Scores Holdings (SCRH)

[otcbargains]

It looks like the core 10 pay regularly now and those are enough to generate a mil per year in revs and a net profit.

Out of the 5 new openings it appears Columbus and Providence are the only 2 that should have had revs last q.

Trophy club didn't open until Aug 14th. First payment probably due 9/10

New Haven opened late July/Early Aug. First payment due probably 9/10

Palm Beach opens in 13 days and has already paid a years worth of royalties up front.

Detroit, Mooresville and Houston are the big problem and they did win a judgement against Detroit.

The last time they won a judgement it appeared in the next report and not only did they get back royalties but Savannah and Jacksonville are now paying on time.

It looks like they should do 1.1 to 1.3 mil for the year. I hate the delays but that is still great growth from last years 835K revs and the trend is remarkable.

2009 revs 387K
2010 revs 514K
2011 revs 629K
2012 revs 693K
2013 revs 731K
2014 revs 835K

2015 they have already beaten last years revenue with a whole q to go and it might be a huge q.

There are things that piss me off but the story is still intact.

Great growth, no debt, nice balance sheet and reason to believe the growth is going to continue.

Meanwhile we are trading closer to all time lows then all time highs.

I can imagine trying to collect on royalties is a bit like herding cats but they have demonstrated the ability to collect on past due royalties in the past and even with some of the unpaid royalties we are still seeing nice growth.

I should add 50% NET PROFIT margin before tax is unheard of.