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

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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.

TPT Global Tech (OTCQB:TPTW) ha riportato un utile di 4,9 milioni di dollari nel secondo trimestre del 2024, principalmente grazie alla ristrutturazione del debito problematico di 4,7 milioni di dollari. L'azienda ha presentato il suo modulo 10-Q del 30 giugno 2024, assicurando la conformità alla SEC. Per i sei mesi conclusi il 30 giugno 2024, TPT Global Tech ha riportato un reddito netto di 1,7 milioni di dollari, rispetto a una perdita di 2,8 milioni di dollari nello stesso periodo del 2023. L'azienda ha riconosciuto un guadagno di 3.938.347 dollari dalla transazione legale con EMA e un guadagno di 742.728 dollari dal Settlement con American Tower. Il CEO Stephen Thomas ha espresso entusiasmo per i progressi nella riduzione del debito e i piani per ridurre ulteriormente il debito investendo nei mercati globali e nella tecnologia.

TPT Global Tech (OTCQB:TPTW) reportó una ganancia de 4,9 millones de dólares en el segundo trimestre de 2024, principalmente debido a la reestructuración de deudas problemáticas por 4,7 millones de dólares. La compañía presentó su Formulario 10-Q del 30 de junio de 2024, asegurando el cumplimiento con la SEC. Durante los seis meses que terminaron el 30 de junio de 2024, TPT Global Tech reportó un ingreso neto de 1,7 millones de dólares, en comparación con una pérdida de 2,8 millones de dólares en el mismo período de 2023. La empresa reconoció una ganancia de 3.938.347 dólares por el acuerdo legal con EMA y una ganancia de 742.728 dólares por el acuerdo con American Tower. El CEO Stephen Thomas expresó su entusiasmo por los avances en la reducción de deudas y sus planes para continuar reduciendo el endeudamiento mientras invierte en mercados globales y tecnología.

TPT 글로벌 테크 (OTCQB:TPTW)는 2024년 2분기에 490만 달러의 이익을 달성했다고 보고했습니다, 주로 470만 달러 규모의 문제 채무 재구성 덕분입니다. 회사는 2024년 6월 30일 기준의 10-Q 양식을 제출하며 SEC의 규정을 준수하고 있음을 확인했습니다. 2024년 6월 30일 종료된 6개월 동안 TPT 글로벌 테크는 170만 달러의 순이익을 보고했으며, 2023년 같은 기간에 비해 280만 달러의 손실 대비 개선되었습니다. 회사는 EMA 법적 합의로부터 3,938,347 달러의 이익을 인식하였고, 아메리칸 타워 합의로부터 742,728 달러의 이익도 보고하였습니다. CEO 스티븐 토마스는 부채 감소 노력에서의 진전과 세계 시장 및 기술에 투자하면서 채무를 더욱 줄이는 계획에 대한 기대감을 표명했습니다.

TPT Global Tech (OTCQB:TPTW) a rapporté un bénéfice de 4,9 millions de dollars au deuxième trimestre 2024, principalement grâce à une restructuration de dettes problématiques de 4,7 millions de dollars. La société a déposé son formulaire 10-Q au 30 juin 2024, garantissant la conformité avec la SEC. Pour les six mois se terminant le 30 juin 2024, TPT Global Tech a rapporté un revenu net de 1,7 million de dollars, contre une perte de 2,8 millions de dollars au cours de la même période en 2023. La société a reconnu un bénéfice de 3.938.347 dollars provenant de l'accord légal avec EMA ainsi qu'un bénéfice de 742.728 dollars de l'accord avec American Tower. Le PDG Stephen Thomas a exprimé son enthousiasme concernant les progrès réalisés dans la réduction de la dette et ses projets de réduire davantage cette dette tout en investissant dans des marchés mondiaux et la technologie.

TPT Global Tech (OTCQB:TPTW) berichtete von einem Gewinn von 4,9 Millionen Dollar im zweiten Quartal 2024, hauptsächlich aufgrund einer problematischen Schuldenrestrukturierung in Höhe von 4,7 Millionen Dollar. Das Unternehmen reichte sein Formular 10-Q zum 30. Juni 2024 ein und stellte die Compliance mit der SEC sicher. Für die sechs Monate bis zum 30. Juni 2024 berichtete TPT Global Tech von einem Nettoergebnis von 1,7 Millionen Dollar, im Vergleich zu einem Verlust von 2,8 Millionen Dollar im gleichen Zeitraum 2023. Das Unternehmen erkannte einen Gewinn von 3.938.347 Dollar aus der rechtlichen Einigung mit EMA sowie einen Gewinn von 742.728 Dollar aus dem Vergleich mit American Tower. CEO Stephen Thomas äußerte sich begeistert über die Fortschritte bei den Bemühungen zur Schuldenreduzierung und die Pläne, die Schulden weiter zu senken, während in globale Märkte und Technologie investiert wird.

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

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.

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