The year ended December 31 2013 Report is listed below. We can compare the results for year ended December 31 1014 soon hopefully around 27 Mar 2015. This below listed report was issued on 27 Mar 2014 and so the report end of year 2014 may be out soon. :) :) :)
Form 10-K for SCORES HOLDING CO INC
27-Mar-2014
Annual Report
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Results of Operations:
For the year ended December 31, 2013 (the "2013 period") compared to the year ended December 31, 2012 (the "2012 period").
Revenues:
Revenues increased to $731,563 for the 2013 period from $693,889 for the 2012 period. This increase was primarily due to the launching of the Scoreslive.com website, which commenced accruing royalties in the second quarter of 2012. Royalties for the Scoreslive.com website increased 436% to $50,417 in the 2013 period from $9,400 in the 2012 period. Our operations are dependent upon royalties from our New York affiliated club which, in 2013, represented 21% of our total revenue. We license our brand to innovative and experienced operators who help sustain our brand by providing quality service to customers. Revenues increased 21% to $147,186 in the 2013 period from $121,816 in the 2012 period for the Chicago club, revenues increased 2% to $141,120 in the 2013 period from $138,781 in the 2012 period for the Baltimore club, revenues increased 25% to $120,000 in the 2013 period from $96,000 in the 2012 period for the Tampa Club and remained the same at $120,000 for the 2013 period and the 2012 period for the New Orleans club. Revenues decreased 23% to $152,840 in the 2013 period from $197,892 in the 2012 period for the New York club. Since our licenses are mostly structured such that we receive a percentage of revenues from our licensees, the foregoing increase or decreases are a direct result of revenues at the licensee level.
We recognize revenues as they are earned, not as they are collected.
Operating Expenses:
Operating expenses for the 2013 period and the 2012 period were $528,133 and $670,719 respectively. These expenses were directly related to the maintenance of the corporate entity and regulatory filing of periodic reports under the Securities Exchange Act of 1934 (the "Exchange Act"). To comply with the requirements of Sarbanes Oxley, we expect these regulatory costs to increase in future years. Virtually all of the 21% decrease in operating expenses can be attributed to our business development, legal costs and other executive administrative costs that changed modestly during the 2013 period from the 2012 period, but are expected to increase in future periods due to the expansion of our brand into emerging markets.
