Business
Tix Corporation Reports First Quarter 2020 Results
Tix Corporation Reports First Quarter 2020 Results.
About this update from Tix Corporation
[{"type":"text","content":"\n STUDIO CITY, Calif., May 01, 2020 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the first quarter ended March 31, 2020.    First Quarter 2020 Summary Results: The Company’s first quarter 2020 revenues decreased to $1,957,000, or 38%, as compared to $3,145,000 in the first quarter 2019, and first quarter 2020 net loss was $927,000, as compared to a $50,000 net income in the first quarter 2019.  The Company’s first quarter 2020 financial results were significantly impacted by the closure of entertainment on the Las Vegas Strip, and therefore the cessation of revenue for our business, as discussed below.  The Current Las Vegas Marketplace: Our Tix4Tonight business is located in Las Vegas where we sell shows, attractions, tours, and dining from our nine ticket booths that are strategically located on the Strip. As previously announced, due to efforts to mitigate the impact of COVID-19, virtually all Las Vegas entertainment, restaurants, bars, and major hotel properties have recently closed.  With the closure of entertainment on the Las Vegas Strip, and therefore the cessation of revenue for our business, we effected a layoff of the majority of our employees, closed our ticket booths, and continue to significantly reduce our operating costs, including our CEO, Mitch Francis, who volunteered to stop receiving compensation at this time.  We intend to issue updated press releases as the COVID-19 situation, and its impact on entertainment and dining becomes clear.  We also plan to seek available disaster assistance, as well as forms of financing to help with liquidity during this disruption to our business.  Paycheck Protection Program On April 10, 2020, the Company obtained a Paycheck Protection Program loan in the amount of $980,000 pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the \"CARES Act\").  Interest on the loan is at the rate of 1% per year, and all loan payments are deferred for six months,  at which time the balance is payable in 18 monthly installments if not forgiven in accordance with the Cares Act and the terms of the Promissory Note executed by the Company in connection with the loan.  As required, the Company intends to ...