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Tix Corporation (TIXC)

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Previous Close0.1230
Open0.1230
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.1230 - 0.1350
52 Week Range0.0300 - 0.5800
Volume4,724
Avg. Volume42,370
Market Cap2.132M
Beta (5Y Monthly)1.53
PE Ratio (TTM)N/A
EPS (TTM)-0.2870
Earnings DateMay 17, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateApr 12, 2017
1y Target EstN/A
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  • Tix Corporation Reports First Quarter 2021 Results and Provides Update on Recent Events
    GlobeNewswire

    Tix Corporation Reports First Quarter 2021 Results and Provides Update on Recent Events

    LAS VEGAS, May 17, 2021 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTC Pink: TIXC), a leading provider of discount ticketing services, today reported results for the first quarter ended March 31, 2021, and provided an update on recent events. The Current Las Vegas Marketplace: Our Tix4Tonight business is located in Las Vegas where (when we conduct our business in the ordinary course, which currently we are not) we sell shows, attractions, tours, and dining from our seven 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 temporarily closed on or about the week of March 16, 2020. 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. The Company’s first quarter 2021 financial results were significantly impacted by the closure of entertainment on the Las Vegas Strip due to COVID-19. Hotel properties have reopened and many shows and attractions have reopened with continually-lessening limitations on their capacities and operations. It appears that entertainment venues will be able to operate without restrictions in June or July of this year. The Company is addressing each property’s COVID-19 ticket sales protocols, coupled with their timing and availability of ticket inventory for us to sell. The Company will likely have to modify its ticket software or use 3rd party software to comply with new requirements. We are continually monitoring the Las Vegas entertainment marketplace to determine when and if we will be able to commence viable operations again. 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 generated no revenues in the first three months of 2021, as compared to $1,957,000 in the first three months of 2020. Our first quarter 2021 net loss was $1,476,000, as compared to a $927,000 net loss in the first quarter 2020. Beginning in April 2020, and due to the impact on our business related to COVID-19, the Company has not made the majority of its lease payments, and is in default on the majority of its operating leases. As of March 31, 2021, the total amount of past due lease payments was approximately $1,523,000. The Company is in discussions with its landlords to restructure its leases. Recent Events On April 12, 2021, the Company obtained a Paycheck Protection Program loan in the amount of $980,000. On April 6, 2021, the Company received the written consent of stockholders representing a majority of the Company’s outstanding shares of stock removing the following individuals from the Company’s Board of Directors: Haren Bhakta, Gopal Patel and John Buckingham. In accordance with the Company’s Bylaws, the ownership of such shareholders and the removal of such individuals from the Company’s Board of Directors were verified by the independent inspector’s certification that the requisite number of valid consents were obtained to authorize the action specified in said consents. As a result of the removal action, Mitch Francis, Norman Feirstein, Barry Fieldman and Jordan Fiksenbaum constitute the Company’s Board of Directors and there are three (3) vacancies on the Board of Directors. On May 2, 2021, the Company entered into a Conditional Support Agreement, (the “Support Agreement”), with stockholders holding greater than 21% of the Company’s issued and outstanding capital stock. The stockholders party to the Support Agreement have agreed to vote and/or tender, as the case may be, in favor of the acquisition of all outstanding shares of capital stock of the Company not already held of record or beneficially by Mitch Francis and/or his family members and management of the Company (collectively, the “Covered Shares”) at a price per Covered Share equal to at least $0.17. Pursuant to the terms of the Support Agreement, (i) a definitive fully-financed proposal to acquire the Covered Shares must be submitted by Mitch Francis (alone or in concert with other parties) on or before June 15, 2021, (ii) the Board (or a committee thereof) must approve a qualifying transaction on or before June 25, 2021, and (iii) an approved transaction must be consummated on or before August 20, 2021. The Support Agreement contains customary standstill provisions during the pendency of the transaction and mutual releases effective upon consummation of an approved transaction. On May 12, 2021, Steve Handy, the Company’s Chief Financial Officer, notified the Company that he was resigning, effective May 18, 2021, to pursue another opportunity. Mr. Handy did not resign as an officer of the Company due to any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. The Company would like to thank Mr. Handy for more than a decade of superb guidance and support and wish him every success in his future endeavors.About Tix Corporation Tix Corporation (OTCQX: TIXC) provides discount ticketing services. Due to COVID-19, the Company suspended its operations in March 2020, which included the closure of its current seven discount ticket stores in Las Vegas under its Tix4Tonight marquee and its online ticket sales site, www.tix4tonight.com, which offers up to a 50 percent discount for shows, concerts, attractions, and tours, as well as discount dining and shopping offers. The Company continually monitors the Las Vegas marketplace to determine when and if it will be able to commence operations again. 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 December 31, 2020, can be found on the Company website at www.tixcorp.com or www.otcmarkets.com. Investor Contact: Mitch Francis, CEO, (424)313-8201 TIX CORPORATION AND SUBSIDIARYCONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED) March 31, 2021 December 31, 2020AssetsCurrent assets: Cash $198,000 $311,000 Prepaid expenses and other current assets 38,000 22,000 Total current assets 236,000 333,000 Property and equipment, net 44,000 53,000 Right of use asset, net 2,565,000 2,849,000 Deposits and other assets 17,000 38,000 Total assets$2,862,000 $3,273,000 Liabilities and Stockholders’ DeficitCurrent liabilities: Accounts payable and accrued expenses$1,220,000 $961,000 Lease termination obligation, current portion 20,000 20,000 Leases payable, current portion 1,646,000 1,605,000 Notes payable, current portion 78,000 10,000 Total current liabilities 2,964,000 2,596,000 Lease termination obligation, net of current portion 40,000 40,000 Leases payable, net of current portion 1,841,000 1,962,000 Notes payable, net of current portion 1,052,000 1,120,000 Total liabilities 5,897,000 5,718,000 Commitments and contingencies Stockholders’ deficit: Preferred stock, $.01 par value; 500,000 shares authorized; none issued Common stock, $.08 par value; 100,000,000 shares authorized; 23,637,175 and 17,387,175 shares issued and outstanding, net of 16,649,814 and 16,649,814 treasury shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 3,224,000 2,724,000 Additional paid-in capital 95,643,000 95,257,000 Treasury stock at cost (28,167,000) (28,167,000)Accumulated deficit (73,735,000) (72,259,000)Total stockholders’ deficit (3,035,000) (2,445,000)Total liabilities and stockholders’ deficit$2,862,000 $3,273,000 TIX CORPORATION AND SUBSIDIARYCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSTHREE MONTHS ENDED MARCH 31, 2021 AND 2020(UNAUDITED) Three Months Ended March 31, 2021 2020 Revenues$- $1,957,000 Operating expenses: Direct costs of revenues 665,000 1,742,000 Selling, general and administrative expenses 807,000 1,058,000 Total costs and expenses 1,472,000 2,800,000 Operating loss (1,472,000) (843,000)Loss on equity investment - (84,000)Other expense (4,000) - Net loss$(1,476,000) $(927,000) Net loss per common share – basic and diluted$(0.07) $(0.05) Weighted average common shares outstanding – basic and diluted 21,276,064 17,337,897

  • Tix Corporation Reports Full Year 2020 Results and Litigation
    GlobeNewswire

    Tix Corporation Reports Full Year 2020 Results and Litigation

    LAS VEGAS, March 24, 2021 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the full year ended December 31, 2020, and new litigation. The Current Las Vegas Marketplace: Our Tix4Tonight business is located in Las Vegas where (when we conduct our business in the ordinary course which currently we are not) we sell shows, attractions, tours, and dining from our seven 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 temporarily closed on or about the week of March 16, 2020. 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. The Company’s full year 2020 financial results were significantly impacted by the closure of entertainment on the Las Vegas Strip due to COVID-19. 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 Las Vegas entertainment marketplace to determine when and if we will be able to commence viable operations again. 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 in March 2020, full year 2020 revenues decreased to $1,957,000, or 85%, as compared to $12,746,000 in the full year of 2019. Our full year 2020 net loss was $4,716,000, as compared to a $2,973,000 net loss in the full year of 2019. Beginning in April 2020, and due to the impact on our business related to COVID-19, the Company has not made the majority of its lease payments, and is in default on the majority of its operating leases. As of December 31, 2020, the total amount of past due lease payments was approximately $1,062,000. The Company is in discussions with its landlords to restructure its leases. Litigation On March 17, 2021, Bandera Master Fund LP (“Bandera”) filed a compliant against the Company in the Delaware Chancery Court demanding to inspect various Company’s books and records pursuant to Section 220 of the Delaware General Corporation Law. Bandera claims to have owned a beneficial ownership in Tix Corporation’s common stock of approximately 11.1% at the date of such filing. About Tix Corporation Tix Corporation (OTCQX: TIXC) provides discount ticketing services. Due to COVID-19, the Company suspended its operations in March 2020, which included the closure of its currently seven discount ticket stores in Las Vegas under its Tix4Tonight marquee and its online ticket sales site, www.tix4tonight.com, which offers up to a 50 percent discount for shows, concerts, attractions, and tours, as well as discount dining and shopping offers. The Company continually monitors the Las Vegas marketplace to determine when and if it will be able to commence operations again. 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 December 31, 2020, can be found on the Company website at www.tixcorp.com or www.otcmarkets.com. Investor Contact: Steve Handy, CFO, (424)313-8201 TIX CORPORATION AND SUBSIDIARYCONSOLIDATED BALANCE SHEETS December 31,2020 December 31,2019AssetsCurrent assets: Cash $311,000 $2,251,000 Prepaid expenses and other current assets 22,000 212,000 Total current assets 333,000 2,463,000 Property and equipment, net 53,000 123,000 Right of use asset, net 2,849,000 3,086,000 Other assets: Equity investment - - Deposits and other assets 38,000 487,000 Total other assets 38,000 487,000 Total assets$3,273,000 $6,159,000 Liabilities and Stockholders’ Equity (Deficit)Current liabilities: Accounts payable – shows and events$- $267,000 Accounts payable and accrued expenses 961,000 487,000 Lease termination obligation, current portion 20,000 - Leases payable, current portion 1,605,000 1,601,000 Notes payable, current portion 10,000 - Deferred revenue - 42,000 Total current liabilities 2,596,000 2,397,000 Lease termination obligation, net of current portion 40,000 - Leases payable, net of current portion 1,962,000 1,550,000 Notes payable, net of current portion 1,120,000 - Total liabilities 5,718,000 3,947,000 Commitments and contingencies Stockholders’ equity (deficit): Preferred stock, $.01 par value; 500,000 shares authorized; none issued Common stock, $.08 par value; 100,000,000 shares authorized; 17,387,175 and 17,342,175 shares issued and outstanding, net of 16,649,814 and 16,644,814 treasury shares issued and outstanding at December 31, 2020 and 2019, respectively 2,724,000 2,720,000 Additional paid-in capital 95,257,000 95,199,000 Treasury stock at cost (28,167,000) (28,164,000) Accumulated deficit (72,259,000) (67,543,000) Total stockholders’ equity (deficit) (2,445,000) 2,212,000 Total liabilities and stockholders’ equity (deficit)$3,273,000 $6,159,000 TIX CORPORATION AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONSYEARS ENDED DECEMBER 31, 2020 AND 2019 Years Ended December 31, 2020 2019 Revenues $1,957,000 $12,746,000 Operating expenses: Direct costs of revenues 4,048,000 8,069,000 Selling, general and administrative expenses 2,461,000 5,706,000 Depreciation 71,000 108,000 Total costs and expenses 6,580,000 13,883,000 Operating loss (4,623,000) (1,137,000)Loss on equity investment (84,000) (336,000)Other income (expense) (9,000) 4,000 Loss before provision for income tax expense (4,716,000) (1,469,000)Provision for income tax expense - (1,504,000)Net loss $(4,716,000) $(2,973,000) Net loss per common share – basic and diluted $(0.27) $(0.17) Weighted average common shares outstanding – basic and diluted 17,337,353 17,342,175

  • Tix Corporation Enters Into Binding Letter Agreement and Concludes Its Strategic Review Process
    GlobeNewswire

    Tix Corporation Enters Into Binding Letter Agreement and Concludes Its Strategic Review Process

    LAS VEGAS, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTC Pink: TIXC), a leading provider of discount ticketing services, today announced it has entered into a binding letter agreement with its Chief Executive Officer and significant stockholder of the Company, Mitch Francis, and concluded its previously announced strategic review process. As previously announced, due to COVID-19, the Company suspended its operations in March 2020. The Las Vegas entertainment market remains principally shut down and is yet to recover. The Company exhausted its liquidity resources but is hopeful the agreement with Mr. Francis will help sustain the Company through the return of a sufficient level of business in Las Vegas to support reopening operations. The material terms of the binding letter agreement between the Company and Mr. Francis are as follows: Mr. Francis has purchased 6,250,000 shares of the Company’s common stock for $500,000, or $0.08 per share and, following such purchase owns directly and beneficially a total of 10,588,530 shares of the Company’s common stock.Mr. Francis has provided the Company with an option to call up to an additional $200,000 in funding at any time during the next twenty-four months if the Board determines the funds are necessary to maintain the Company’s viability. The Company’s option includes the discretion to accept the funding in the form of debt (a three-year loan at 6% interest only) or equity (issuance of additional shares at $0.08 per share).Mr. Francis has agreed to commence a tender offer with respect to and possibly acquire at least one-third of all outstanding shares of the Company at $0.08 per share within 45 days of February 3, 2021. Mr. Francis has agreed to pay all costs and expenses of the tender offer.Mr. Francis agreed to waive his salary and all benefits through May 2021. From June through December 2021, Mr. Francis’ annual salary level will be reduced to $100,000 with no paid benefits. Mr. Francis has agreed to waive all unpaid salary and benefits to date. About Tix Corporation Tix Corporation provides discount ticketing services. Due to COVID-19, the Company suspended its operations in March 2020, which included the closure of its seven discount ticket stores in Las Vegas under its Tix4Tonight marquee and its online ticket sales site, www.tix4tonight.com, which offers up to a 50 percent discount for shows, concerts, attractions, and tours, as well as discount dining and shopping offers. The Company continually monitors the Las Vegas marketplace to determine when and if it will be able to commence operations again. 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 December 31, 2019 can be found on the Company website at www.tixcorp.com or at www.otcmarkets.com. Contact: Steve HandyChief Financial OfficerTix Corporation818-761-1002