Business
SAKL Reports 2015 Revenue Up 121%, Exceeding Previous Projections
SAKL Reports 2015 Revenue Up 121%, Exceeding Previous Projections.
About this update from Sack Lunch Productions, Inc.
[{"type":"text","content":"\n \n \n SAKL Reports 2015 Revenue Up 121%, Exceeding Previous Projections\n \n \nSAKL Reports 2015 Revenue Up 121%, Exceeding Previous Projections\n \n SALT LAKE CITY, UT--(Marketwired - Apr 25, 2016) - Sack Lunch Productions, Inc. (OTC PINK: SAKL) is pleased to announce that it has filed its unaudited Annual Report for the period ended December 31, 2015 reporting strong revenue growth and improvements to its balance sheet.\n Financial Statement Highlights:\n \n \n Gross revenues of $10,662,551 compared to $4,824,241, an increase of $5,838,310 or 121% over the comparable period in 2014.\n \nCurrent assets of $3,165,744 compared to $1,892,926, an increase of $1,272,818 or 67%\n \nTotal assets of $7,612,721 compared to $4,141,360, an increase of $3,471,361 or 84%\n \nNet Equity increased to $539,504 compared to a negative $868,919, an improvement of $1,408,423 or 162%\n \nNet income attributable to stockholders of $8,193 compared to $1,122,443 for the comparable period in 2014.\n \n \n \n \n CEO, Richard Surber, noted, \"Our top line revenues came in at nearly $1M more than we projected for 2015. Even more impressive, SAKL posted a small net profit in the face of all the expenses related to the acquisition of Springbok Holdings and a number of extraordinary costs related to the start-up of our other event endeavors. One example of a non-reoccurring expense was a $425,000 charge related to financing the acquisition of Springbok. Other liabilities like a $215,802 derivative liability should also fall off of the balance sheet as a result of satisfying nearly all convertible notes held by Green Endeavors. On the other hand, we booked a $735,912 onetime gain as a bargain purchase relating to the Springbok acquisition. This big gain confirms that we picked up the Springbok entities at a very good price. We were also able to value trademarks, participant lists and other intangibles at $1.44M based upon an independent outside valuation which further bolstered our balance sheet.\"\n Mr. Surber continued, \"I expect that many of the expenses related to starting up our events in 2015 will not reoccur in 2016. Furthermore, economies of scale and efficiencies are already in effect as we progress through 2016, which is expected to significantly improve our profitability and net equity. With a strong foun...