Wed, Sep 25, 6:39 PM (87 days ago)
For Q2 2024, TPT Global Tech, Inc. reported total revenues of $447,304, a significant decline from $983,110 in Q2 2023, primarily due to a decrease in internet customers and the discontinuation of unprofitable operations. Gross profit turned negative at $(6,764), down from $770,624, reflecting a gross margin drop from 78% to -2%. Operating expenses rose to $1,234,705 from $1,012,108, driven by legal costs and consulting expenses. Notably, the company recorded a net income of $4,978,080, a turnaround from a loss of $(1,363,349) in the prior year, largely attributed to a gain on troubled debt restructuring of $4,681,075. For the six months ending June 30, 2024, revenues were $845,402, down from $2,084,616, with a gross loss of $(139,320) versus a profit in the prior period. The company’s accumulated deficit reached $115,233,454, raising concerns about its ability to continue as a going concern. Cash flow from operations was negative, and the company is exploring additional financing options to sustain operations. Overall, TPT Global faces significant challenges in revenue generation and financial stability, compounded by ongoing legal issues and a complex debt structure.