Tix Corp reports Q1 EPS (5c) vs. 0c last year

Reports Q1 revenue $1.96M vs. $3.15M last year. The company said, "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. 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. 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 use the Paycheck Protection Program loan proceeds for payroll, healthcare benefits, rents, and utilities. The Company will apply for forgiveness for the portion of the loan proceeds used during the next two months, as permitted under the CARES Act and the terms of the loan. Any remaining loan proceeds will continue to be used as required, for payroll, healthcare benefits, rents, and utilities to support our operations. "