$LVVV LiveWire Ergogenics Reports 2023 Financial R
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Posted On: 04/02/2024 10:18:25 AM
$LVVV LiveWire Ergogenics Reports 2023 Financial Results Reports Eight Consecutive Profitable Quarters Increases Annual Net Income by 35%
https://www.otcmarkets.com/otcapi/company/dns...39/content
Anaheim, CA, April 2, 2024 -- LiveWire Ergogenics Inc. (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 sun-grown cannabis specialty products for medical and recreational adult use in California, today announced financial results for the year ending December 31, 2023.
Revenue for 2023 amounted to $1,633,744. Since the first quarter of 2022, the company has generated eight consecutive profitable quarters, generating a net income of $921,575 for the fiscal year 2023, compared to a net income of $684,124 in 2022, an increase of 35%. For the same period, assets increased to $7,735,532, an increase of $1,463,629 or 23% compared to fiscal year 2022. Our assets exceeded our liabilities by $3,113,731.
Bill Hodson, CEO of LiveWire Ergogenics, states, “While our revenues for 2023 were slightly lower than in 2022 because the second harvest process in late 2023 by our affiliate company Estrella River Farms (“ERF”) extended into 2024, we were still able to generate a net profit of $921,575, based on a streak of eight consecutive profitable quarters. The overlap in 2023 revenue will be reported in Q1 and Q2 of 2024. As documented in our annual filings with OTC, we continue to focus on running an operation with the lowest possible overhead and reinvesting all cash generated back into operations to facilitate the growth of the best sun-grown cannabis in California. All of this, without sacrificing quality, accelerate new retail product development and maximize efficiency with an outlook to significantly improve financial performance for 2024.”
Following a turbulent 2022, all of 2023 remained challenging for the entire cannabis industry. Many companies struggled to keep their doors open, renew their expensive licenses, maintain compliance, or generate the expected operating profits. Accordingly, the share prices of most publicly traded cannabis companies declined drastically, and Livewire has not been spared either. Since the beginning of 2024, although share prices are still low, there seems to be a change in the downward trend, with prices stabilizing and increasing again for the last few months.
Estrella River Farms, our licensed grower on Estrella Ranch, is currently cultivating three (3) acres of licensed canopy. They have planted over twelve (12) high-producing strains, with plans to harvest in June. They have maintained excellent standing with the local authorities, environmental agencies, and the State of California. We have confirmed the feasibility of a profitable cannabis operation for handcrafted wholesale, including the unique and higher-margin retail products we currently have under development. We are now in a great position to deliver on our promises this year.
Mr. Hodson continues, “After a deep analysis of our operation, we will continue to manage Livewire and its subsidiary companies closely from our central location in Paso Robles, focusing on the sectors that have produced the best outcome and present the best opportunity for significant improvement moving forward. Our expanded team of operators keeps overhead as low as possible and develops unique and high-quality wholesale and new higher-margin retail products for delivery to distributors and connoisseur customers. To meet the ever-increasing demand for unique and high-quality products, we have begun creating and will market and promote a family of exceptional “Estrella Weedery” branded retail products for distribution, including new product innovations to be introduced in the second quarter of 2024”.
Please see our annual report 2023 for more details. We will soon publish a “Letter from the CEO” with more details and an outlook for 2024.
https://www.otcmarkets.com/otcapi/company/dns...39/content
Anaheim, CA, April 2, 2024 -- LiveWire Ergogenics Inc. (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 sun-grown cannabis specialty products for medical and recreational adult use in California, today announced financial results for the year ending December 31, 2023.
Revenue for 2023 amounted to $1,633,744. Since the first quarter of 2022, the company has generated eight consecutive profitable quarters, generating a net income of $921,575 for the fiscal year 2023, compared to a net income of $684,124 in 2022, an increase of 35%. For the same period, assets increased to $7,735,532, an increase of $1,463,629 or 23% compared to fiscal year 2022. Our assets exceeded our liabilities by $3,113,731.
Bill Hodson, CEO of LiveWire Ergogenics, states, “While our revenues for 2023 were slightly lower than in 2022 because the second harvest process in late 2023 by our affiliate company Estrella River Farms (“ERF”) extended into 2024, we were still able to generate a net profit of $921,575, based on a streak of eight consecutive profitable quarters. The overlap in 2023 revenue will be reported in Q1 and Q2 of 2024. As documented in our annual filings with OTC, we continue to focus on running an operation with the lowest possible overhead and reinvesting all cash generated back into operations to facilitate the growth of the best sun-grown cannabis in California. All of this, without sacrificing quality, accelerate new retail product development and maximize efficiency with an outlook to significantly improve financial performance for 2024.”
Following a turbulent 2022, all of 2023 remained challenging for the entire cannabis industry. Many companies struggled to keep their doors open, renew their expensive licenses, maintain compliance, or generate the expected operating profits. Accordingly, the share prices of most publicly traded cannabis companies declined drastically, and Livewire has not been spared either. Since the beginning of 2024, although share prices are still low, there seems to be a change in the downward trend, with prices stabilizing and increasing again for the last few months.
Estrella River Farms, our licensed grower on Estrella Ranch, is currently cultivating three (3) acres of licensed canopy. They have planted over twelve (12) high-producing strains, with plans to harvest in June. They have maintained excellent standing with the local authorities, environmental agencies, and the State of California. We have confirmed the feasibility of a profitable cannabis operation for handcrafted wholesale, including the unique and higher-margin retail products we currently have under development. We are now in a great position to deliver on our promises this year.
Mr. Hodson continues, “After a deep analysis of our operation, we will continue to manage Livewire and its subsidiary companies closely from our central location in Paso Robles, focusing on the sectors that have produced the best outcome and present the best opportunity for significant improvement moving forward. Our expanded team of operators keeps overhead as low as possible and develops unique and high-quality wholesale and new higher-margin retail products for delivery to distributors and connoisseur customers. To meet the ever-increasing demand for unique and high-quality products, we have begun creating and will market and promote a family of exceptional “Estrella Weedery” branded retail products for distribution, including new product innovations to be introduced in the second quarter of 2024”.
Please see our annual report 2023 for more details. We will soon publish a “Letter from the CEO” with more details and an outlook for 2024.
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