Entertainment permit approved by Sacramento City Council
Video Above: GoldenSky country music festival canceled for 2025
Last Tuesday's approval allows smaller businesses to host events without the weight of costs, applications and requirements applied to larger venues.
The initiative was established by the Entertainment Service Division and the Office of Nighttime Economy.
'The new Limited Entertainment Permit is a significant step in supporting Sacramento's creative economy,' said Tina Lee-Vogt, Manager of the Office of Nighttime Economy. 'By simplifying the permitting process, we're making it easier for businesses to host live entertainment while ensuring compliance with the City's noise and occupancy standards. This initiative creates more opportunities for local artists and enhances the city's social vibrancy.'
Stockton Police share Your Way Registry during World Autism Awareness Day
Businesses with an occupancy of 299 or less, can offer events as a secondary operation, according to officials. Establishments will be able to offer live music that ends as late as 10 p.m. on weekdays and 11 p.m. on weekends. Barriers for venues outside of downtown and midtown will also be reduced, allowing entertainment citywide.
The permit comes after the Sociable City Assessment and the Sacramento Music Census shared their need for entertainment that creates growth in the local and music scene.
The city council will revisit the permit to establish associated fees.
An online permitting process is also being worked on to simplify applications for city staff and applicants. Public meetings will also take place to evaluate sound policies, according to the city.
The program is expected to launch in May.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Business Upturn
10 hours ago
- Business Upturn
Giftify, Inc. Reports Second Quarter 2025 Financial Results, Revenue of $20.9 Million
By GlobeNewswire Published on August 13, 2025, 17:35 IST Company achieves gross profit increase of 18.3% to $3.9 million Strategic initiatives including TakeOut7 acquisition and AI implementation driving operational improvements SCHAUMBURG, IL, Aug. 13, 2025 (GLOBE NEWSWIRE) — Giftify, Inc. (NASDAQ: GIFT) (the 'Company'), the owner and operator of and and a leader in the incentives and rewards industry, today announced financial and operational results for the second quarter ended June 30, 2025. Key Highlights for the Three Months Ended June 30, 2025, Compared to Prior Year Period Net sales increased 4.4% to $20.9 million Gross billings increased 23.2% to $36.1 million Gross profit increased 18.3% to $3.9 million Gross margin improved to 18.4% from 16.3% Modified EBITDA loss improved to $0.15 million from $0.36 million Net loss of $2.6 million (Of note, net loss for the three months ended June 30, 2025 included $2.4 million in non-cash expenses, including $1.6 million in stock options and other non-cash compensation, $0.6 million in amortization of intangible assets, and $0.16 million in amortization of capitalized software costs) Strong balance sheet with total assets of $31.5 million and stockholders' equity of $21.6 million Strategic Growth Initiatives The Company's strategic execution against previously outlined growth priorities continued to generate positive momentum across multiple fronts during the second quarter: Completed strategic acquisition of TakeOut7 in June 2025, expanding technology offerings to include end-to-end solutions for independent restaurants Launched Buy Now, Pay Later (BNPL) flexible payment option through partnership with Zip Co., enhancing customer accessibility and payment flexibility Expanded strategic offerings through in high-revenue, high-growth verticals including travel, sports merchandise, and pharmacy savings Continued deployment of enterprise-wide AI solutions driving measurable operational efficiencies Enhanced synergies between and platforms Continued expansion of the At-the-Market offering program to strengthen the Company's cash position and provide financial flexibility Subsequent Events Launch of Restaurant Management Center (RMC) in July 2025, creating new subscription revenue opportunities for 184,000+ restaurant partners Introduction of uChoose corporate rewards platform in July 2025, targeting the $46 billion corporate rewards market Management Commentary Ketan Thakker, Chief Executive Officer of Giftify, Inc., commented, 'Our second quarter performance reflects the strength of our strategic vision and operational discipline. We delivered revenue of $20.9 million while achieving an impressive 18.3% increase in gross profit and expanding our gross margin to 18.4%. This margin improvement underscores our team's focus on driving profitability and creating sustainable value in today's dynamic market environment.' Thakker continued, 'The quarter was marked by significant strategic milestones that position us for accelerated growth. The TakeOut7 acquisition in June strengthens our restaurant technology ecosystem, while our new Buy Now, Pay Later partnership with Zip Co. enhances customer access to savings opportunities. Combined with our ongoing AI initiatives and vertical market expansion in travel, sports, and healthcare, we're building a comprehensive platform that serves multiple high-growth markets. Looking ahead, our recent launches of the Restaurant Management Center and uChoose corporate platform create exciting new revenue streams that complement our core marketplace business.' Second Quarter 2025 Financial Results For the three months ended June 30, 2025, net sales increased 4.4% to $20.9 million compared to $20.0 million in the prior year period. The growth was driven by continued strength in both business-to-consumer and business-to-business channels across the and platforms. Gross profit for the second quarter increased 18.3% to $3.9 million compared to $3.3 million in the prior year period. Gross margin improved to 18.4% from 16.3%, reflecting the Company's continued focus on optimizing pricing strategies and operational efficiencies. Operating expenses decreased to $6.4 million from $10.7 million in the prior year period, primarily due to a $4.6 million reduction in stock-based compensation expense, partially offset by increased operational costs to support business growth. The Company reported a net loss of $2.6 million, or $0.09 per share, compared to a net loss of $7.7 million, or $0.30 per share, in the prior year period. The improvement was driven by increased gross profit, reduced stock-based compensation expense, and lower interest expense. Modified EBITDA loss improved to $0.15 million compared to $0.36 million in the prior year period, reflecting the Company's progress toward operational efficiency. Six Months 2025 Financial Results For the six months ended June 30, 2025, net sales increased 3.9% to $43.2 million compared to $41.5 million in the prior year period. Gross profit for the six months increased 14.1% to $7.4 million compared to $6.5 million in the prior year period. Gross margin improved to 17.2% from 15.7% The Company reported a net loss of $5.8 million, or $0.20 per share, compared to a net loss of $10.9 million, or $0.43 per share, in the prior year period. Modified EBITDA loss improved to $0.8 million compared to $1.0 million in the prior year period. About Giftify, Inc. Giftify, Inc. is a pioneer in the incentive and rewards industry with a focus on retail, dining & entertainment experiences, as the owner and operator of leading digital platforms, and is a leading secondary gift card exchange platform, allowing consumers and retailers to realize value by buying and selling gift cards at various scales. is the nation's largest restaurant-focused digital deals brand, connecting digital consumers, businesses and communities by offering thousands of dining, retail and entertainment deal options nationwide at over 184,000 restaurants and retailers. prides itself on offering the best deal, every meal. Our gift cards and restaurant certificates allow customers to save at thousands of restaurants across the country with just a few clicks. Takeout7 is a restaurant technology company offering comprehensive online ordering solutions through its TakeOut7 platform and AI-powered digital marketing services through its Platr platform. For more information, visit: and Non-GAAP Financial Measures and Operating Metrics Modified EBITDA In addition to our GAAP results, we present Modified EBITDA as a supplemental measure of our performance. However, Modified EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity. We define Modified EBITDA as net income (loss), plus interest expense, depreciation and amortization, stock-based compensation, and fair value of common stock issued for services. Management considers our core operating performance to be that which our managers can affect in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period. Non-GAAP adjustments to our results prepared in accordance with GAAP are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Gross Billings Gross billings are the total dollar value of customer purchases of goods and services. Gross billings are presented net of customer refunds and order discounts. A significant portion of our revenue transactions are comprised of sales of discounted merchant gift cards in which we collect the transaction price from the customer and remit a portion of the transaction price to the third-party suppliers who will provide the related goods or services. For these transactions, gross billings differ from Net Sales reported in our Condensed Consolidated Statements of Operations, which is presented net of the merchant's share of the transaction price. Gross billings are an indicator of our growth and business performance as it measures the dollar volume of transactions generated through our marketplaces. Tracking gross billings also allows us to monitor the percentage of gross billings that we are able to retain after payments to merchants. Forward-Looking Statements Press Releases may include forward-looking statements. In particular, the words 'believe,' 'may,' 'could,' 'should,' 'expect,' 'anticipate,' 'estimate,' 'project,' 'propose,' 'plan,' 'intend,' and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Giftify, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Giftify, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company's ability identify a suitable business model for the corporation. Investors Contacts: [email protected] GIFTIFY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS As of June 30, 2025 December 31, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents (includes restricted cash of $1,000,000 and $1,258,826 at June 30, 2025 and December 31, 2024) $ 3,257,427 $ 4,301,842 Accounts receivable 121,139 164,700 Inventories 2,021,395 4,116,180 Prepaid expenses and other current assets 368,871 63,210 Total current assets 5,768,832 8,645,932 Property and equipment, net 766,904 1,089,984 Operating lease right of use asset, net 1,250,518 1,406,242 Deposits 68,189 65,556 Intangible assets, net 3,640,517 4,268,332 Goodwill 20,007,670 20,007,670 Total assets $ 31,502,630 $ 35,483,716 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,619,833 $ 1,966,616 Accrued expenses 1,772,419 1,768,607 Customer deposits 153 95,000 Deferred revenue 107,504 77,051 Secured revolving line of credit 1,715,897 3,805,080 Convertible promissory notes 44,637 43,137 Secured notes payable — related party, net of debt discount of $0 and $4,000, at June 30, 2025 and December 31, 2024, respectively – 2,060,274 Notes payable, current portion, net of debt discount of $8,570 and $0, at June 30, 2025 and December 31, 2024, respectively 1,881,668 1,717,632 Operating lease liability, current portion 337,195 316,612 Total current liabilities 7,479,306 11,850,009 Notes payable, net of current portion 664,500 615,000 Deferred income taxes 829,284 1,123,000 Operating lease liability, net of current portion 960,386 1,133,371 Total liabilities 9,933,476 14,721,380 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value, 10,000,000 shares authorized; – – Common stock, $0.001 par value, 750,000,000 shares authorized; 30,154,612 and 27,021,423 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 30,155 27,015 Additional paid-in-capital 115,289,884 108,679,065 Common stock issuable, 350,843 and 350,843 shares, respectively 350,843 350,843 Accumulated deficit (94,101,728 ) (88,294,587 ) Total stockholders' equity 21,569,154 20,762,336 Total liabilities and stockholders' equity $ 31,502,630 $ 35,483,716 GIFTIFY, INC. AND SUBSDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net Sales $ 20,900,731 $ 20,020,502 $ 43,177,744 $ 41,542,396 Cost of sales 17,045,106 16,760,007 35,740,483 35,024,625 Gross profit 3,855,625 3,260,495 7,437,261 6,517,771 Operating expenses Selling, general and administrative expenses 5,714,543 9,832,270 11,758,384 15,046,311 Amortization of capitalized software costs 161,544 302,737 323,087 681,474 Amortization of intangible assets 557,062 607,917 1,100,979 1,215,834 Total operating expenses 6,433,149 10,742,924 13,182,450 16,943,619 Loss from operations (2,577,524 ) (7,482,429 ) (5,745,189 ) (10,425,848 ) Other income (expenses) Interest income 1,777 5,223 1,777 5,223 Interest expense (143,374 ) (267,440 ) (352,945 ) (514,741 ) Total other income (expenses) (141,597 ) (262,217 ) (351,168 ) (509,518 ) Net loss before income taxes (2,719,121 ) (7,744,646 ) (6,096,357 ) (10,935,366 ) Income tax benefit 129,312 – 289,216 – Net loss $ (2,589,809 ) $ (7,744,646 ) $ (5,807,141 ) $ (10,935,366 ) Net earnings/(loss) per share – basic and diluted $ (0.09 ) $ (0.30 ) $ (0.20 ) $ (0.43 ) Weighted average common shares outstanding – basic and diluted 29,532,501 25,751,441 28,946,644 25,377,832 GIFTIFY, INC. AND SUBSDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 (Unaudited) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (5,807,141 ) $ (10,935,366 ) Adjustments to reconcile net loss to net cash provided by operating activities Fair value of vested stock options 1,962,000 5,706,311 Fair value of vested restricted common stock 1,063,918 1,589,609 Fair value of common stock issued for services 384,088 217,500 Loss on fair value of common stock issued for settlement of vendor 33,750 – Depreciation of capitalized software costs 323,080 681,474 Amortization of intangible assets 1,100,979 1,215,834 Amortization of debt discount 10,430 – Accrued interest (14,740 ) 31,868 Changes in operating assets and liabilities: Accounts receivable 81,060 46,211 Inventories 2,094,785 (1,087,690 ) Prepaid expenses and other current assets (305,661 ) (28,735 ) Right of use assets 155,724 155,011 Accounts payable (272,281 ) (510,163 ) Accrued expenses (9,528 ) 205,235 Customer deposits (94,847 ) – Deferred revenue 30,453 (222,972 ) Deferred taxes (293,716 ) – Operating lease liability (152,402 ) (138,327 ) Net cash provided by (used in) operating activities 289,951 (3,074,200 ) CASH FLOWS FROM INVESTING ACTIVITIES Cash received on acquisition 109,543 – Capital expenditures – (449,646 ) Net cash provided by (used in) investing activities 109,543 (449,646 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from line of credit 61,299,312 53,772,243 Repayment of line of credit (63,388,495 ) (52,839,180 ) Proceeds from note payable 985,000 – Repayment of notes payable (825,928 ) – Repayment of notes payable – related party (2,000,000 ) – Proceeds from sale of common stock, net of expenses, under at-the-market sale agreement 1,383,702 – Proceeds from sale of common stock, net of expenses, under stock purchase agreement 374,500 – Proceeds from public offering of common stock 478,000 – Proceeds from private offering of common stock 250,000 – Repayment of acquisition obligation – (500,000 ) Proceeds from private placement of common stock – 2,921,500 Net cash provided by (used in) financing activities (1,443,909 ) 3,354,563 Net increase (decrease) in cash and cash equivalents (1,044,415 ) (169,283 ) Cash and cash equivalents beginning of period 4,301,842 5,682,372 Cash and cash equivalents end of period $ 3,257,427 $ 5,513,089 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Interest paid $ 322,289 $ 510,417 Taxes paid $ – $ – NON-CASH INVESTING AND FINANCING ACTIVITIES Common shares issued for acquisition $ 609,000 $ – Common shares issued for trade accounts payable $ 108,750 $ – Accounts receivable from acquisition $ 37,499 $ – Deposits from acquisition $ 2,633 $ – Accounts payable from acquisition $ 500 $ – Accrued expenses from acquisition $ 13,340 $ – Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ – $ 1,395,541 Giftify, Inc. Supplemental Operating Metrics (Unaudited) Our gross billings for the three and six months ended June 30, 2025 and 2024 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Change % 2025 2024 Change % Gross billings $ 36,072,063 $ 29,287,369 23.2 % $ 73,091,528 $ 59,319,954 23.2 % Gross billings are the total dollar value of customer purchases of goods and services. Gross billings are presented net of customer refunds and order discounts. A significant portion of our revenue transactions are comprised of sales of discounted merchant gift cards in which we collect the transaction price from the customer and remit a portion of the transaction price to the third-party suppliers who will provide the related goods or services. For these transactions, gross billings differ from Net Sales reported in our Condensed Consolidated Statements of Operations, which is presented net of the merchant's share of the transaction price. Gross billings are an indicator of our growth and business performance as it measures the dollar volume of transactions generated through our marketplaces. Tracking gross billings also allows us to monitor the percentage of gross billings that we are able to retain after payments to merchants. Giftify, Inc. Non-GAAP Reconciliation Schedules (Unaudited) Set forth below is a reconciliation of net loss to Modified EBITDA for the three months ended June 30, 2025 and 2024 (unaudited): Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net Loss $ (2,589,809 ) $ (7,744,646 ) Modified EBITDA adjustments: Income taxes (129,312 ) – Interest expense, net 141,597 262,217 Amortization of intangible assets 557,062 608,017 Amortization of capitalized software costs 161,544 302,737 Bad debt expense 100,810 – Stock option and other noncash compensation 1,607,872 6,214,545 Total Modified EBITDA adjustments 2,439,573 7,387,516 Modified EBITDA $ (150,236 ) $ (357,130 ) Set forth below is a reconciliation of net loss to Modified EBITDA for the six months ended June 30, 2025 and 2024 (unaudited): Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net Loss $ (5,807,141 ) $ (10,935,366 ) Modified EBITDA adjustments: Income taxes (289,216 ) – Interest expense, net 351,167 509,518 Amortization of intangible assets 1,100,979 1,215,834 Amortization of capitalized software costs 323,087 681,474 Loss on fair value of stock issued on vendor settlement 33,750 – Bad debt expense 100,810 – Stock option and other noncash compensation 3,410,007 7,513,421 Total Modified EBITDA adjustments 5,030,584 9,920,247 Modified EBITDA $ (776,557 ) $ (1,015,119 ) We present Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in evaluating potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial performance. Modified EBITDA has limitations as an analytical tool, which includes, among others, the following: ● Modified EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; ● Modified EBITDA does not reflect changes in, or cash requirements for, our working capital needs; ● Modified EBITDA does not reflect future interest expense, or the cash requirements necessary to service interest or principal payments, on our debts; and ● Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Modified EBITDA does not reflect any cash requirements for such replacements. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Business Wire
a day ago
- Business Wire
Fifth Third Bancorp Announces Earnings Release Dates for 2026 and 2027
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New York Post
a day ago
- New York Post
Jason Momoa reveals feelings on son getting cast in upcoming Dune film after initial fears
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