Business
SAKL Reports System-Wide Q1 '16 Sales Exceed $5M
SAKL Reports System-Wide Q1 '16 Sales Exceed $5M.
About this update from Sack Lunch Productions, Inc.
[{"type":"text","content":"\n \n \n SAKL Reports System-Wide Q1 '16 Sales Exceed $5M\n \n \nSAKL Reports System-Wide Q1 '16 Sales Exceed $5M\n \n SALT LAKE CITY, UT--(Marketwired - Apr 4, 2016) - Sack Lunch Productions, Inc. (OTC PINK: SAKL), reports system-wide sales of $5M. The $5M includes all corporate and franchised events as well as $780,569 from Green Endeavors through March 31, 2016. Ticket sales for corporate and North American franchised events were $2.45M and $1.64M, respectively. Ticket sales generated by Color Me Rad comprised $2.25M in sales. Ticket sales for our flagship event Slide the City are expected to surpass Color Me Rad when its season begins in earnest in the second quarter. \n Investors should note that the vast majority of sales that occurred in Q1 will be booked as deferred revenues which will be reflected as a liability on our balance sheet. Once the event is held, the deferred revenues are then recognized as realized revenues on our income statement in the quarter or other reporting period that the event is held. Investors should also note that sales generated by franchisees are not booked as SAKL revenues. However, franchise fees are booked as revenues. Franchise fees are a percentage of the franchisees' sales which includes ticket and sponsorship revenues.\n Richard Surber, CEO of SAKL, commented, \"I am very encouraged by the progress SAKL has made in the first three months of 2016. I anticipate Q2 sales to ramp up significantly leading up to our most robust sales in the third quarter. We remain on track to host in excess of 256 events system-wide in 2016 and expect to generate more than $18M in revenues for the year.\"\n Mr. Surber continued, \"SAKL anticipates filing its unaudited 2015 financial statements and annual report with OTC Markets by April 15, 2016. Unfortunately, our audited financial statements for fiscal years ended 2014 and 2015 have been delayed due in part to the heavy work load our staff is experiencing. We are diligently improving systems while simultaneously scaling up our operations in preparation for our busy season. My revised estimate for filing our initial registration statement with Securities and Exchange Commission is June 1, 2016. We will continue to file reports with OTC Markets until such time as we complete our audite...