Financial Results 

• The Company reported total revenue of $739,000 for the first quarter of 2025, a decrease of $389,000, or 34.5%, from revenue of $1,128,000 in the first quarter of 2024. The decrease in revenue was due to the following factors:
  
  
  
  a.)    Revenues from Delivered events – Virtual and Hybrid events business segment decreased by $368,000, mainly due to an event series with the Company's largest customer that took place in the first quarter of 2024 and repeats every other year.
  
  
  
  b.)    Revenue from Delivered events – Physical events business segment decreased by $21,000, mainly due to two customer events from the first quarter of 2024 that did not repeat in the first quarter of 2025.
• Cost of revenue in the first quarter of 2025 decreased by $97,000, or 34.3%, over the same period last year, to $186,000, reflecting the lower direct costs associated with the lower corresponding revenue.
  
  
  
   
• Gross profit margin for the first quarter of 2025 was nearly unchanged at 74.8% compared to 74.9% in first quarter of 2024.
  
  
  
   
• Selling, general and administrative expenses increased by $3,960,000, or 328.4%, to $5,166,000, mainly due to the recognition of stock compensation expense of $3,512,000 in connection with the vesting of employee stock options from the IPO, marketing expenses from brand and performance-related expenditure, and increased payroll expenses.
  
  
  
   
• Interest expense was $69,000 in the first quarter of 2025 compared to $26,000 in the first quarter of 2024.
  
  
  
   
• Net loss for the first quarter of 2025 was $4,836,000, or $(.18) per share, compared to a net loss of $405,000, or $(.02) per share, in the first quarter of 2024. The increase in net loss was due primarily to the rise in SG&A expenses in the first quarter of 2025 compared to the first quarter of 2024.
  
  
  
   
• Non-GAAP loss for the first quarter of 2025, which excludes stock-based compensation expense, was $1,324,000, or ($.05) per share, compared to a non-GAAP loss of $405,000, or ($.02) per share, in the first quarter of the previous year.
  
  
  
   
• Weighted average number of common shares outstanding was 27,058,113 for the first quarter of 2025 and 25,000,000 for the first quarter of 2024.