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| Buzztime 2Q earnings for 2020 https://scaratings.com/newScaratings/viewtopic.php?f=43&t=4012 |
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| Author: | BUD [ Fri Aug 07, 2020 12:46 pm ] |
| Post subject: | Buzztime 2Q earnings for 2020 |
Buzztime went from 2Q 2019 Total revenue of $5.2 million down to $754,000 for 2Q 2020. Operating expenses went from $5.2 million down to $2.4 million. 2Q net loss was $2 million. Cash on hand 6/30 is $2.2 million. There will be no earnings call. They are focused on cash management and evaluating strategic alternatives. (Selling the company) There was no mention of site count other than to say it was greatly reduced due to suspended subscriptions. Stock is down 7% at 1:45. |
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| Author: | bejoe [ Mon Aug 10, 2020 2:16 pm ] |
| Post subject: | |
While there is not a conference call they did file their 10Q report with the SEC with all the details for 2Q 2020: Some interesting points not covered by Bud: *Site count as of 6/30/20 = 1,219 vs. 2,609 on 6/30/19 *Since Jan 1 2020 they have reduced staff from 74 to 19 employees who all work remotely and as a result, they are terminating their lease for Corporate HQ and losing the $260K security deposit. *As of August 5, 2020, 35% of sites have subscription suspensions in place compared to 70% at peak in April. *Of the $2.4M Cash on Hand, $1.6M is owed to a Bank and $1.6M is from the Govt PPP loan. They anticipate burning through that by Oct 2020, but its possible the Bank could foreclose on their piece before then if certain conditions are not met. Full details here: https://www.sec.gov/Archives/edgar/data ... rm10-q.htm |
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