planet 13 holdings earnings call

So we started building a good portion of our members in June 17 would have been the first go around of a smaller number, and then the larger build day would have been July 17. And we saw a lot of customer sentiment in even staffing that there was a little bit there was some ans there about being careful walk it in when they didn't even demand anything. Our securitized debt structure is covenant light.
I want to just ask, firstly, the recent trend you highlighted in the membership, with more of the headlines impacting the business in July here.

So the question is, now that these people are going through the first second round does it get back to more normalcy, right? I looked back in 2009 when we had this happened, and we were much smaller back then in the average franchisee probably at three locations. Continue on East Tropicana Ave to Western Ave for 9 minutes and then take exit 39 from I-15 North. Jon, so as Chris said, we've been in touch with our franchisees, as we said all along, but more recently doing franchise business use, as we call them, but also reaching out in certain situations like in California, where the gyms closed and talking to all those franchisees who were affected. So when the majority of our stores were closed for two to three months, as a result of COVID-19, that created an interruption in our membership growth cycle that cannot be offset in a given month. And so when you throw the pandemic during a time period of where you're in the middle of a presale, and you maybe can't even finish it, close down, then you open back up, you didn't really get kind of that initial bump. So it's clearly a mixed bag, and there is a lot of wait-and-see because of just the news of COVID and the spike states as well.

And I think back to Doron's earlier point, I mean, the franchisees are bush to get extensive normalcy and then to begin to develop again because none nobody is taking us up or anybody up in that scenario, they all kind of just want to they're bullish about the future. I would like to hand the call over to your speaker today, Brendon Frey from ICR. And then the second question was just in terms of was there any additional revenue deferrals in the second quarter that will be recognized in 3Q or later on in the year?
It was June and October and then a few years ago, we changed it to where an annual fee can be billed for a member, based on when they join the membership with Planet. So I think more or less is going to be just how can we drive the messaging and the marketing because not only is it reassuring potential members. Since the majority of our corporate stores were still closed in Q2, the $9.4 million of revenue includes the recognition of annual dues previously collected and $1.8 million of revenue deferrals from stores closed after the March draft due to COVID-19 and recognized in the second quarter. And as we said, no one through all of these discussions has raised their hand and said, "I need financial help, right? A handful of these locations were originally scheduled to open in Q1, but were delayed due to COVID-19. Our recurring revenue model and historically strong same-store sales results are built on the ability to continue to grow net membership levels across our store base month-over-month and therefore, year-over-year. And then, Oliver, I think the things that franchisees have taken advantage of, I mean they all essentially got the 12-month extension on new store development and reequips. So after that June 17 billing, we begin to see that spike. Okay. Next, our franchise and other fees were $0.5 million compared to $4.2 million in the prior year period. Excited about the second half of the year. I mean, I guess, what do you think in terms of what's happened to the near-term market opportunity?

Hopefully, we can get things back on track and get this franchisees, take care of them and make sure that the staff and members are all happy with all our cleaning and things we're doing.

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