The backend on this is the furthest thing from intuitive possible. There is no documentation available as to what needs to be setup in virtue mart first, not to mention even a simple step by step of how to create an event. The phrasing and names of everything is confusing and unclear as to what they go to, or do... Also linking to the component is non-intuitive.
Until there is documentation I would plan on spending a day or two figuring this out. I am sure that once you do figure it out and possibly rename the poorly named tabs and configuration, it will make sense and be a very useful component. However until then, I don't think it is worth it given the price.
To the author, I would suggest creating a wizard that sets up the event as well as the seating - because right now, we haven't a single clue.