LiveWire Ergogenics Reports Third Quarter 2020 Results

Anaheim, CA, Nov. 16, 2020 (GLOBE NEWSWIRE) -- LiveWire Ergogenics Inc. (OTC: LVVV), a company focused on acquiring and managing special purpose real estate properties conducive to producing high-quality, organically-grown and handcrafted cannabis products for medicinal and recreational use in California, today announced its financial results for Q3 ending September 30, 2020.

Bill Hodson, CEO of LiveWire Ergogenics states, “We are nearing the end of a very intense year in so many ways, from a paralyzing pandemic to a very turbulent election year, but we feel that the pending changes in Washington will result in the advancement towards federal legalization of cannabis. In our immediate environment it has been a year of managing the complex approval process for legal and environmental compliance prior to operation on our Estrella Ranch property in the California Central Coast. The acquisition of Estrella Ranch has established our operation in one of the most beautiful and historic locations in California. This location provides the perfect micro-climate for the cultivation of truly exceptional organic and handcrafted-style cannabis based on above ground tractor-less farming techniques that use up to 60% less water than traditional in-ground farming.”

During the quarter ending September 30, 2020 and 2019, sales of our products amounted to $129,000 and $143,000 respectively, a decrease of $14,000. The decrease in sales is due to reduced income from distribution revenue of GHC Ventures, which had been sold in Q2 2020. The decrease was balanced somewhat by increased revenues generated through rental, licensing and management of our real estate and intellectual properties. For the nine months period ending in September 2020 sales increased to $451,415 compared to $160,980 during the same period in 2019, an increase of $290,335.

During the quarter ending September 30, 2020 and September 30, 2019, we incurred a net loss of $104,814 compared to a profit of $94,749 respectively, an increase of $199,563. The increase was mainly due to additional expenses for the continuing infrastructure improvement of Estrella Ranch and the cost of the approval process, compensated for by reduced G&A and interest expenses. During the nine months period ending September 30, 2020, our net loss increased to $1,319,414 compared to a loss of $1,173,249 in the same period in 2019, an increase of $146.165 , with the majority of cost for infrastructure improvements occuring in Q3 2020.