2024 Q1 Form 10-K Financial Statement

#000149315224010691 Filed on March 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $405.00 $2.050K $2.048K
YoY Change -77.12% -15.29% -15.41%
Cost Of Revenue $0.00 $140.00 $140.00
YoY Change -100.0% -68.18% -68.18%
Gross Profit $410.00 $1.910K $1.910K
YoY Change -75.15% -3.54% -3.54%
Gross Profit Margin 101.23% 93.17% 93.26%
Selling, General & Admin $273.7K $1.978M $1.251M
YoY Change -53.9% 207.68% 94.53%
% of Gross Profit 66753.9% 103583.77% 65491.83%
Research & Development $37.42K $513.1K $513.1K
YoY Change -70.27% -9.57% -9.57%
% of Gross Profit 9127.56% 26863.35% 26863.25%
Depreciation & Amortization $658.00 $12.74K $3.499K
YoY Change -72.66% 2259.26% 61.99%
% of Gross Profit 160.49% 667.02% 183.19%
Operating Expenses $328.4K $2.521M $2.521M
YoY Change -54.53% 107.9% 107.83%
Operating Profit -$327.9K -$2.519M -$2.519M
YoY Change -54.47% 108.08% 108.08%
Interest Expense -$73.50K $73.50K
YoY Change 184.11% 559.12%
% of Operating Profit
Other Income/Expense, Net -$731.7K -$805.2K
YoY Change 172.8% 7120.43%
Pretax Income -$327.9K -$3.324M -$3.324M
YoY Change -54.47% 120.92% 172.08%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$327.9K -$3.324M -$3.324M
YoY Change -54.47% 120.92% 172.08%
Net Earnings / Revenue -80974.57% -162155.12% -162313.48%
Basic Earnings Per Share -$0.04 -$0.47
Diluted Earnings Per Share -$0.04 -$0.47 -$0.47
COMMON SHARES
Basic Shares Outstanding 7.720M shares 7.509M shares 7.123M shares
Diluted Shares Outstanding 7.685M shares 7.123M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $225.7K $259.2K $259.2K
YoY Change -57.29% -77.56% -77.56%
Cash & Equivalents $225.7K $259.2K $259.2K
Short-Term Investments
Other Short-Term Assets $129.9K $6.320K $6.320K
YoY Change 4380.69% 117.93% 117.93%
Inventory
Prepaid Expenses $129.9K $6.321K
Receivables
Other Receivables
Total Short-Term Assets $355.6K $265.5K $265.5K
YoY Change -33.06% -77.07% -77.07%
LONG-TERM ASSETS
Property, Plant & Equipment $6.383K $7.040K $7.040K
YoY Change 217.09% 175.75% 176.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $193.3K $149.7K $149.7K
YoY Change 268.69% 5761.89% 5769.02%
TOTAL ASSETS
Total Short-Term Assets $355.6K $265.5K $265.5K
Total Long-Term Assets $193.3K $149.7K $149.7K
Total Assets $548.9K $415.2K $415.2K
YoY Change -5.95% -64.23% -64.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $68.61K $65.86K $65.86K
YoY Change -1.32% -27.91% -27.91%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.61K $65.86K $65.86K
YoY Change -1.32% -27.91% -82.4%
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 $68.61K $65.86K $65.86K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $68.61K $65.86K $65.86K
YoY Change -1.32% -27.91% -82.4%
SHAREHOLDERS EQUITY
Retained Earnings -$6.023M -$5.692M
YoY Change 114.52% 173.03%
Common Stock $7.720K $7.656K
YoY Change 8.34% 7.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $480.3K $349.3K $349.3K
YoY Change
Total Liabilities & Shareholders Equity $548.9K $415.2K $415.2K
YoY Change -5.95% -64.23% -64.23%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$327.9K -$3.324M -$3.324M
YoY Change -54.47% 120.92% 172.08%
Depreciation, Depletion And Amortization $658.00 $12.74K $3.499K
YoY Change -72.66% 2259.26% 61.99%
Cash From Operating Activities -$322.9K -$414.7K -$2.327M
YoY Change -46.87% 78.79% 114.63%
INVESTING ACTIVITIES
Capital Expenditures $60.90K $61.86K $7.986K
YoY Change 16.47%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$60.90K -$61.86K -$176.5K
YoY Change 16.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.591M
YoY Change 115.94%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $350.2K 589.6K $1.607M
YoY Change 961.26% 105.03% -11.46%
NET CHANGE
Cash From Operating Activities -$322.9K -414.7K -$2.327M
Cash From Investing Activities -$60.90K -61.86K -$176.5K
Cash From Financing Activities $350.2K 589.6K $1.607M
Net Change In Cash -$33.54K 113.0K -$896.1K
YoY Change -94.65% 103.27% -222.61%
FREE CASH FLOW
Cash From Operating Activities -$322.9K -$414.7K -$2.327M
Capital Expenditures $60.90K $61.86K $7.986K
Free Cash Flow -$383.8K -$476.6K -$2.335M
YoY Change -41.86% 105.45% 115.37%

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<p id="xdx_803_eus-gaap--NatureOfOperations_zaf121qXjNr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 - <span id="xdx_82F_z1luTSIZkg6c">Business Organization and Nature of Operations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, California. 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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0 0pt 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 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Cash
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CY2022Q4 us-gaap Assets
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CY2022Q4 us-gaap Liabilities
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CY2023 us-gaap Use Of Estimates
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<p id="xdx_843_eus-gaap--UseOfEstimates_zLZPVfIgfpP9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zAOi5B3GMYpj">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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 0 0pt 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. Significant estimates include estimates used in the valuation allowance related to deferred tax assets. Actual results may differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022 us-gaap Capitalized Computer Software Amortization1
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CY2022Q4 us-gaap Capitalized Computer Software Gross
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CY2023Q4 us-gaap Capitalized Computer Software Accumulated Amortization
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CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
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CY2023 us-gaap Capitalized Computer Software Impairments1
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CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q4 us-gaap Cash
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CY2022Q4 us-gaap Cash
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2022 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2022Q4 us-gaap Preferred Units Offering Costs
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CY2022Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2022Q3 TZUP Preferred Series Value Issued For Conversion Of Notes
PreferredSeriesValueIssuedForConversionOfNotes
157733 usd
CY2023Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
0 usd
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
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CommonStockParOrStatedValuePerShare
0.001
CY2023 us-gaap Loss Contingency Disclosures
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<p id="xdx_80E_eus-gaap--LossContingencyDisclosures_zxvTcpmwVvo8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 6 – <span id="xdx_82B_zLZB8wnDmwnl">Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Russia-Ukraine conflict</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Russian-Ukraine conflict is a global concern. The Company does not have any direct exposure to Russia or Ukraine through its operations, employee base, investments or sanctions. However, if the conflict escalates, it is unknown whether its direct or indirect effects may impact our business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 TZUP Preferred Series Value Issued For Conversion Of Notes
PreferredSeriesValueIssuedForConversionOfNotes
157733 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7656488 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2022 us-gaap Stock Issued During Period Shares Issued For Services
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CY2022 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
50960 usd
CY2022Q4 TZUP Stock Issued During Period Value Issued For Services Par Value
StockIssuedDuringPeriodValueIssuedForServicesParValue
8.49
CY2022Q4 us-gaap Preferred Units Offering Costs
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CY2022 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2023 us-gaap Stock Issued During Period Value Issued For Services
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CY2023 us-gaap Payments Of Stock Issuance Costs
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CY2023 TZUP Liquidated Damages Expenses
LiquidatedDamagesExpenses
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CY2022 TZUP Liquidated Damages Expenses
LiquidatedDamagesExpenses
282916 usd
CY2022Q4 us-gaap Liquidation Basis Of Accounting Accrued Costs To Dispose Of Assets And Liabilities
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282916 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
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CY2023Q4 TZUP Operating Loss Carryforwards Current
OperatingLossCarryforwardsCurrent
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
724000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
319000 usd
CY2023Q4 us-gaap Deferred Income Tax Assets Net
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724000 usd
CY2022Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure

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