Business
LiveWire Ergogenics Reports Financial Performance for the First Quarter of 2022 Revenue Increased by 392% and Net Profit by 103% Outlook for Second Half of 2022
LiveWire Ergogenics Reports Financial Performance for the First Quarter of 2022 Revenue Increased by 392% and Net Profit by 103% Outlook for Second Half of 2022.
About this update from Livewire Ergogenics, Inc.
[{"type":"text","content":"\n Anaheim, CA, May 17, 2022 (GLOBE NEWSWIRE) -- LiveWire Ergogenics Inc. (OTC: LVVV), a company focused on acquiring, managing, and licensing special purpose real estate properties conducive to producing handcrafted and organically grown high-quality cannabis products for medical and recreational adult-use in California; today announced the release of its Financial Report for the first quarter of 2022. Bill Hodson, CEO of LiveWire Ergogenics, states, \"With the action-packed year of 2021 behind us, we are now moving forward with a razor-sharp focus on the continued expansion at Estrella Ranch to three acres for the cultivation of the highest quality sun-grown, organic cannabis in the State. We have concluded the acquisition of a majority equity interest in Estrella Ranch Partners and have acquired a one hundred percent equity interest in Makana Ola Farms in Humboldt, California. We plan to continue carefully expanding our operations, utilizing the intense experience of the last two years to develop Estrella Ranch into the ultimate cannabis cultivation destination in California. We will focus on the success of Estrella River Farms to cultivating the best possible hand-crafted product and not get distracted by the mass production of cannabis. We believe that the increasing customer demand for hand-crafted products versus the mass-produced product supports our narrowly focused, organic-style cultivation business model. We will continue to carefully implement our unique vision following a strict discipline of operating with a low overhead and debt burden to produce substantial revenues and profits moving forward.\" Q1 2022 Financial Results Revenues increased by 392%. During the quarter ended March 31, 2022, revenues amounted to $408,519, an increase of $325,519 or 392% over the same period in 2021. The increase in revenue is due to higher income in related party revenue, based on rental and licensing fees and the management of our subsidiaries and affiliate companies' intellectual and real estate properties. We expect Livewire's licensing and management fees related to the first harvest of Estrella River Farms to increase revenues further and be recognized in the second quarter of 2022. Note: On March 10, 2022, an AAA arbitrator in New York awarded the Company a total of $352,493.0...