|
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
|
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
| REVENUES: | ||||
| Entertainment | $ 1,626,610 | $ 2,201,979 | $ 6,320,089 | $ 7,206,466 |
| Other | 26,654 | 21,400 | 79,592 | 65,732 |
| TOTAL REVENUES | 1,653,264 | 2,223,379 | 6,399,681 | 7,272,198 |
| DIRECT COSTS AND EXPENSES: | ||||
| Direct salaries and other compensation | 233,234 | 181,608 | 845,041 | 564,538 |
| Rent and utilities | 719,543 | 749,473 | 2,158,110 | 2,230,973 |
| Other direct operating costs | 494,704 | 432,049 | 1,465,851 | 1,364,638 |
| Depreciation and amortization | 245,754 | 234,626 | 744,327 | 695,391 |
| License expense | 10,800 | 14,089 | 69,890 | 63,446 |
| TOTAL COSTS AND EXPENSES | 1,704,035 | 1,611,845 | 5,283,219 | 4,918,986 |
| GROSS MARGIN | (50,771) | 611,534 | 1,116,462 | 2,353,212 |
| GENERAL AND ADMINISTRATIVE EXPENSES: | ||||
| Salaries and other compensation | 227,856 | 324,124 | 951,334 | 1,013,158 |
| Legal and accounting fees | 138,927 | 229,798 | 419,152 | 545,398 |
| Depreciation and amortization | 18,832 | 20,743 | 58,540 | 60,650 |
| Share-based compensation expense | 19,322 | 25,468 | 78,961 | 91,002 |
| Other general and administrative | 122,717 | 184,290 | 497,123 | 640,647 |
| TOTAL GENERAL AND ADMINISTRATIVE EXPENSES | 527,654 | 784,423 | 2,005,110 | 2,350,855 |
| TERMINATION COSTS | 309,565 | 309,565 | ||
| OPERATING INCOME (LOSS) | (887,990) | (172,889) | (1,198,213) | 2,357 |
| OTHER INCOME AND EXPENSES: | ||||
| Interest income | 1,253 | 3,839 | 4,740 | 12,812 |
| Interest expense | (36,148) | (40,715) | (110,911) | (113,438) |
| Other | 618 | (3,931) | (1,549) | |
| TOTAL OTHER INCOME AND EXPENSES | (34,277) | (36,876) | (110,102) | (102,175) |
| INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | (922,267) | (209,765) | (1,308,315) | (99,818) |
| PROVISION FOR INCOME TAXES | 8,400 | 4,860 | 28,250 | 42,539 |
| NET INCOME (LOSS) | $ (930,667) | $ (214,625) | $ (1,336,565) | $ (142,357) |
| EARNINGS (LOSS) PER SHARE: | ||||
| Basic earnings (loss) per share (in Dollars per share) | $ (0.05) | $ (0.01) | $ (0.08) | $ (0.01) |
| Diluted earnings (loss) per share (in Dollars per share) | $ (0.05) | $ (0.01) | $ (0.08) | $ (0.01) |
| Weighted average shares outstanding – basic (in Shares) | 17,340,589 | 17,324,439 | 17,338,804 | 17,324,439 |
| Weighted average shares outstanding – diluted (in Shares) | 17,340,589 | 17,324,439 | 17,338,804 | 17,324,439 |