Our Tix4Tonight business is located in
Most hotel properties have recently reopened and some shows, attractions and dining have recently opened with extreme limitations on their capacities and operations. Shows can be permitted to open with the lesser of 50% occupancy or 250 customers, along with a pre-approved COVID-19 prevention plan. The Company is addressing each property’s COVID-19 ticket sales protocols, coupled with their timing and availability of ticket inventory. We are continually monitoring the
We plan to seek additional available disaster assistance, as well as other forms of financing to help with liquidity during this disruption to our business.
Financial Summary Results:
With the closure of entertainment on the Las Vegas Strip due to COVID-19, and therefore the cessation of revenue for our business, the Company’s generated no revenues in the third quarter of 2020, and first nine months 2020 revenues decreased to
Beginning in
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Safe Harbor Statement
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements about our future revenues and financial position. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the Company's filings with the OTC Markets. The Company assumes no obligation to update these forward-looking statements. A copy of the Company’s reports for the twelve months ended
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TIX CORPORATION AND SUBSIDIARY | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash | $ | 905,000 | $ | 2,251,000 | |||||||
Prepaid expenses and other current assets | 290,000 | 212,000 | |||||||||
Total current assets | 1,195,000 | 2,463,000 | |||||||||
Property and equipment, net | 63,000 | 123,000 | |||||||||
Right of use asset, net | 2,924,000 | 3,086,000 | |||||||||
Other assets: | |||||||||||
Deposits and other assets | 46,000 | 487,000 | |||||||||
Total other assets | 46,000 | 487,000 | |||||||||
Total assets | $ | 4,228,000 | $ | 6,159,000 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable – shows and events | $ | - | $ | 267,000 | |||||||
Accounts payable and accrued expenses | 738,000 | 487,000 | |||||||||
Lease termination obligation, current portion | 20,000 | - | |||||||||
Leases payable, current portion | 1,611,000 | 1,601,000 | |||||||||
Loans payable, current portion | 20,000 | - | |||||||||
Deferred revenue | - | 42,000 | |||||||||
Total current liabilities | 2,389,000 | 2,397,000 | |||||||||
Lease termination obligation, less current portion | 40,000 | - | |||||||||
Leases payable, less current portion | 1,779,000 | 1,550,000 | |||||||||
Loans payable, less current portion | 1,110,000 | - | |||||||||
Total liabilities | 5,318,000 | 3,947,000 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity (deficit): | |||||||||||
Preferred stock, | |||||||||||
Common stock, | 2,720,000 | 2,720,000 | |||||||||
Additional paid-in capital | 95,242,000 | 95,199,000 | |||||||||
(28,167,000 | ) | (28,164,000 | ) | ||||||||
Accumulated deficit | (70,885,000 | ) | (67,543,000 | ) | |||||||
Total stockholders’ equity (deficit) | (1,090,000 | ) | 2,212,000 | ||||||||
Total liabilities and stockholders’ equity | $ | 4,228,000 | $ | 6,159,000 |
TIX CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||
Revenues | $ | - | $ | 3,136,000 | $ | 1,957,000 | $ | 9,703,000 | ||||||||||
Operating expenses: | ||||||||||||||||||
Direct costs of revenues | 711,000 | 1,997,000 | 3,320,000 | 6,061,000 | ||||||||||||||
Selling, general and administrative expenses | 350,000 | 2,090,000 | 1,828,000 | 4,498,000 | ||||||||||||||
Depreciation expense | 32,000 | 27,000 | 61,000 | 88,000 | ||||||||||||||
Total operating expenses | 1,093,000 | 4,114,000 | 5,209,000 | 10,647,000 | ||||||||||||||
Operating loss | (1,093,000 | ) | (978,000 | ) | (3,252,000 | ) | (944,000 | ) | ||||||||||
Loss on equity investment | - | (44,000 | ) | (84,000 | ) | (44,000 | ) | |||||||||||
Other income (expense) | (4,000 | ) | - | (6,000 | ) | 4,000 | ||||||||||||
Loss before income taxes | (1,097,000 | ) | (1,022,000 | ) | (3,342,000 | ) | (984,000 | ) | ||||||||||
Income tax expense | - | - | - | (1,000 | ) | |||||||||||||
Net loss | $ | (1,097,000 | ) | $ | (1,022,000 | ) | $ | (3,342,000 | ) | $ | (985,000 | ) | ||||||
Net loss per common share – basic and diluted | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.19 | ) | $ | (0.06 | ) | ||||||
Weighted average common shares outstanding – basic and diluted | 17,337,175 | 17,342,175 | 17,337,430 | 17,342,175 |
Source:
2020 GlobeNewswire, Inc., source