Scores Holding Co Posts $54,769 Profit on $147,000 Revenue in First Half 2024
Scores Holding Co Inc reported net income of $54,769 for the six months ended June 30, 2024, up 95% from $28,113 in the prior-year period. The licensing company's royalty revenue fell 28% to $147,000.
Scores Holding Co Inc, a licensing company that generates royalty revenue, reported net income of $54,769 for the six months ended June 30, 2024, up 95% from $28,113 in the same period last year. The company narrowed its stockholders' deficit to $564,906 from $619,675 at year-end 2023. Read more earnings reports.
Royalty revenue declined 28% to $147,000 for the first half of 2024, down from $203,000 in the prior-year period. General and administrative expenses fell to $92,231 from $174,300, a 47% reduction that helped drive profitability despite lower top-line revenue.
For the three months ended June 30, 2024, the company posted net income of $22,894, down 55% from $51,013 in the second quarter of 2023. Quarterly revenue dropped 43% to $73,500 from $129,500.
Balance Sheet and Cash Position
Scores Holding Co ended the period with just $334 in cash and cash equivalents, a sharp decline from $46,624 at December 31, 2023. The company used $46,290 in cash for operating activities during the first half, compared to generating $44,568 in the prior-year period.
Trade receivables fell to $58,000 from $63,000 at year-end. Accounts payable and accrued expenses increased to $188,096 from $175,799, while related party payables decreased to $80,000 from $135,000.
Contract liabilities stood at $409,500 as of June 30, 2024, down from $418,500 six months earlier. The company transferred $9,000 to revenue during the period.
Six-Month Financial Summary
| Metric | H1 2024 | H1 2023 | Change |
|---|---|---|---|
| Royalty Revenue | $147,000 | $203,000 | -28% |
| Operating Expenses | $92,231 | $174,300 | -47% |
| Net Income | $54,769 | $28,113 | +95% |
| Cash & Equivalents | $334 | $52,168 | -99% |
The company reported no income tax expense for either period. Total assets were $112,690 as of June 30, 2024, up slightly from $109,624 at year-end 2023, while total liabilities decreased to $677,596 from $729,299.
Scores Holding Co has 165,186,144 common shares outstanding with a par value of $0.001 per share. Net income per share was effectively zero for both the current and prior-year periods due to rounding. The company has no preferred stock outstanding and maintains authorized capital of 500 million common shares and 10 million preferred shares.