I run a coffee shop in Sun Valley. An exclusive conference hosts big executives each year but it's been bad for my business.
Allen & Company's Sun Valley Conference has been around since I was a kid. When I was a teenager, I remember some of my friends getting hired as nannies or to develop photos, and I was jealous of their opportunity to make an easy chunk of money. Now, though, my perspective on the whole thing is a little different.
We have an incredible local following at Maude's, but this whole area is a visitor's economy. Practically everyone in the retail and service industries relies on tourists. When the billionaires fly into the area every July, they go straight to the Sun Valley Lodge just outside the heart of Ketchum to have a catered experience. Most of their dollars don't flow back into town, unless they're booking out a restaurant.
This is usually the busiest time of year for my business. But when the conference comes, guests rent out tons of rooms and book all the fishing guides, outdoor adventures, and restaurants. Other tourists can't really visit the area that week. The Sun Valley Lodge is big; that's hundreds of people who aren't there and aren't circulating their dollars in local stores.
It's not a zero-sum game, but my number of sales drops at least a bit every year. The billionaires at the conference throw a weird wrench in the cog of the summer economy, stepping on the brakes for regular people during what should be a very, very, very busy time.
That's not to say it's all bad. I'm sure the conference is great if you're directly involved, but many localsI know aren't. I've gotten to know some members of the billionaire entourage, like dancers and bodyguards, who come each year. They're great, and I actually always look forward to seeing them.
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Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this Press Release. This Press Release should be considered in light of the disclosures contained in the filings of KonaTel and its "forward-looking statements" in such filings that are contained in the EDGAR Archives of the SEC at Contacts D. Sean McEweninquiries@ -- Unaudited Balance Sheets and Statements of Operations Follow - KonaTel, Balance Sheets(unaudited) June 30, 2025 December 31, 2024 Assets Current Assets Cash and Cash Equivalents $ 1,491,346 $ 1,679,345 Accounts Receivable, Net 509,571 1,533,015 Inventory, Net 118,242 163,063 Prepaid Expenses 75,349 94,496 Other Current Assets 310,988 112,170 Total Current Assets 2,505,496 3,582,089 Property and Equipment, Net 13,563 15,128 Other Assets Intangible Assets, Net 323,468 323,468 Right of Use Asset 257,499 319,549 Notes Receivable 850,000 1,000,000 Other Assets 74,328 74,328 Total Other Assets 1,505,295 1,717,345 Total Assets $ 4,024,354 $ 5,314,562 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable and Accrued Expenses $ 2,675,605 $ 2,277,597 Right of Use Operating Lease Obligation - Current 78,457 113,740 Income Tax Payable 184,051 184,051 Total Current Liabilities 2,938,113 2,575,388 Long Term Liabilities Right of Use Operating Lease Obligation - Long Term 195,999 227,776 Total Long-Term Liabilities 195,999 227,776 Total Liabilities 3,134,112 2,803,164 Commitments and Contingencies Stockholders' Equity Common stock, $.001 par value, 50,000,000 shares authorized 43,541,140 outstanding and issued at June 30, 2025, and 43,503,658 outstanding and issued at December 31, 2024 43,541 43,504 Additional Paid In Capital 10,699,743 10,215,767 Accumulated Deficit (9,853,042 ) (7,747,873 ) Total Stockholders' Equity 890,242 2,511,398 Total Liabilities and Stockholders' Equity $ 4,024,354 $ 5,314,562 KonaTel, Statements of Operations(unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 2,158,656 $ 4,343,179 $ 4,327,370 $ 9,979,016 Cost of Revenue 1,608,416 3,443,472 3,125,237 7,951,804 Gross Profit 550,240 899,707 1,202,133 2,027,212 Operating Expenses Payroll and Related Expenses 1,081,633 1,341,046 2,192,333 2,793,146 Operating and Maintenance 2,069 1,421 3,489 2,965 Credit Loss 13,910 - 13,910 1,448 Professional and Other Expenses 325,750 231,302 483,181 341,525 Utilities and Facilities 48,528 59,332 94,939 110,118 Depreciation and Amortization 782 2,449 1,565 4,899 General and Administrative 64,975 44,573 114,962 105,968 Marketing and Advertising 5,396 27,031 10,482 61,027 Application Development Costs 172,967 387,800 351,493 593,883 Taxes and Insurance 32,788 59,115 63,981 113,550 Total Operating Expenses 1,748,798 2,154,069 3,330,335 4,128,529 Operating Loss (1,198,558 ) (1,254,362 ) (2,128,202 ) (2,101,317 ) Other Income and Expense Gain on Sale - - - 9,247,726 Interest Expense - - (577 ) (104,329 ) Other Income/(Expense), net 10,917 (4,763 ) 23,610 (68,693 ) Total Other Income and Expenses 10,917 (4,763 ) 23,033 9,074,704 Income (Loss) Before Income Taxes (1,187,641 ) (1,259,125 ) (2,105,169 ) 6,973,387 Income Tax Expense (Benefit) - (149,428 ) - - Net Income (Loss) $ (1,187,641 ) $ (1,109,697 ) $ (2,105,169 ) $ 6,973,387 Earnings (Loss) per Share Basic $ (0.03 ) $ (0.03 ) $ (0.05 ) $ 0.16 Diluted $ (0.03 ) $ (0.03 ) $ (0.05 ) $ 0.16 Weighted Average Outstanding Shares Basic 43,537,102 43,412,602 43,536,341 43,301,670 Diluted 43,537,102 43,412,602 43,536,341 43,301,670 SOURCE: KonaTel, Inc. 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