Our venue remains closed. The California reopening plan has four phases, and theatre / live entertainment is in Phase 4. State government has not publicized any timeline to reach Phase 4, but has indicated that it will occur some time after a coronavirus vaccine is widely available. Exactly when that will happen is anybody's guess, but we do not anticipate being allowed to reopen during the first half of 2021.
However, our hope is that a tremendous wave of pent-up demand will be released when the reopening of live entertainment is finally approved. We intend to be well-positioned to take advantage of that opportunity. Phase 1 of our own reopening plan will emphasize hosting public and private social events at the venue, rather than fully-immersive theatre performances. People are going to want to celebrate with their friends without the restrictions necessary for "The Speakeasy." Phase 2, including performances of "The Speakeasy," would commence when the initial frenzy dies down.
This reopening plan depends, of course, on our ability to maintain possession of the Speakeasy venue. Our landlord is incredibly generous and supportive, and has agreed to rent forbearance for the entire duration of this mandatory closure. However, there is some risk that the mortgage-holders will end up in possession of the building, which could result in our eviction.
Since the start of the pandemic, the Company has had no employees and very little expenses, other than accounting and insurance costs. At this point, there is enough cash on hand to cover those expenses for up to twelve more months. Unfortunately, the Company did not have adequate cash to make the May 30, 2020 payment to revenue share noteholders, and will likely be unable to make the May 30, 2021 payment either.
We -- the three managing members of the Company -- feel a deep personal responsibility to make good on the faith that all our investors demonstrated when they helped launch this venture. More than any other reason, that is why we continue to work (without compensation) to resume operations in due time. Thank you for your continued trust and support.
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