TPT Global Tech, Inc. reported significant financial changes in its latest 10-Q filing for the period ending June 30, 2024. The company experienced a notable decline in total revenues, which fell to $447,304 for the three months ended June 30, 2024, down from $983,110 in the same period of 2023. For the six months, revenues decreased to $845,402 from $2,084,616 year-over-year. This decline was primarily attributed to reduced revenues from its TPT SpeedConnect division, which generated $218,378 in the second quarter of 2024 compared to $927,812 in 2023, and a decrease in overall service revenues.

The company's gross profit also suffered, reporting a loss of $(6,764) for the three months ended June 30, 2024, compared to a gross profit of $770,624 in the prior year. For the six-month period, gross loss was $(139,320), down from a profit of $1,040,785. Despite these challenges, TPT Global Tech reported a net income of $4,978,080 for the second quarter, a significant turnaround from a net loss of $(1,363,349) in the same quarter of 2023. This improvement was largely due to a gain on troubled debt restructuring amounting to $4,681,075 and a derivative gain of $1,920,159.

Total expenses for the three months increased to $1,234,705 from $1,012,108, while for the six months, expenses decreased to $2,331,202 from $2,899,587. The company’s accumulated deficit as of June 30, 2024, stood at $(115,233,454), reflecting ongoing financial challenges.

Strategically, TPT Global Tech has been active in mergers and acquisitions, including the acquisition of Geokall UK Ltd. for 200,000 shares of restricted Series G Convertible Preferred Stock and a potential acquisition of a 30% minority interest in Urban Icon Holdings LLC. The company also finalized a merger agreement with Asberry 22 Holdings, Inc. in March 2023, enhancing its telecommunications capabilities.

The company continues to face legal challenges, including a lawsuit from American Tower for unpaid lease payments, resulting in a summary judgment of $3,977,702. A settlement was reached requiring a payment of $1,000,000 by December 31, 2024. Additionally, TPT Global Tech is in default on several derivative financial instruments, with total recorded interest expenses due to defaults amounting to $957,729.

As of June 30, 2024, TPT Global Tech had total assets of $88,878, down from $104,629 at the end of 2023, while total liabilities decreased to $38,549,778 from $42,233,536. The company’s cash and cash equivalents were reported at $752, a significant drop from $14,805 in the previous year.