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Thumzup Media Corporation (TZUP-4.84%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reveals that Thumzup Media Corporation, a Nevada-based company, focuses on social media marketing through its proprietary mobile application, Thumzup. The app connects advertisers with everyday consumers who are incentivized to post about products and services on social media.
For the fiscal year 2024, Thumzup reported a net loss of $3,999,905, compared to a net loss of $3,324,180 in the previous year. The increased loss is attributed to higher operating expenses, including marketing and professional fees.
Thumzup's revenue for 2024 was $741, a decrease from $2,048 in 2023. The company has not yet achieved profitable operations and has generated minimal revenue since its inception in October 2020.
The company raised $8,119,477 through the sale of common and preferred stock and related-party loans in 2024, which contributed to an increase in cash and cash equivalents to $4,680,840 as of December 31, 2024.
Thumzup's business model involves the use of its mobile app to facilitate social media marketing by incentivizing users to post about brands. The app is currently integrated with Instagram, with plans to expand to other platforms.
Thumzup is classified as an 'emerging growth company' under the JOBS Act and is subject to reduced public company reporting requirements.
The company is also exploring the use of Bitcoin for payments to its gig economy workforce and has approved the purchase of up to $1 million in Bitcoin as a treasury reserve asset.
As of March 4, 2025, Thumzup has paid out on 28,082 approved posts and has 1,592 active users promoting 746 advertisers.
The company faces various risks, including the need to secure additional funding, competition from other social media marketing platforms, and the potential impact of regulatory changes on its operations.
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 annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.