What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-03-18 compared with 2025-03-28 · 140 added, 249 removed, 143 unchanged (73% of the section changed)

2 unchanged sentences

statements and related notes included elsewhere in this Annual Report.

Forward-Looking

Annual Report on Form 10-K contains certain forward-looking statements and information relating to the Company within the meaning of

the Private Securities Litigation Reform Act of 1995 that are based on the beliefs of management as well as assumptions made by and information

currently available to management.

Forward-looking statements can be identified by the fact that they do not relate strictly to historical

or current facts.

They often include words like “believe,” “expect,” “anticipate,” “estimate,”

and “intend” or future or conditional verbs such as “will,” “should,” “could,” or “may”

and similar expressions or the negative thereof.

Important factors that could cause actual results to differ materially from those in

the forward-looking statements included herein include, but are not limited to:

about our future financial and operating results, including revenue, income, expenditures, cash balances, and other financial items;

ability to execute our growth strategies, including our ability to meet our goals;

and future economic and political conditions;

capital requirements and our ability to raise any additional financing which we may require;

ability to attract customers and further enhance our brand recognition;

ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business;

and competition in our industry;

assumptions described in this annual report underlying or relating to any forward-looking statements.

one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially

from those described herein.

We caution readers not to place undue reliance on forward-looking statements.

The Company disclaims any

obligation to revise or update any forward-looking statements contained in this Form 10-K to reflect future events or developments.

information on risk factors that may affect forward-looking statements is included under “Risk Factors” in this Form 10-K.

are a provider of event planning, production, and broadcasting services headquartered in Pennsylvania.

We mainly produce virtual and

hybrid events and physical events.

Virtual and hybrid events involve virtual and hybrid event planning, production and broadcasting services,

and continuing education services, all of which are supported by our proprietary Xyvid Pro Platform.

Physical events mainly involve live

streaming and video recording of physical events.

Impacting Our Operating Results

financial condition and results of operation have been and will continue to be affected by a number of factors, many of which may be

beyond our control, including those factors set out in the section headed “Risk Factors” in this annual report and those

described below.

in demand for our products or platform

derive, and expect to continue to derive, a significant portion of our revenue and cash flows from producing virtual and hybrid events.

Widespread adoption and use of live engagement technologies, webinars and event software in general, and our platform in particular,

are critical to our future growth and success.

If this market fails to grow or grows more slowly than we currently anticipate, demand

for our platform could be negatively affected.

for our platform is affected by a number of factors, many of which are beyond our control.

Some of these potential factors include:

of products and services that compete, directly or indirectly, with ours;

and adoption of live engagement technologies, generally, as a substitute for in-person events;

of adoption and use of the relevant technologies;

and platform experience;

of our platform, including frequency of outages;

and user support;

brand and reputation;

pricing and our competitors’ pricing;

modes of live engagement that may be developed in the future.

we fail to successfully predict and address these factors, meet customer demands or achieve more widespread market adoption of our platform,

our business could be harmed.

to respond to rapid technological changes, extend our platform or develop new features

markets in which we compete are characterized by rapid technological changes and the frequent introduction of new products and services.

Our ability to attract new customers and retain and expand the usage of existing customers depends on our ability to enhance and improve

our platform, and to introduce new features and solutions.

Our customers may require features and capabilities that our current platform

does not have.

We are focused on improving the quality and range of our service offerings and are committed to investing in research

and development.

Our enhancements to our platform, features or capabilities may not be compelling to our existing or potential customers

and may not gain market acceptance.

If our research and development investments do not accurately anticipate customer demand, or if we

fail to develop our platform in a manner that satisfies customer preferences in a timely and cost-effective manner, we may fail to retain

our existing customers or increase demand for our platform.

introduction of competing services or the development of entirely new technologies to replace existing offerings could make our platform

obsolete or adversely affect our business, results of operations and financial condition.

We may experience difficulties with software

development, design or marketing that could delay or prevent our development, introduction, or implementation of new services, features,

or capabilities.

New services, features or capabilities may not be released according to schedule.

Any delays could result in adverse

publicity, loss of revenue or market acceptance, or claims by customers brought against us, all of which could harm our business.

customers do not widely adopt our new services, features and capabilities, we may not be able to realize a return on our investment.

If we are unable to develop, license or acquire new features and capabilities to our platform on a timely and cost-effective basis, or

if such enhancements do not achieve market acceptance, our business could be harmed.

to effectively develop and expand our marketing capabilities

ability to increase our customer base and achieve broader market acceptance of our services will depend to a significant extent on our

ability to expand our marketing and sales operations.

We plan to continue expanding our sales and marketing capabilities, including through

additional investment in digital marketing and sales team expansion.

If we are unable to expand our sales and marketing operations, our

future revenue growth and business could be adversely impacted.

and recruiting qualified sales representatives and training them is time consuming and resource intensive, and they may not be fully

trained and productive for a significant amount of time.

We also plan to dedicate resources to sales and marketing programs, including

internet and other online advertising.

All of these efforts will require us to invest significant financial and other resources, as the

cost to acquire customers through these efforts is high.

Our business will be harmed if our efforts do not generate a correspondingly

significant increase in revenue.

webcasting market is competitive and rapidly changing, and existing and new market entrants, particularly established companies with

greater resources than we have, that provide technologies to improve communication and engagement technologies or platforms, such as

artificial intelligence and machine learning, could also increase the level of competition in the market.

We face competition from many

large and small companies, which include, but are not limited to, Zoom, ON24, GlobalMeet, Cvent, Bizzabo, and Meeting Tomorrow.

competitors vary in size and in the breadth and scope of the products and services they offer.

Many of our actual and potential competitors

benefit from competitive advantages over us, such as greater name recognition;

longer operating histories;

more varied products and services;

larger marketing budgets;

more established marketing relationships;

more third-party integration;

greater accessibility across devices

or applications;

greater access to larger user bases;

and greater financial, technical, and other resources.

Some of our competitors

may make acquisitions or strategic investments or enter into strategic relationships to offer a broader range of products and services

than we do, which may prevent us from using such third parties’ technology or offering such products or services.

These combinations

may make it more difficult for us to compete effectively.

We expect these trends to continue as competitors attempt to strengthen or

maintain their market positions.

As we introduce new products or services, and with the introduction of new technologies and market entrants,

we expect competition to intensify in the future.

for our platform is price sensitive.

Many factors, including our pricing and marketing strategies, customer acquisition, and technology

costs, as well as the pricing and marketing strategies of our competitors, can significantly affect our pricing strategies.

Certain competitors

offer, or may in the future offer, lower-priced or free products or services that compete with our platform or certain aspects of our

platform, and they may offer a broader range of products and services than we do.

Even if such competing products do not include all

of the features and functionality that we provide, we could face pricing pressure to the extent that customers find such alternative

products to be sufficient to meet their needs.

Similarly, certain competitors or potential competitors may use marketing strategies that

enable them to acquire customers at a lower cost than we can.

Moreover, our major customers may demand substantial price concessions.

As a result, we may be required to provide our major customers with pricing below our targets in the future.

As a result, we could lose

market share to our competitors or be forced to engage in price-cutting initiatives or other discounts to attract and retain customers,

each of which could harm our business, results of operations and financial condition.

Outlook of Market Trends

Concentration

had a single customer that represented approximately 64.6% and 51.1% of our revenue for the years ended December 31, 2024 and 2023, respectively,

and if they were to reduce their purchases, it may have an outsized effect on our revenue, cash and profitability.

Our sales team is

actively pursuing new customers in our existing sales channels as well as adding new sales channels to enhance our up-selling and cross-selling

the webcasting market segment, larger companies, such as Zoom, ON24, GlobalMeet, Cvent, can leverage their extensive and agile infrastructure

to swiftly adapt to emerging market trends, such as software-as-a-service related offerings, production related enhancements, Artificial

Intelligence (AI) integrations, etc.

As market leaders, these companies may be able to set industry standards while driving the pace

of innovation.

We continue to closely monitor our competition to better understand market trends and their potential impact on our business,

Considerations

cybersecurity is paramount for safeguarding our internally created software platform to ensure the protection of sensitive data and intellectual

We are developing robust security measures to mitigate the risk of cyber threats, such as data breaches or unauthorized access,

which could compromise the integrity and reputation of our Company.

By prioritizing cybersecurity, we seek to maintain trust among stakeholders,

uphold regulatory compliance, and sustain uninterrupted operations.

the COVID-19 pandemic, we saw a significant increase in usage of our platform and services.

Following the pandemic, some of our customers

reduced their use of our platform, and additional customers may do so in the future.

than as disclosed in the consolidated financial statements and the related notes included elsewhere in this annual report, we are not

aware of any other trends, uncertainties, commitments or events for the years ended December 31, 2024 and 2023 that are reasonably likely

to have a material adverse effect on our net revenue, income, profitability, liquidity or capital resources, or cause such financial

statements to be not necessarily indicative of future operations results or financial condition.

are a provider of event planning, production, and broadcasting services headquartered in Langhorne, Pennsylvania.

We produce virtual,

hybrid, self-service and physical events.

Virtual, hybrid and self-service events could involve virtual and hybrid event planning, production

and broadcasting services, and continuing education services, all of which are supported by our proprietary Xyvid Pro platform and TEN

Pro platform.

Physical events mainly involve live streaming and video recording of physical events.

of the date of this Annual Report, we primarily generate revenue from virtual and hybrid events delivered to corporate customers.

experienced a decrease in our total revenue in the fiscal year ended December 31, 2025 compared to the fiscal year ended December 31,

2024, mainly due to an event series with our biggest customer that took place in the three-month ended March 31, 2024, but did not repeat

in the three months ended March 31, 2025.

This event is held by our biggest customer every other year.

For the fiscal years ended December

31, 2025 and 2024, we had total revenue of approximately $3.1 million and $3.5 million, respectively, and net loss of approximately $19.5

million and $3.0 million, respectively.

For the fiscal years ended December 31, 2025 and 2024, the revenue generated from virtual and

hybrid events was approximately $2.7 million and $3.2 million, respectively, accounting for approximately 88.2% and 91.9% of our total

revenue, respectively;

and the revenue generated from physical events was approximately $0.4 million and $0.3 million, respectively,

accounting for approximately 11.8% and 8.1 % of our total revenue, respectively.

mission is to deliver top-tier planning, production, and broadcasting services for virtual, hybrid and physical events.

Our goal is to

become a global leader in innovative virtual events that enhance engagement and connectivity, making impactful and memorable experiences

accessible to all.

Financial Performance Indicators

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computer and software costs, and advertising and marketing expenses.

expect general and administrative expenses to fluctuate as a result of operating as a public company.

profit and operating profit margin

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Operating profit margin

is the profit margin as a percentage of revenue.

is the operating profit as a percentage of revenue.

income (expenses)

time to time, we have non-recurring, non-operating gains and losses which are reflected through other income (expense).

time to time, we have non-recurring, non-operating gains and losses which are reflected through other income (expenses).

expenses consist of interest expenses arising from borrowings.

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following table sets forth our statements of operations for the years ended December 31, 2025 and 2024:

thousands, except change % data)

Ended December 31,

events - Virtual and Hybrid

events - Physical

(in thousands, except change % data)

Delivered events - Virtual and Hybrid

Delivered events - Physical

Total Revenue

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Operating expenses:

Selling, General and

Administrative Expenses

operating expenses

from operations

Other income (expenses),

before income taxes

Selling, General and Administrative Expenses

Depreciation expenses

Total operating expenses

Loss from operations

Other income (expenses), net

Interest expenses

Loss before income taxes

Provision for income taxes

decreased by approximately $215 thousand, or 5.8%, to approximately $3,504 thousand.

The decrease was primarily driven by following factors:

from delivered events – Virtual and Hybrid decreased by approximately $306 thousand, mainly due to a 2023 event that did not

repeat in 2024.

from delivered events – Physical increased by approximately $91 thousand, mainly due to a corporate restructuring which resulted

in the addition of a full year of activity during the year ended December 31, 2024.

During the year ended December 31, 2023, we only

reported revenue from “delivered events – physical” in June through December of 2023.

of revenue increased by approximately $97 thousand, or 17.5%, to approximately $652 thousand.

Cost of revenue increased while revenue

decreased mainly due to higher outsourced labor costs associated with physical events and a singular hybrid event that required significant

third-party production and labor costs.

= not meaningful

decreased by approximately $0.4 million, or 11%, to approximately $3.1 million.

The decline was primarily driven by following factors:

& Hybrid events decreased by $0.5 million, mainly due to an event series with our biggest

customer that took place in the three-months ended March 31, 2024, but did not repeat in

the three months ended March 31, 2025.

This event is held by our biggest customer every other

events increased by $0.1 million mainly due to a significant amount of more deals closed

and delivered within the period vs the same time period last year.

of revenue increased by approximately $0.01 million, or 1.7%, to approximately $0.7 million.

Cost of revenue remained relatively

flat while physical events revenue increased mainly due to continued efficiencies in the way events are delivered so equipment and

staff are maximized within the specific region or location of events.

General and Administrative Expenses (“SG&A expenses”)

expenses increased by approximately $648 thousand, or 13.7%, to approximately $5,390 thousand, mainly due to accounting and professional

service expenses, computer and software related expenses, and increased payroll expenses due to the addition of key members of the management

Income (Expense), net and Interest Expenses

total of other expenses and interest expenses increased by approximately $216 thousand, or 900.0%, to approximately $240 thousand primarily

due to the increase in borrowing.

a result of the foregoing, the net loss was approximately $2,968 thousand during the year ended December 31, 2024, compared to the net

loss of approximately $1,688 thousand during the year ended December 31, 2023.

Flows/Liquidity

flows for the years ended December 31, 2024 and 2023

of December 31, 2024 and 2023, we had cash of approximately $48 thousand and $357 thousand, respectively.

SG&A expenses increased by approximately $9.9 million, or 183%, to

approximately $15.3 million, of which $10 million were non-cash related expenses for items such as stock-based-compensation.

The company also incurred $1.7 million in expenses related to being a public company, while the remaining came from $3.1

million of payroll and $0.4 million in business operations.

expense increased by $0.4 million to $0.6 million due to continued development of TEN Pro during the 2025 calendar year.

Income (Expense), net

income (expense) increased by approximately $5.8 million to approximately $5.8 million primarily due to an impairment loss

recognized on our software and loss on debt restructuring.

expense increased by approximately $0.1 million, or 35%, to approximately $0.3 million primarily due to interest owed to V-Cube Inc.

for loans made to us .

a result of the foregoing, the net loss was approximately $19.5 million during the year ended December 31, 2025, compared to the net

loss of approximately $3.0 million during the year ended December 31, 2024.

and Capital Resources

of December 31, 2025 and 2024, we had cash of approximately $1.6 million and $0.05 million, respectively.

Liquidity is a measure of our

ability to meet potential cash requirements.

We generally funded our operations with cash flow from operations, and, when needed, borrowing

from financial institutions and capital injections from our principal shareholders.

Our principal use of liquidity has been to fund our

daily operations and working capital.

We expect that our cash and cash equivalents will be sufficient to fund our operating expenses

and cash obligations for the next 12 months, although our ability to continue as a going concern depends upon our ability to attract

and retain revenue generating customers, acquire new customer contracts, and secure additional financing.

We expect we will require additional

financing through debt and equity investments to fund our operating expenses and cash obligations beyond the next 12 months.

Ended December 31,

As of December 31, 2025, the Company had access to $18.0 million of liquidity through our

We generally have funded our operations with cash flow from operations, and, when needed, borrowing from financial institutions

and capital injections from our principal stockholders.

V-Cube acted as one of our main sources of funding in 2025.

As TEN continues

to grow, it expects to continue funding its operations by issuing shares to a wider stockholder base and/or accessing the ELOC for additional

capital subject to market conditions.

Our principal use of liquidity has been to fund our daily operations and working capital.

that our cash and cash equivalents will be sufficient to fund our operating expenses and cash obligations for the next 12 months, although

our ability to continue as a going concern depends upon our ability to attract and retain revenue generating customers, acquire new customer

contracts, and secure additional financing.

We expect we will require additional financing through debt and equity investments to fund

our operating expenses and cash obligations beyond the next 12 months.

See “Contractual Obligations and Commitments” for

a discussion of our material cash requirements and “Cash flows for the years ended December 31, 2025 and 2024” for a discussion

of the anticipated sources of funds needed to satisfy those cash requirements.

than as disclosed in the consolidated financial statements and the related notes included elsewhere in this Annual Report, we are not

aware of any other trends, demands, uncertainties, commitments or events that are reasonably likely to have a material adverse effect

on our net revenue, income, profitability, liquidity or capital resources, including the mix and relative cost of such capital resources,

or cause such financial statements to be not necessarily indicative of future operations results or financial condition.

flows for the years ended December 31, 2025 and 2024

following tables summarizes our cash flows for the periods presented:

(in thousands)

Year Ended December

Cash flows from operating

Adjustments to reconcile net loss to net cash

used in operating activities:

Adjustments to reconcile net loss to net

cash used in operating activities:

Depreciation and amortization

Noncash lease expenses

Non-cash lease expenses

Non-cash interest expenses

Stock-based compensation

Loss on extinguishment

Impairment loss on intangible assets

Changes in operating

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Accounts receivable

Prepaid expenses and

other current assets

Income tax receivable

Accounts payable

Accrued expenses

Payable due to related

Other payable and accrued expenses

Deferred revenue

lease liabilities

Net cash (used in)/provided

by operating activities

Operating lease liabilities

Net cash used in

operating activities

Cash flows from investing

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Cash flows from financing

Proceeds from short-term loans - related party

Payment for deferred offering

Net cash provided by financing

Proceeds from short-term loans - related

Repayments of short-term loans - related

Proceeds from issuance of shares

Payment for Issuance of shares in settlement of claims

Payment for deferred offering costs

Net cash provided by

financing activities

Net change in cash and cash equivalents

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at end of period

Non-cash investing and financing

Conversion of convertible

promissory note

cash used in operating activities increased from approximately $265 thousand during the year ended December 31, 2023 to approximately

$2,485 thousand during the year ended December 31, 2024.

The increase in cash outflow was primarily due to the higher loss in the year

ended December 31, 2024.

cash used in investing activities decreased from approximately $1,075 thousand during the year ended December 31, 2023 to approximately

$1,037 thousand during the year ended December 31, 2024.

The decrease in cash outflow was mainly due to a reduction in the amount capitalized

with respect to the internally developed software.

cash provided by financing activity increased from approximately $1,690 thousand during the year ended December 31, 2023 to approximately

$3,213 thousand during the year ended December 31, 2024.

The increase was due to the higher amount of short-term loans we had during

the year ended December 31, 2024, partially offset by the payment made related to the deferred costs in connection with our IPO.

cash used in operating activities increased from approximately $2.5 million during the year ended December 31, 2024 to approximately

$1 0 .1 million during the year ended December 31,

The increase in cash outflows was primarily driven

by higher operating expense associated with the Company’s transition to a public company, including increased professional

fees, payroll, and other corporate infrastructure cost, as well as the higher net loss reported in the year ended December 31,

cash used in investing activities decreased from approximately $1.0 million during the year ended December 31, 2024 to approximately

$0.9 million during the year ended December 31, 2025.

The decrease in cash outflows was primarily due to lower expenditures on the purchase

of property and equipment and capitalized internal-use software during the year ended December 31, 2025.

cash provided by financing activities increased from approximately $3.2 million during the year ended December 31, 2024 to

approximately $1 2 .5 million during the year ended

December 31, 2025.

The increase was primarily attributable to proceeds from the issuance of shares and short-term loans, partially

offset by repayment of short-term loans during the year ended December 31, 2025.

Obligations and Commitments

of December 31, 2024, the Company had total of approximately $6,305 thousand contractual obligations for future payments.

of December 31, 2025, the Company had a total of approximately $6.2 million contractual obligations for future payments.

of December 31, 2025

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capital expenditure primarily consists of acquisition of computer hardware equipment and capitalized software.

the fiscal years ended December 31, 2024 and 2023, we spent $1,037,000 and $1,075,000, respectively, on acquisitions of computer hardware

/ equipment and capitalized software.

the fiscal years ended December 31, 2025 and 2024, we spent $0.9 million and $1.0 million, respectively, on acquisitions of computer

hardware / equipment and capitalized software.

Sheet Arrangements

of December 31, 2025, the Company did not have any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.

Accounting Policies and Estimates

Accounting Estimates

preparation of the consolidated financial statements and accompanying notes included elsewhere in this Annual Report requires us to make

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and Equipment

Computer and equipment

Furniture and fixture

Leasehold improvement

Shorter of 10 years or lease term

and equipment

of 10 years or lease term

and maintenance costs are expensed as incurred.

assets consist of capitalized software.

The Company accounts for its software development costs in accordance with the guidance in ASC

350-40, Internal-use software.

The costs incurred prior to the application development stage and post implementation are expensed as

Direct and incremental internal and external costs incurred during the application development stage are capitalized until

the application is substantially complete and ready for its intended use, at which point amortization begins.

Training, data conversion

and maintenance costs are expensed as incurred.

Costs of capitalized software are amortized on a straight-line basis over the estimated

period of benefit, which is approximately five years, and are recorded in cost of revenue in the Consolidated Statements of Operations.

The Company accounts for its software development costs in accordance with the guidance in

ASC 350-40, Internal-use software.

The costs incurred prior to the application development stage and post implementation are

expensed as incurred.

Direct and incremental internal and external costs incurred during the application development stage are

capitalized until the application is substantially complete and ready for its intended use, at which point amortization begins.

Training, data conversion and maintenance costs are expensed as incurred.

Costs of capitalized software are amortized on a

straight-line basis over the estimated period of benefit, which is approximately five to seven years, and are recorded in cost of

revenue in the Consolidated Statements of Operations.

or Disposal of Long-Lived Assets

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Financial Statements and Supplementary Data.

see the financial statements beginning on page F-1 following the signature pages in this Annual Report on Form 10-K and incorporated

herein by reference.

see the financial statements beginning on page F-1 following the signature pages in this Annual Report and incorporated herein by reference.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis