TPT Global Tech's Efforts to Reduce Debt Results in a $4.9 Million Profit in Q2 2024, Files 10-Q for SEC Compliance

Rhea-AI Summary

TPT Global Tech (OTCQB:TPTW) reported a $4.9 million profit in Q2 2024, primarily due to troubled debt restructuring of $4.7 million. The company filed its June 30, 2024, Form 10-Q, ensuring SEC compliance. For the six months ended June 30, 2024, TPT Global Tech reported a net income of $1.7 million, compared to a $2.8 million loss in the same period of 2023. The company recognized a gain of $3,938,347 from the EMA legal settlement and a gain of $742,728 from the American Tower Settlement. CEO Stephen Thomas expressed excitement about the progress in debt reduction efforts and plans to further reduce debt while investing in global markets and technology.

Positive

• Reported $4.9 million profit in Q2 2024
• Net income of $1.7 million for H1 2024, compared to $2.8 million loss in H1 2023
• Gain of $3,938,347 from EMA legal settlement
• Gain of $742,728 from American Tower Settlement
• Reduced cash used for operating activities from $483,008 to $294,977

Negative

• Profit primarily due to debt restructuring, not operational improvements
• Still using cash for operating activities, albeit at a reduced rate

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SAN DIEGO, CA / ACCESSWIRE / September 26, 2024 / TPT Global Tech (OTCQB:TPTW), a leading telecommunications and technology company, announced today that its debt reduction efforts helped result in a $4.9 million profit in the second quarter of 2024 primarily a result of trouble debt restructuring of $4.7 million. Additionally, the company has now filed its June 30, 2024, Form 10-Q quarterly financial report, ensuring compliance with its financial reporting requirements with the U.S. Securities and Exchange Commission (SEC).

TPT Global Tech reported a net income of $1.7 million for the six months ended June 30, 2024, compared to a $2.8 million loss for the same period in 2023, representing efforts to reduce debt and improve its balance sheet. Cash used for operating activities during these same periods was $294,977 and $483,008, respectively.

The Company recognized a gain on troubled debt restructuring during the six months ended June 30, 2024, in relation to its EMA legal settlement ("EMA Settlement") of $3,938,347. This is comprised of a reversal of accrued interest of $523,360 and a reduction in the derivative liability related to the EMA Debt of $3,414,987 when current terms of the EMA Settlement are compared to the original terms and balances as of the settlement date. The Company also recognized a gain for the same period of $742,728 related to its legal settlement with American Towers ("American Tower Settlement"). This gain came from excess amounts recorded for accrued tower and other payments and the net present value of future lease liability amounts compared to terms of the American Tower Settlement.

"We are excited to be making progress towards our debt reduction efforts," said Stephen Thomas, CEO of TPT Global Tech. "Equally important, we've become compliant with SEC financial reporting requirements by filing our Form 10-Q.

Looking ahead, Mr. Thomas has indicated that the Company's plans are to further reduce its debt while strategically investing in global markets and cutting-edge technology. These initiatives are expected to continue to improve the balance sheet and support expansion efforts.

About TPT Global Tech

TPT Global Tech, Inc. is a technology holding company based in San Diego, California. It was formed as the successor of two U.S. corporations, Ally Pharma US and TPT Global, Inc. The Company operates in various sectors including media, telecommunications, Smart City Real Estate Development, and the launch of the first super App, VuMe Live technology platform.

As a media content delivery hub, TPT Global Tech utilizes its own proprietary global digital media TV and telecommunications infrastructure platform. They offer software as a service (SaaS), technology platform as a service (PAAS), and cloud-based unified communication as a service (UCaaS) solutions to businesses worldwide. Their UCaaS services enable businesses of all sizes to access the latest voice, data, media, and collaboration features.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Specifically, statements about the Company's plans for accelerated growth, improved profitability, future business partners, M&A activity, new service offerings, and pursuit of new markets are forward-looking statements. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases, the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.

For more information about TPT Global Tech and its subsidiaries, please visit www.tptglobaltech.com.

For media or Investment inquiries, please contact: Rick@tptglobaltech.com

SOURCE: TPT Global Tech, Inc.

View the original press release on accesswire.com

FAQ

What was TPT Global Tech's (TPTW) profit in Q2 2024?

TPT Global Tech (TPTW) reported a profit of $4.9 million in Q2 2024, primarily due to troubled debt restructuring of $4.7 million.

How did TPT Global Tech's (TPTW) financial performance change in H1 2024 compared to H1 2023?

TPT Global Tech (TPTW) reported a net income of $1.7 million for the six months ended June 30, 2024, compared to a $2.8 million loss for the same period in 2023.

What gains did TPT Global Tech (TPTW) recognize from legal settlements in H1 2024?

TPT Global Tech (TPTW) recognized a gain of $3,938,347 from the EMA legal settlement and a gain of $742,728 from the American Tower Settlement in H1 2024.

Has TPT Global Tech (TPTW) filed its latest quarterly report with the SEC?

Yes, TPT Global Tech (TPTW) has filed its June 30, 2024, Form 10-Q quarterly financial report, ensuring compliance with SEC financial reporting requirements.