Hmmm...ShortNewsHit...oldmanbadman rdncoic
Like always there will be a short news hit posted either tomorrow or there about, stating that SCRH or Scores Holding has moved into the profit zone.
Then we should have some upward movement on the share price. But the important thing here is to note that revenue is on the increase and losses may be a thing of the past. The new clubs are only paying the minimum of 10 grand a month right now, but as they ramp up with the Scores Name, it will increase. The important parts of the quarterly release are below.
Three Months Ended March 31, 2014 (“the 2014 three-month period”) Compared to Three Months Ended March 31, 2013 (“the 2013 three-month period”).
Revenues:
Revenues increased to $204,353 for the 2014 three-month period from $166,565 for the 2013 three-month period.
Revenues from the New York Club decreased ten percent (10%) to $33,476 as compared to $37,115 for the 2014 and 2013 three-month periods, respectively. Revenues from our Chicago nightclub decreased nine percent (9%) to $29,825 for the 2014 three-month period from $32,884 from the 2013 three-month period, while revenues from our Baltimore club increased nine percent (9%) to $35,696 for the 2014 three-month period from $32,706 for the 2013 three-month period and revenues from our New Orleans club remained the same at $30,000 for the 2014 and 2013 three-month period. Revenue from our Tampa club remained the same at $30,000 for the 2014 and 2013 three-month period. Revenue from our Scoreslive.com licensee increased two hundred ninety-seven percent (297%) to $15,355 for the 2014 three-month period from $3,860 for the 2013 three-month period. The Company earned revenue from three new clubs (Jacksonville, West Palm Beach and Savannah) that commenced operations in March 2014. Our revenues from each of these clubs were $10,000 for the 2014 three-month period.
Revenues under our license agreements vary from a flat monthly fee to a percentage of club revenues on a monthly basis.
General and Administrative Expenses:
General and administrative expenses decreased during the 2014 three-month period to $116,789 from $121,981 during the 2013 three-month period. General and administrative expenses decreased approximately by $5,192 from 2014 to 2013, which decrease can be attributed to a decrease in legal fees. Legal expenses attributable to ongoing litigation amounted to $43,418 for the three-month period ended March 31, 2014 and $50,928 for the three-month period ended March 31, 2013.
Provision for Income Taxes
The provision for state income taxes relates primarily to average assets and capital which were not impacted by our net operating losses.
Net Income:
Our net income was $150,950 or $0.001 per share for the 2014 three-month period compared to net income of $43,741 or $0.000 per share for the 2013 three-month period. The increase in net income for the 2014 three-month period is largely attributable to the settlement of a lawsuit in our favor.
Net income per share data for both the 2014 three-month period and the 2013 three-month period is based on net income available to common shareholders divided by the weighted average of the number of common shares outstanding.
