Having passed this first level, the world of Mandarin is opening up for you. You can distinguish the different tones, you know about 150 words and you can read Pinyin. You can understand some essential daily used words and expressions and are able to communicate in a very basic way. For example, you can say hello to people and introduce yourself, thank people and apologize, inquire about price, time and date, and also ask for direction.
If you have decided to also start learning Han Zi (Chinese characters), you now can read, and maybe even write, about 175 characters.