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Thumzup Media Corporation (TZUP+2.51%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $150, up from $72 in the same quarter the previous year. The company has prioritized expanding its footprint of listed businesses before converting them to paying clients.
Operating expenses for the quarter were $442,847, down from $718,517 in the same quarter of the previous year. The decrease is attributed to reduced marketing and research and development expenses.
The company reported a net loss from operations of $442,697 for the quarter, compared to $718,445 in the previous year, with the decline attributed to better management of overhead and cash flows.
Net loss available to common shareholders was $464,837, down from $1,113,781 in the previous year.
Cash used in operating activities was $1,053,175 for the nine months ended September 30, 2024, compared to $1,911,767 in the same period of 2023.
Net cash provided by financing activities was $1,081,228 for the nine months ended September 30, 2024, primarily from the issuance of non-convertible notes and the sale of preferred stock.
The company identified a material weakness in its internal controls over financial reporting due to inadequate processes for review of accounting and financial reporting matters.
Thumzup continues to focus on expanding its AdTech platform and has reported growth in the number of advertisers.
The filing also details recent developments, including an underwriting agreement for a public offering and the grant of stock options under its 2024 Equity Incentive Plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Thumzup Media Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.