They updated the map and added dots. Just when I got my eyes correct for dot exposure, they added more dots. Don't stare too long at them, you will have get my condition. My concerns are that they get back to historical costs of 84%, the 86.5% cost them $250K on the income statement. What's nice as they add more franchises that historical percentage should continue to go down. Bottom line for us to see appreciation, earnings have to improve. Last quarter they did play some games. The G&A dropped by $160K. They paid less in bonuses was the explanation. I believe this new CEO runs a tighter ship. This maybe why the CFO left.
The quarter ending in June, has to look better. Bad debts expense hopefully gets back to a normal area of $15K a quarter. That's a $30K savings per quarter. The next quarter will have at least 13 P5's in the mix and fees for additional units coming on board.
I believe old management was content with taking in $10M per quarter and paying out $9.8M in expenses and compensation. This new CEO has skin in the game with 3M+ shares and with every dollar appreciation, you can do the math. As growth continues, they bring on board a upfront fee of $30K, plus, I'm sure they make a profit on the build out of the store. They contract with a display manufacture and pass on a markup.