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.
About TPT GLOBAL TECH, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.