To Investor Summit Virtual, we appreciate your participation in today's virtual event. Up next, we are pleased to introduce TEN Holdings Incorporated. If you would like to ask a question during the webcast, you may click the Q&A icon button on the right side of your screen. Please type your question into the box and click Send to submit it. At this time, it is my pleasure to hand over the session to Randy Jones, CEO at TEN Holdings Incorporated, who will lead the presentation. Sir, the floor is yours. Thank you. Good morning, everyone. Welcome. Appreciate you taking the time to hear about us. I'm going to hang on one second. I'm going to put my presentation up. Hopefully, you guys can see that. If you can't see it, please let me know, or maybe the moderator can let me know. I'm going to take about 20 minutes-25 minutes to walk you through a little bit about our history, who we are, what we do, the markets that we serve, and a little bit about the plan and where we're headed. Hopefully, at the end, I'll have given you a solid understanding of what we're doing here with TEN Holdings. I'll be happy to answer any questions that you may have. I believe that they just come through in the chat, so I will keep an eye on those. My first slide is the textbook disclaimer that says that I can't tell you anything that's not been materially disclosed. I'll just mention that we are publicly traded on the NASDAQ. We have been for about 90 days. Our symbol, which will pop up here a number of times, is XHLD, and that's short for TEN Holdings. Really, what we do is we're an event business that focuses on serving many types of different events into the Fortune 500, Fortune 1000 corporate marketplace. We deliver all of that in a couple of different ways. It's really a technology-based solution that we've developed ourselves, but we also are full service in that we have a full team of resources that works with our clients, doing all different parts of different types of events, anything ranging from creative and design to production to recording and capture to broadcasting and all the analytics that comes with the data for the attendees. I'll go through by the end of this, you'll have a good understanding of the types of events that we do, the types of companies that we work with, and some of the use cases that we apply. We are based in Langhorne, Pennsylvania, where the original operating company, Ten Events, was founded 14 years ago. We have a global reach. We have employees throughout the world. We also work with another company who, I'll explain in a second, is located in Japan and has a very, very heavy presence doing very similar types of events in the APAC region. A little bit about the history of the company. The crux of TEN Holdings today is a virtual webcasting company that was founded back in 2011. It is about 14 years old at this point. It was built really out of a demand to satisfy very high production quality, very large scale, typically live, almost always instance live audiences, similar to what we're doing here. When you go to scale a virtual event broadcast over the web to anywhere from 1,000-10,000 to as high as 50,000 live attendees, the technology, the platform, the complexity of the people really are at a completely different level. That is where we shine and where we do most of our really unique work. Back in 2021, there's a Japanese company that has, it's a 25-year-old company. It's publicly traded on the Tokyo Exchange. They're about $100 million a year U.S. in revenue. In Japan, they have a very large division that does the virtual broadcasting, roughly about $28 million annually in US dollars revenue. They wanted to get a footprint into the US marketplace. In 2021, they actually bought the operating company, which is referred to as Ten Events, which is now under kind of the umbrella holding corporation of TEN Holdings. Collectively, the whole plan and process was, I've been with the firm for about a little over two years, build out a network of events-based companies. That's what TEN stands for. It's actually the events with an S, network, like a network of companies. We spent a little over a year getting the company public on the NASDAQ, which is not easy for a microcap stock, but we were successful in doing that. I would argue that the adventure begins. How do we scale? How do we grow? How do we grow organically? How do we grow inorganically? We want to do that on a global scale. When you talk about the brands behind the businesses, V-Cube, V as in Victor, Cube is the Japanese firm who purchased Ten Events down below back in 2021. After the IPO, V-Cube still controls a little under 80% of the stock. I can tell you that they're a great partner. They've invested heavily not only in acquiring the company, but in continuing to make sure it's supported from an operating and from a strategic perspective. Ten Events, again, is the virtual broadcasting company that we'll talk a lot about today. It's really the crux right now of what is underneath TEN Holdings, the holding company. Here we are. Again, I'm Randy. Just a little bit about me. I'm a 30+ year tech veteran. About half of my time has been spent on the sales and revenue generating side and about half in the general management and operating side. My background historically is software. TEN Holdings is the 10th firm that I've worked with. The first nine were pure software companies. What was attractive to me on the TEN Holdings side was not only the experience of what we deliver, but the technology behind it. I think it's very compelling. Clearly, we all lived through COVID, the need and demand for not only the virtual communication aspect, but also really making that experience as positive as possible is something that was very attractive to me. The gentleman who I work very closely with is Naoaki Mashita. He's the CEO, Group CEO, and founder of V-Cube. It's interesting. I look older than Mashita because I very much am. He founded that right out of college in Japan, I guess a little over 25 years ago, and has built that into quite a business. They've been publicly traded on the Tokyo Exchange for, I think it's 15 years. They have a dispersed group of different companies that they run. The reason that we are partnered with them so closely is because a large component of them satisfies their virtual events. I should also note that they own the largest independently for rent studio in both Tokyo and Japan. They have just been in this event space just like us for quite some time. They were a great logical partner. The technology is one thing, but I think that the company and the execution is only as good as the people behind it. We have a very strong team here within the Ten Events team. About half the people on this list come from the event industry and have been part of the company, some of them since its beginning. The other half are individuals that I have brought in to help us grow and expand, both get into new markets and also position us as we execute on our growth strategy to really help us be successful. A handful of these people I've worked with before on multiple instances in my career, but a really, really strong leadership team. I would argue that that's just as important, candidly, as the product. In terms of the types of events that we do, there's really three. We'll start at the bottom. An in-person event, if you've ever gone to a trade show or a conference center or gone to a big hotel and there's a meeting and you walk into what was otherwise a completely empty room, all of the audio-visual sound production recording capabilities, we provide all of that. The next step is, and maybe a little bit in contrast, is if you don't have a physical audience and it's all done over the web, that's the top one, which is a virtual event, very similar to obviously what we're on here. The in-between is what's called a hybrid event. This is becoming more and more the norm where people want to have a physical presence. While I love virtual, I think there's no substitute for human interaction, eye to eye and a live audience. Often, post-COVID, especially because of travel and cost and preference, many people would prefer not to have to physically, especially if there's distance involved, have to go to physically attend a meeting. What we do in that event is we have a live audience, but we also stream it. That way, you kind of get the best of both worlds. For the ones that can't be there in person, you make it available, and you make it available globally. The phrase that we use there is hybrid. It's a combination of in-person and virtual. We've done tons of these, all different types. I'll tell you a little bit about the use cases and give you an idea of some of the customers that we work for. Safe to say, we are rich and deep in history and experience and expertise on how to do these types of events. Ours is a little bit different. You may ask if you're working with Fortune 500 or Fortune 1000 companies, why are yours different? Really, a lot of it has to do with the platform, the preparation, and how we build the presentation. We call these shows. If you think about it, there's many different tools for many, many different types of meetings. If you want something that is the highest level production quality, something that looks more like a television program, our technology enables our presenters to show and present something that more resembles a Fox News broadcast or a Monday Night Football broadcast with all of the technology that is designed to get your message across to keep your audience engaged. I always joke and I say we're all very spoiled as users because you can get so much rich content on your phone right now, let alone your TV. Often, when you go to or see these very large, very high-revenue corporate customers, their actual presentations are pretty poor. They're static. They are not dynamic. They do not involve a lot of the technology that can be involved to really, really make something compelling. I will tell you now, let me give you an example. This really has to do more with the scaling of our solution. One of the big four accounting firms, consulting firms, is a longtime customer of ours. They use us for multiple things. I will give you two quick examples. One, when their CEO gives an all-hands or town hall address globally, they use my people and our technology to capture that live broadcast and broadcast it to individually, probably as high as 50,000 employees at a given time, but through watch parties and conference rooms where they are gathered, probably as high as 80,000 employees are getting this briefing, this show. I can tell you the opportunity cost of anything, any kind of disruption that happens in that briefing is very, very high. If you think about it, if for some reason there is a delay in sound or login or video, one minute, let alone two minutes or three minutes of all of those people's time and opportunity is not only unacceptable, but it is very potentially expensive. That is why our technology behind the scenes, our people, our expertise is so broad. Another example of a use case that they use specifically, in the U.S., if you are a CPA, Certified Public Accountant, and you have your accreditation, there are so many hours each year of ongoing training that you have to attend in order to stay current, to keep your license current. They run a series of programs. It is really more like a course where the CPAs log in. It is interactive. They're typically an hour long. It's live, so essentially proctored. Throughout the course of the program, the CPAs have to answer a certain number of questions, like a test. Not only do they have to answer a certain number, but they have to get a certain number correct. If they do, at the end, our system sends to them automatically a digital certificate that they can use to submit to the accounting board for their hours. A lot of people call that continuing education program. That's another example and a completely different use case of how some of our clients are using it. Here are a few others. Really, it's any type of meeting where the message is really, really important and/or the audience typically is large, but it could be an annual user conference, product launches. I mentioned continuing education, pre-sales for your customers, investors, analysts, shareholders, employees. It really doesn't matter. If you really want your message to be well received, that's what we specialize in and have for 14 years. Here's just an example. This is a slide that a lot of people like to pay attention to, just some of the types of companies that we have worked with in the past. It's not vertical specific. I will tell you that we're located in Pennsylvania, and there just happens to be a lot of pharmaceutical firms within striking distance. We have a tendency to work with a fair amount of them. It really doesn't matter. It is market agnostic. When we get asked kind of if you had to lump it together in terms of some of the markets where you seem to spend more time than others, that's somewhat represented on this list right here. In terms of why people use us, and I've alluded to some of this already, one, it's the scalability of our platform in terms of the size of the environment that we can deliver and address the audience size. It's our experience. It's our team. Currently, this is delivered in what's referred to as a full-service model. When I try to get people to understand that, it's kind of like if we went out to dinner and we went to a restaurant and we sat down, we want to order the food. We want them to get the ingredients. We want them to prepare it, cook it, serve it. We're going to eat it, enjoy it. They're going to clean it up. They're going to deal with the kitchen and the staff and the restaurant and all those types of things. That full-service model is how historically we've delivered our virtual events. A lot of clients love it. They like it because of our expertise. They like it where we fill gaps that otherwise they potentially would have to have staff or other partners to do. They also expect it to be resilient. Again, I can't give enough credit to Chris. I see your question. Hang on one second. I'll come to that in just a second. I can't go into enough detail, and I won't bore you right now with the technology. It's all cloud-based that is behind this. But also just knowing that the shows are going to perform flawlessly, that's also a big part for our clients. Super quickly, there's a huge TAM for events. We like to consider it a bit of a hedge because we can service physical and virtual and hybrid. It doesn't really matter if for whatever the reason, and COVID was an extreme example, if something causes one part of that market demand to increase or decrease, we are malleable and can expand and grow just like we did during the COVID timeframe. Our plan for strategic growth, and this is where I think the conversation really gets exciting. Everything that I've talked to you kind of is the past up until this point. Right now, I should highlight that everything that's in our S-1 and our 10-Q that I've talked about really only represent the webcasting company. Right now, within TEN Holdings, that is exclusively what's included in the financials. We are going to continue to leverage and build out our core product that we've delivered events on for 14 years. We are working on and are incorporating AI capabilities. We get asked that pretty regularly. If you think about it, part of the challenge of giving a meeting and a presentation is building the content or building the course or building the survey or the questions. We have examples where organizations are having that done right now through AI and leveraging that in to cut down on their preparation time or candidly make their presentation better. What's coming down the pike? Sometimes the worst part about the presentation is the presenter. Some people have considered, "Could you use a virtual presenter?" No different than if you hired a spokesperson or a model or someone who could deliver the message that's a professional speaker. It is pretty interesting to see where AI will take the art of communication and presentation. We certainly plan to continue to invest and participate in that. About a week ago, I guess on Monday of last week, we announced that we are building and starting to deliver a platform as a service product. Remember my discussion about a full-service model? Some people want to do some of that equation themselves. Really, the component that is very difficult to replicate is the technology layer that allows them to deliver similar types of shows that we present. We announced a product called 10 Pro, like professional. That's something that will sell in a PaaS or a SaaS model with a little bit of training that then a client could take and run on their behalf. We like it for obvious reasons too. The margins on a SaaS product are typically quite high, and it is not as labor-intensive as a full-service model. We're pretty excited about that. Finally, I have one more slide, and then I'll try and answer questions for you as well. There has always been a strategy. It's one of the reasons that we went public. It is the reason that we set up the holding company that we are going to look at partnerships and/or strategic merger and acquisition targets for other event-based companies. There are many, many solid businesses out there that serve different or complementary needs into the corporate event space. Our only hopefully unbinding tenet is we want to stick with enterprise and corporate customers. We won't most likely ever get into events that are B2C or kind of truly retail. We like dealing with the mid to large-sized corporate customers. There is a whole host of different types of events that are there. Okay. I see your questions coming in, and I'll go through them in a row here in a second. One of the things, and there is a gentleman that is an analyst that covers us. His name is Barry Stein. He knows us quite well. If you look for him, you can probably find his research on covering us. By the way, that would answer some of the questions that are coming in that are very specific about model margins, etc. I'll give you some color on that. He goes into great lengths. I would highlight that he understands both the virtual, the physical, and the hybrid types of meetings and such. The first thing that we want to do still is make sure that we have alignment with the V-Cube businesses. That comes from a couple of different things. One, there is this $28 million-$30 million business unit that is part of V-Cube that does exactly what we do. Currently, that is held entirely by the parent in V-Cube. Clearly, that is of interest to us in terms of partnerships and how we can leverage that. I'll also highlight that originally, we were the third company that was founded here in Pennsylvania. There was another company that does physical events, which we do not own currently. It's currently owned by the same seller that sold Ten Events to V-Cube. They are a company that does physical events and has been in business for 25 years. From a revenue perspective, it's considerably larger than the revenue of Ten Events. Their second company is a company that specializes in the pharmaceutical industry, and they have very specific types of events that they do. When a drug manufacturer launches a new drug, there's a whole formal, heavily regulated process that they have to go through to both educate internally and externally, specifically the physicians, in order for them to legally be able to prescribe the drug. The phrase in the industry is called Speaker Bureau Management, and they specialize and have done quite well on that. Currently, those three companies, those two and Ten Events, are all co-located in Philadelphia, outside of Philadelphia and Langhorne. We have shared services. One could hypothesize that they would be a logical place for us to look to potentially expand. While nothing is certain or guaranteed, that's certainly something that some would theorize would make sense since we've had such a tight relationship with them already over the years. Beyond that, we are actively looking at other potential partners. I'll tell you quickly, and then I'll get to your questions. It's an interesting type of company, these events-based companies, and a lot of them look like this. They are family or single-founder-owned. They have no debt. They have no venture capital. They are typically profitable. They usually have been in business for quite some time, have a pretty nice book of customers, and their business is relatively sticky. What I mean by that is when someone uses an event provider for an event and it goes well, they have a tendency to repeat and go back to the vendor that they used. There is a lot of attractiveness to that. Really, capital is the limiting factor to that. I did mention that our parent, our number one shareholder, still owns 80% of the company. It is also a logical theory that when timing is right, we would leverage that equity and potentially help us grow. I think that is my last slide. You have got some contact information there. If I can, I am going to switch to—hang on one second. I am sorry. I just hid all my questions. Okay. I am going to take these, and then I am going to try and share them all. That is odd. All right. I'm going to try and do these from memory. One of the questions was, which types of events are the margins the best on? The virtual events are the best margins. We disclose that they're around roughly 80%-82% gross margin. The physical events or the live events, it's an interesting thing. It depends on if they utilize their own equipment that they have in inventory or if they have to subcontract and rent equipment. The margins are considerably higher if you use your own equipment. Thanks. The margins are considerably higher if you use your own equipment. They're not as high as they are on the virtual side. Keep in mind, sometimes the group that does the physical events also drives the hybrid events. It's a mix. The margin that we see on the virtual side goes hand in hand with the physical, and it's not just physical standalone. There were some questions asked about the mechanics and the finances of the company. I'd mentioned earlier that the entire set of financials, when you look at TEN Holdings right now, is based on just the virtual company. Last year, the virtual company did $3.5 million in revenue and lost about $2 million. It's a little unfair because the virtual company right now bore the full brunt of the IPO. We raised $10 million in the IPO. Just to give you some perspective, roughly $3 million of that came off the top and is paid to fees. I'll also highlight, as a microcap IPO, it costs about $1 million a year just to be public. Our plan is, as we expand TEN Holdings, those costs will be normalized across a bigger group. If we look to buy accretive and partner with cash flow positive companies, that will help offset that. We're also working to grow Ten Events, both on the traditional full-service event side. As I mentioned, we really do not expect a material impact until 2026, but the SaaS product, which becomes available in an early adopter program in July, we do hope to be significant. I mentioned why that's important: higher margins, lower labor cost. Those were most of my questions with three minutes left. Hopefully, let's see. We've got a poll that's just asking you guys some things. I think with that, I'll just see if there's any more questions. Hopefully, that was a relatively concise discussion. It's a good company. We're excited. We're looking forward to it. We want to execute on that plan and see our stock price go up and see everybody participate and do well. That's our goal. I just say, if there are no other questions with two minutes left, thank you for your time. Please feel free to reach out to us directly if you need any additional information. Thank you. If my moderator is there and not on mute, unless you shut us off. Thank you for your wonderful presentation, Mr. Randy Jones. It's great to have you. Wonderful. Thank you all so much. Have a great day. Take care. Cheers. Cheers, man. That concludes TEN Holdings Incorporated's presentation. You may now disconnect. For details on upcoming presentations, please refer to the conference agenda. Thank you for your participation, and we look forward to welcoming you to the next session.