Business
SAKL Announces Q2 Revenues Up 278% to $5.6M
SAKL Announces Q2 Revenues Up 278% to $5.6M.
About this update from Sack Lunch Productions, Inc.
[{"type":"text","content":"\n \n \n SAKL Announces Q2 Revenues Up 278% to $5.6M\n \n \nSAKL Announces Q2 Revenues Up 278% to $5.6M\n \n SALT LAKE CITY, UT--(Marketwired - Aug 23, 2016) - Sack Lunch Productions, Inc. (OTC PINK: SAKL) is pleased to announce that it has filed its unaudited Quarterly Report for the period ended June 30, 2016, reporting strong revenue growth with substantial pre-sales booked as deferred revenues.\n Financial Statement Highlights:\n \n \n Gross revenues of $5.6 million and $6.9 million for the three and six months ended June 30, 2016, compared to $1.5 million and $2.4 million, increases of $4.1 million or 278% and $4.5 million or 189%, over the comparable periods in 2015;\n \n \nDeferred revenues of $2.0 million, compared to $1.8 million for the comparable period ended June 30, 2015, an increase of $163,972 or 9%;\n \n \nCurrent assets of $2.8 million, compared to $3.2 million at December 31, 2015, a decrease of $345,149 or 10%;\n \n \nTotal assets of $7.2 million, compared to $7.6 million at December 31, 2015, a decrease of $387,623 or 5%;\n \n \nNet Equity decreased to ($545,566) compared to $539,504 at December 31, 2015; and \n \n \nNet Income (loss) of ($12,138) and ($1,574,335) for the three and six months ended June 30, 2016 compared to $106,068 and ($398,814) for the comparable periods in 2015.\n \n \n \n \n CEO, Richard Surber, commented, \"There are two areas that I am very pleased with, the first and most obvious being the triple digit percentage improvement to our top line revenues. The second is not quite as apparent. We made what is in my opinion a substantial improvement to the balance sheet and working capital position of SAKL, but due to the way we report ticket sales, these improvements are obfuscated by a $2.0 million deferred revenue liability. At the time of this press release, it is a near certainty that SAKL will recognize nearly 100% of those revenues by December 31, 2016, which means that close to the entire $2.0 million will be removed from the liability section of the balance sheet and added to top line revenues on our income statement. If this were the case at June 30, SAKL would have a positive net equity as well as a substantial improvement in working capital. We will have to wait until December 31, 2016 to have a complete understanding of how the deferred revenue liability will ...