LiveWire Ergogenics, Inc Reports Significant Revenue Improvement for Second Quarter 2019
Posted by SWI Editorial Staff On August 21, 2019 0 Comment
Anaheim, CA – August 22, 2019 – LiveWire Ergogenics, Inc. (OTC: LVVV) announced today that it is has filed its Second Quarter 2019 Financial Report with OTC Markets, showing significant improvement in revenue for the quarter.
LiveWire Ergogenics, through its subsidiary GHC Ventures, generated $371,876 in revenue, a significant improvement over the same period last year. The increase in revenue of over 2000% is a result of State licensed Distribution and Nursery operations in California. General and Administrative costs increased slightly to $176,571, due to the additional personnel to manage GHC operations. At the same time, the Company has been able to reduce its stock-based compensation significantly and did not issue any new shares during the second quarter of 2019, keeping down dilution for our existing shareholders.
Bill Hodson, CEO of LiveWire stated, “To continue this path of aggressively increasing revenues, we have substantially expanded the operation of our subsidiary, GHC Ventures, and have implemented an all-encompassing software tracking system to capture all transactions. The system allows us to track and trace every transaction and comply with California State and tax authorities’ rules and regulations that come along with this growing industry. Below you will find a summary of all milestone achievements within our group of companies for the last few months that we believe will have a positive impact in the months ahead.”
- Finalized acquisition of a 265-acre Ranch in Paso Robles, California via our subsidiary to establish the world’s first Estate Grown Weedery.
- Received cultivation/nursery and distribution permits for nursery in Coachella, California.
- Received cultivation/nursery Minor Use Permit for its nursery in Paso Robles, California.
- Received Annual CA State distribution license from the California Bureau of Cannabis Control.
- Began operation of statewide distribution division GHC Ventures for distribution of cannabis products throughout California.
- Applied for Minor Use Permit for outdoor cultivation on Estrella Ranch.
- Commenced the vetting process and begun negotiations with several potential third-party operators for Estrella Ranch.
- Executed “7X Pure” Private Label Agreement with botanical company with first product release imminent.
- Engaged research teams with highly recognized athletes and published experts to commence with leading-edge research to explore the application of cannabinoid products for human and equine applications.
- Advancing plans for expansion into the sports and cosmetics markets for CBD or THC infused products.
- Continuing to explore potential acquisition targets and strategic alliances.
- Continued preparation for up-listing to OTCQB through financial audits and OTC filings.
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