The event management and ticketing service Eventbrite has revealed their first COVID-19 impacted earnings report, showing major financial losses, in addition to a 45% staff reduction. The platform experienced a $146.5 million net loss for its Q1 report, down 489.66% from the previous quarter in 2019, equaling a total of $1.71 per share loss.

These losses came at a time when nearly every single event hosted on its platform was either postponed or cancelled, as a result of the COVID-19 pandemic. Included in these losses are a $113.7 million of chargebacks and reserve increases, along with a $76.5 million increase in reserves “in anticipation of potential future chargebacks and refunds,” according to a letter sent from a company shareholder.

Their staff reduction was part of the $100 million expense cut initiated by the company’s chief executive Julia Hartz. This reduction led to the layoff of 500 employees working for the company.

The company revealed on Monday that it received a new $225 million credit facility with an initial $125 million term loan funded in May 2020. This new credit facility allows the company to draw a second $100 million beginning December 2020 until September 2021, subject to certain conditions.

Event creators on the platform have had to refund $150 million to ticket buyers, while Eventbrite has had to cover about $3 million worth of refunds due to defaults. The company is currently working out a refund plan with event creators, and is looking to implement a three-tiered approach  within the coming months.

Event creators will have the option to push out refunds to fans on a show by show basis, as events are cancelled or postponed. They will also have the option to issue customized gift cards that allow creators the opportunity to exchange ticket sales for credit, which is set at their own discretion. Users can also donate the dollar value of their ticket purchase to either the venue or a non-profit selected by the creator.