$TZUP
THUMZUP MEDIA Corp

2024 Q2 Form 10-Q Financial Statement

#000149315224019330 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $30.00 $405.00
YoY Change -94.83% -77.12%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $410.00
YoY Change -75.15%
Gross Profit Margin 101.23%
Selling, General & Admin $456.5K $273.7K
YoY Change -10.68% -53.9%
% of Gross Profit 66753.9%
Research & Development $49.67K $37.42K
YoY Change -74.15% -70.27%
% of Gross Profit 9127.56%
Depreciation & Amortization $1.067K $658.00
YoY Change 41.7% -72.66%
% of Gross Profit 160.49%
Operating Expenses $529.1K $328.4K
YoY Change -25.36% -54.53%
Operating Profit -$529.1K -$327.9K
YoY Change -25.3% -54.47%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.288K
YoY Change -100.6%
Pretax Income -$527.8K -$327.9K
YoY Change -42.75% -54.47%
Income Tax
% Of Pretax Income
Net Earnings -$527.8K -$327.9K
YoY Change -42.75% -54.47%
Net Earnings / Revenue -1759243.33% -80974.57%
Basic Earnings Per Share -$0.07 -$0.04
Diluted Earnings Per Share -$0.07 -$0.04
COMMON SHARES
Basic Shares Outstanding 7.720M shares 7.720M shares
Diluted Shares Outstanding 7.724M shares 7.685M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $225.7K
YoY Change -57.29%
Cash & Equivalents $398.5K $225.7K
Short-Term Investments
Other Short-Term Assets $129.9K
YoY Change 4380.69%
Inventory
Prepaid Expenses $73.41K $129.9K
Receivables
Other Receivables
Total Short-Term Assets $496.9K $355.6K
YoY Change 11.23% -33.06%
LONG-TERM ASSETS
Property, Plant & Equipment $5.315K $6.383K
YoY Change -16.51% 217.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $236.2K $193.3K
YoY Change 224.84% 268.69%
TOTAL ASSETS
Total Short-Term Assets $496.9K $355.6K
Total Long-Term Assets $236.2K $193.3K
Total Assets $733.0K $548.9K
YoY Change 41.13% -5.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $68.61K
YoY Change -1.32%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $113.8K $68.61K
YoY Change -84.81% -1.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $113.8K $68.61K
Total Long-Term Liabilities $0.00
Total Liabilities $113.8K $68.61K
YoY Change -84.81% -1.32%
SHAREHOLDERS EQUITY
Retained Earnings -$6.573M -$6.023M
YoY Change 56.38% 114.52%
Common Stock $7.742K $7.720K
YoY Change 6.23% 8.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $619.2K $480.3K
YoY Change
Total Liabilities & Shareholders Equity $733.0K $548.9K
YoY Change 41.13% -5.95%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$527.8K -$327.9K
YoY Change -42.75% -54.47%
Depreciation, Depletion And Amortization $1.067K $658.00
YoY Change 41.7% -72.66%
Cash From Operating Activities -$322.9K
YoY Change -46.87%
INVESTING ACTIVITIES
Capital Expenditures $60.90K
YoY Change 16.47%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$60.90K
YoY Change 16.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $350.2K
YoY Change 961.26%
NET CHANGE
Cash From Operating Activities -$322.9K
Cash From Investing Activities -$60.90K
Cash From Financing Activities $350.2K
Net Change In Cash -$33.54K
YoY Change -94.65%
FREE CASH FLOW
Cash From Operating Activities -$322.9K
Capital Expenditures $60.90K
Free Cash Flow -$383.8K
YoY Change -41.86%

Facts In Submission

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<p id="xdx_803_eus-gaap--NatureOfOperations_zUBfQc5VLnmg" 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_822_zOGaVPmrr8rf">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"><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; 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>
CY2024Q1 us-gaap Use Of Estimates
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<p id="xdx_843_eus-gaap--UseOfEstimates_zllV3Bp98qte" 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_86F_zp9VTgTgtrgh">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. Significant estimates include estimates used in the valuation allowance related to deferred tax assets and capitalized software costs. Actual results may differ from 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>
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142614 usd
CY2024Q1 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
42479 usd
CY2023Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
25899 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2212670 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1924680 shares
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
225673 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
259212 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-322857 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-607725 usd
CY2024Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
161846 usd
CY2024Q1 us-gaap Preferred Units Offering Costs
PreferredUnitsOfferingCosts
1789 usd
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7720084 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7720084 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7656488 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7656488 shares
CY2024Q1 us-gaap Preferred Units Offering Costs
PreferredUnitsOfferingCosts
1789 usd
CY2024Q1 TZUP Liquidated Damages Expenses
LiquidatedDamagesExpenses
0 usd
CY2023Q1 TZUP Liquidated Damages Expenses
LiquidatedDamagesExpenses
188485 usd
CY2024Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_80E_eus-gaap--LossContingencyDisclosures_zO7JWOcOB8f6" 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 5 – <span id="xdx_825_zy7jBEomF0Ml">Contingencies</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"><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; 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 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>

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