At the onset of each new Summit event cycle we begin at a cash deficit, which means every dollar received upon event launch goes into servicing the production of that event in real time and sustaining our payroll/overhead expenses. Any forecasted profit that Summit Series makes on these events comes after the 75-80% threshold of ticket inventory sold, as it does for most live events. Up until that point, it’s a daily grind to keep ticket revenue ahead of costs.
When the event industry came to a halt due to COVID-19 and the CDC mandated a shutdown of all cruises, we were just over 65% sold for Summit at Sea and about 10% sold for Summit Palm Desert. In other words, we were still in the "dollar in dollar out" phase for both of these events, thus limiting our ability to provide any immediate refunds as we simply didn’t have the cash to do so.
If you have any questions or concerns, please don’t hesitate to reach out to email@example.com for additional transparency.