generated a profit for four consecutive quarters. We ended the entire fiscal year 2022 with a net income of $684,124, an improvement of $4,116,550 comparedto a loss of $3,432,426 forthefiscalyear ending December31, 2021. The companys assets increased to $6,271,903 in 2022, an increase of $1,751,026 compared to 2021. Our assets exceeded our liabilities by $2,092,004.
https://www.otcmarkets.com/stock/LVVV/news/Li...?id=395350
LiveWireErgogenicsInc. (OTC: LVVV),a company focused on acquiring, managing, leasing, and licensing special purpose real estate properties and operations conducive to producing high-quality, handcrafted, and organically grown cannabis specialty products for medical and recreational adult-use, sun-grown in California, announces financial results for the year ending December 31, 2022
The Company generated $1,938,030 in revenue for 2022, an increase of 128% over 2021, and a net income of $684,124. Assets increased to $6,271,903, an increase of $1,751,026 over 2021. Our assets exceeded our liabilities by $2,092,004.
Bill Hodson, CEO of LiveWire Ergogenics, states, 2022 has been a challenging yet transformative year for the entire cannabis industry. Many companies struggle to keep their doors open, renew their expensive licenses, maintain compliance, or generate the expected operating profits. During 2022, together with our subsidiaries and strategic partners, we finalized all required buildouts and improvements of our Estate Grown Weedery operation at our Estrella Ranch in Paso Robles, California. Our licensed grower, Estrella River Farms, has increased cultivation to three (3) acres of licensed canopy and is planning to process three harvests of high-quality sun-grown California cannabis at the Ranch during the next twelve months. We have renewed all licenses and maintained excellent standing with the local authorities, environmental agencies, and the State. After digesting the experience of our first pilot harvest on Estrella Ranch and confirming the feasibility of a profitable cannabis operation for an organic style, hand-crafted cannabis cultivation at the Ranch, we are now in a great position to face this year.
During the year, we have strengthened our manufacturing partnerships and distribution channels, including acquiring a minority equity position in a direct-to-consumer delivery service in Los Angeles. We have worked with our manufacturing partners to accelerate the development of our family of Estrella Weedery branded specialty products for licensing and branding. We are now launching marketing campaigns to bring our brands to market via digital awareness, customer engagement, and retention activities.
Mr. Hodson continues, We will continue to tightly manage Livewire and its subsidiary companies from our central location in Paso Robles, operating with low overhead, and develop exceptional high-quality specialty products to address an ever-increasing demand for high-quality, organic style products by our distributors and connoisseur customers. To meet this demand, we began creating and delivering a family of exceptional Estrella Weedery licensed products into distribution, including new product innovations to be introduced in the second quarter of 2023.
Sales increased by 128%. DuringtheyearendedDecember31,2022, sales increased to $1,938,030, an increase of 128% from 2021. The increase in sales is due to increased revenues generated through rental, licensing, the management of our intellectual properties and real estate, and the initial launch of licensed specialty products into California distribution.
Net Income and Assets improved. Since the 1st quarter of 2022, we have generated a profit for four consecutive quarters. We ended the entire fiscal year 2022 with a net income of $684,124, an improvement of $4,116,550 comparedto a loss of $3,432,426 forthefiscalyear ending December31, 2021. The companys assets increased to $6,271,903 in 2022, an increase of $1,751,026 compared to 2021. Our assets exceeded our liabilities by $2,092,004.
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