There were a large number of companies in the news cycle on Tuesday, and one of those was LiveWire Ergogenics Inc. (OTC: LVVV). The company is involved in the leasing, acquisition, licensing, and management of special-purpose real estate properties and operations suitable for producing high-quality cannabis products for medical as well as recreational use in California. Yesterday, it announced its financial results for the fiscal year ended on December 31, 2023.
The company generated revenues to the tune of $1,633,744 and net income of $921,575 for the 2023 fiscal year. It ought to be noted that since the first quarter of 2022, LiveWire Ergogenics has managed to deliver eight profitable quarters on the trot. In the previous fiscal year, the company generated net income of $684,124, and the latest number reflected a rise of 35%. The assets under the company’s control went up by $1,463,629 to hit $7,735,532, and that worked out to a boost of 23% in comparison to the 2022 fiscal year. LiveWire Ergogenics also revealed that its assets surpassed its liabilities by as much as $3,113,731.
The Chief Executive Officer of the company, Bill Hodson, spoke about the performance as well. He noted that the revenues in 2023 had been marginally lower than the revenues in 2022, and that was mainly because its affiliate company Estrella River Farms’ second harvest had extended into 2024.
However, he noted that the company had still managed to report a net profit, owing largely to the profitable momentum of the previous quarters. He added that the company was committed to running its operations with the lowest possible fixed costs and reinvesting all its generated cash into the operations so as to spark further growth. He went on to note that LiveWire Ergogenics had managed to do all that without compromising on quality.
