Tue, May 28, 2:38 PM (417 days ago)
TPT Global Tech, Inc. reported a challenging quarter ending March 31, 2024, with significant declines in revenue and increased losses. Quarterly revenues dropped to $398,098 from $1,101,506 in the prior year, primarily due to reduced internet customers and the discontinuation of unprofitable operations. The company experienced a negative gross profit of $132,556, down from a positive $270,161, reflecting a gross profit margin decline to -33%. Operating expenses decreased to $1,096,497 from $1,887,479, attributed to lower legal expenses and reduced payroll. However, derivative expenses surged to $2,052,882 from $97,585, contributing to a net loss of $3,275,788, compared to a $1,472,711 loss in the same quarter the previous year. Current assets stood at $70,426, with cash and cash equivalents dropping to $5,068 from $17,454. Total liabilities increased to $45,353,438, driven by higher accounts payable and derivative liabilities. The company faces substantial doubt about its ability to continue as a going concern, requiring additional financing and strategic acquisitions to sustain operations. Legal proceedings and defaults on financial instruments further complicate the financial outlook.