$TZUP
THUMZUP MEDIA Corp

2022 Q4 Form 10-Q Financial Statement

#000149315222032093 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4
Revenue $2.420K $1.632K $2.450K
YoY Change -1.22%
Cost Of Revenue $440.00 $1.900K
YoY Change
Gross Profit $1.980K -$270.00
YoY Change
Gross Profit Margin 81.82% -16.54%
Selling, General & Admin $643.0K $165.6K $82.88K
YoY Change 675.86% 676.6%
% of Gross Profit 32476.26%
Research & Development $567.4K $126.5K $242.1K
YoY Change 134.39% -52.83%
% of Gross Profit 28657.07%
Depreciation & Amortization $540.00 $540.00 $540.00
YoY Change 0.0% -25.0%
% of Gross Profit 27.27%
Operating Expenses $1.213M $294.6K $325.5K
YoY Change 272.53% 1.52%
Operating Profit -$1.211M -$292.9K
YoY Change 0.95%
Interest Expense -$25.87K -$4.440K
YoY Change 482.66%
% of Operating Profit
Other Income/Expense, Net -$268.2K
YoY Change
Pretax Income -$1.505M -$292.9K -$327.5K
YoY Change 359.44% -1.03%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.505M -$292.9K -$327.5K
YoY Change 359.44% -1.03%
Net Earnings / Revenue -62176.86% -17949.45% -13367.35%
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$0.24 -$0.05 -$53.43K
COMMON SHARES
Basic Shares Outstanding 7.106M shares 6.316M shares
Diluted Shares Outstanding 6.445M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.155M $1.100M $424.5K
YoY Change 172.2% 350.89%
Cash & Equivalents $1.155M $1.100M $424.4K
Short-Term Investments
Other Short-Term Assets $2.900K $123.8K $0.00
YoY Change -34.14%
Inventory
Prepaid Expenses $2.903K $123.8K
Receivables
Other Receivables
Total Short-Term Assets $1.158M $1.224M $424.4K
YoY Change 172.88% 183.27%
LONG-TERM ASSETS
Property, Plant & Equipment $2.553K $3.093K $4.713K
YoY Change -45.83% -41.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.553K $3.093K $4.713K
YoY Change -45.83% -87.84%
TOTAL ASSETS
Total Short-Term Assets $1.158M $1.224M $424.4K
Total Long-Term Assets $2.553K $3.093K $4.713K
Total Assets $1.161M $1.227M $429.2K
YoY Change 170.48% 168.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $91.36K $32.26K
YoY Change
Accrued Expenses $34.31K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $215.0K
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $91.36K $32.26K $249.3K
YoY Change -63.36% -87.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $91.36K $32.26K $249.3K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $91.36K $32.26K $249.3K
YoY Change -63.36% -87.98%
SHAREHOLDERS EQUITY
Retained Earnings -$2.085M -$1.655M -$862.9K
YoY Change 141.58%
Common Stock $7.108K $7.106K $6.038K
YoY Change 17.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.069M $1.194M $179.8K
YoY Change
Total Liabilities & Shareholders Equity $1.161M $1.227M $429.2K
YoY Change 170.48% 168.19%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income -$1.505M -$292.9K -$327.5K
YoY Change 359.44% -1.03%
Depreciation, Depletion And Amortization $540.00 $540.00 $540.00
YoY Change 0.0% -25.0%
Cash From Operating Activities -$232.0K -$377.1K -$239.9K
YoY Change -3.28% 21.69%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $2.100K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $2.100K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 287.6K 823.0K 318.3K
YoY Change -9.65%
NET CHANGE
Cash From Operating Activities -232.0K -377.1K -239.9K
Cash From Investing Activities 0.000 0.000 2.100K
Cash From Financing Activities 287.6K 823.0K 318.3K
Net Change In Cash 55.58K 445.9K 80.54K
YoY Change -30.99% -243.9%
FREE CASH FLOW
Cash From Operating Activities -$232.0K -$377.1K -$239.9K
Capital Expenditures $0.00 $0.00 $2.100K
Free Cash Flow -$232.0K -$377.1K -$242.0K
YoY Change -4.12% 21.69%

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us-gaap Nature Of Operations
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<p id="xdx_80C_eus-gaap--NatureOfOperations_zXJu31Nagrd1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 - <span id="xdx_82A_zZp3xR790KUg">Business Organization and Nature of Operations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Thumzup Media Corporation (“Thumzup” or “Company”) was incorporated on October 27, 2020, under the laws of the State of Nevada, and its headquarters is located in Los Angeles. The Company’s primary business is software as a service provider dedicated to connecting businesses with consumers and allowing the business to incentivize consumers to post about their experience on social media. Thumzup mission is to democratize social media marketing by connecting advertisers with non-professional people, who can be paid for their posts about products and services they love through its technology which utilizes a proprietary mobile app (“App”). The App generates scalable word-of-mouth product posts and recommendations for advertisers on social media and is designed to connect advertisers with individuals who are willing to promote their products online.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Thumzup App enables users to select a brand they want to post about on social media. Once the Thumzup user selects the brand and takes a photo (using the App), the App will post the photo and a caption to the user’s social media account(s). As of the date of this filing, Instagram is the Company’s initial social media platform that is being used, due to its wide acceptance and its great functionality using photographs. The Company expects to add other social media platforms in the future. For the advertiser, the Thumzup system enables brands to get real people to promote products to their friends, rather than displaying banner ads that consumers now mostly ignore, or contracting with expensive professional influencers. The Company has recorded nominal revenues during the first nine months of 2022 and continues with the development of enhancements to its App and marketing efforts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company” as that term is used in the Jumpstart our Business Startups Act of 2012, and as such, has elected to comply with certain reduced public company reporting requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_843_eus-gaap--UseOfEstimates_zi3HnHzosrBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zxvctW5lPEF1">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the financial statements and the reported amounts of expenses during the reported period. These assumptions and estimates could have a material effect on the financial statements. Actual results may differ materially from those estimates. The Company’s management periodically reviews estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause the Company to revise these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1099761 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
424445 usd
CY2022Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
123838 usd
us-gaap Depreciation Nonproduction
DepreciationNonproduction
1620 usd
CY2021 us-gaap Depreciation Nonproduction
DepreciationNonproduction
476 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2863 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1655388 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
348000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1099761 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
424445 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-851984 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1655388 usd
CY2022Q3 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
790000 usd
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
0 usd
CY2022Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
15 shares
CY2022Q3 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
3.00
CY2022Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
3.50
CY2022Q3 us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
45.00
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7106333 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7106333 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6037836 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
6037836 shares

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