Tue, May 14, 9:38 PM (270 days ago)
Thumzup Media Corporation's quarterly report for the period ending March 31, 2024, highlights a challenging financial landscape. The company reported minimal revenues of $405, a significant decrease from $1,770 in the same period in 2023. Operating expenses dropped by 54.53% to $328,352, primarily due to reduced sales and marketing, and general and administrative expenses. Despite these reductions, the company still incurred a net loss of $327,947, an improvement from the $720,305 loss in the previous year. Cash flow from operations showed a negative balance of $322,857, indicating ongoing liquidity challenges. The company raised $350,217 through the sale of common and preferred stock, which helped mitigate cash outflows. As of March 31, 2024, Thumzup had $225,673 in cash, down from $259,212 at the end of 2023. The report underscores the company's reliance on equity funding and highlights the need for additional capital to sustain operations. Thumzup's business model focuses on leveraging its mobile app to connect advertisers with consumers for social media marketing, but the company has yet to achieve profitable operations. The report also notes a material weakness in internal controls over financial reporting, which management plans to address.