TPT Global Tech Post $2.6M Revenue Q2 2019

TPT Global Tech, Inc.

Companies Mentioned:

Primary Exchange: OTCQB
Under the Symbol: TPTW

TPT Global Tech Post $2.6M Revenue Q2 2019

Tuesday, August 20, 2019 7:45 AM

SAN DIEGO, CA / ACCESSWIRE / August 20, 2019 / TPT Global Tech, Inc. ("TPTG or the Company") (OTCQB:TPTW) announced today it filed its 10 Q for 2Q revenues of $2.6 M. TPT Global Tech recently completed its acquisition of the assets of SpeedConnect, one of the United States largest Rural Wireless Internet service providers which provides Internet, Voice and TV services to over 18 Thousand customers across 10 Midwestern states. Management believes that theSpeedConnect asset acquisition creates the foundation and network infrastructure for TPT Global Tech to launch its 5G initiative across the 10-state wireless network infrastructure footprint.

https://youtu.be/kTBMaKBubPg

Our Q2 and year to date results from our Form 10Q just filed show significant revenue increases as compared to the same periods in the prior year.

Quarter ended June 30, 2019 compared to the same period in 2018

Gross profit (loss) for the three months ended June 30, 2019 was $940,507 compared to $(67,153) for the prior period. The increase of $1,007,660 is largely attributable to the acquisition of the assets of SpeedConnect and Blue Collar.

During the three months ended June 30, 2019, we recognized $1,771,632 in operating expenses compared to $872,921 for the prior period. The increase of $898,711 was in large part attributable to the acquisition of the assets of SpeedConnect and Blue Collar.

Derivative expense of $2,068,906 results from the accounting for derivative financial instruments during the three months ended June 30, 2019.

Interest expense increased for the three months ended June 30, 2019 compared to the prior period by $453,530. Increases from higher interest rates and increased debt, including very debt classified as derivative financial instruments was the primary reason for the increase.

During the three months ended June 30, 2019, we recognized a net loss of $3,401,692 compared to $988,205 for the prior period. The increase in the loss of $2,413,487 was primarily a result of the derivative expense of $2,068,906 and interest expense of $501,661 recorded from the accounting and valuation of debt classified as derivative financial instruments.

For the Six Months Ended June 30, 2019 Compared to the Six Months Ended June 30, 2018

During the six months ended June 30, 2019, we recognized total revenues of $2,589,931 compared to the prior period of $439,229. The increase is attributed to the acquisition of the assets of SpeedConnect on May 7, 2019 and Blue Collar September 1, 2018.

Gross profit (loss) for the six months ended June 30, 2019 was $839,615 compared to $(81,230) for the prior period. The increase of $920,845 is largely attributable to the acquisition of the assets of SpeedConnect and Blue Collar

During the six months ended June 30, 2019, we recognized $2,981,433 in operating expenses compared to $1,866,015 for the prior period. The increase of $1,115,418 was in large part attributable to the acquisition of the assets of SpeedConnect and Blue Collar.

Derivative expense of $3,609,322 results from the accounting for derivative financial instruments during the six months ended June 30, 2019.

Interest expense increased for the six months ended June 30, 2019 compared to the prior period by $553,357. Increases from higher interest rates and increased debt, including very debt classified as derivative financial instruments was the primary reason for the increase.

During the six months ended June 30, 2019, we recognized a net loss of $6,383,038 compared to $2,025,786 for the prior period. The increase in the loss of $4,357,252 was primarily a result of the derivative expense of $3,609,322 and interest expense of $631,898 recorded from the accounting and valuation of debt classified as derivative financial instruments.

About TPT Global Tech

TPT Global Tech Inc. (OTCQB: TPTW) based in San Diego, California, is a Technology/Telecommunications Media Content Hub for Domestic and International syndication and also provides Technology solutions to businesses domestically and worldwide. TPT Global offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS) and carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. TPT's also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cellphone services, Mobile phones Cellphone Accessories and Global Roaming Cellphones.

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.

CONTACT:

Frank Benedetto
619-915-9422

SOURCE: TPT Global Tech Inc.


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