No comments about this peculious "business", just a record of the facts, as disclosed to SEC.
Just look at this: Common Stock, par value $0.0001 per share.
What?! Not worth even a penny stock.
Trump Media & Technology Group Corp. (TMG).
The anual report of TMTG is as below.
Results of Operations
The results of operations presented below should be reviewed in conjunction with TMTG’s consolidated financial statements as of and for the years ended December 31, 2024 and 2023, together with the related notes thereto, included elsewhere in this Annual Report.
This section includes a comparison of certain 2024 financial information to the same information for 2023, and a comparison of 2023 financial information to the same information for 2022.
Comparison of the years ended December 31, 2024 and 2023.
The following table sets forth our consolidated statements of operations for the years ended December 31, 2024 and 2023, and the dollar and percentage change between the two periods:
(in thousands) | For the year-ended December 31, 2024 | For the year-ended December 31, 2023 | Variance, $ | Variance, % | ||||||||||||
| Revenue | $ | 3,618.8 | $ | 4,131.1 | $ | (512.3 | ) | (12 | %) | |||||||
| Operating costs and expenses: | ||||||||||||||||
| Cost of revenue | 619.0 | 164.9 | 454.1 | 275 | % | |||||||||||
| Research and development | 49,104.3 | 9,715.7 | 39,388.6 | 405 | % | |||||||||||
| Sales and marketing | 6,383.7 | 1,279.6 | 5,104.1 | 399 | % | |||||||||||
| General and administration | 130,616.8 | 8,878.7 | 121,738.1 | 1,371 | % | |||||||||||
| Depreciation and amortization | 2,933.9 | 59.6 | 2,874.3 | 4,823 | % | |||||||||||
| Total operating costs and expenses | 189,657.7 | 20,098.5 | 169,559.2 | 844 | % | |||||||||||
(in thousands) | For the years-ended December 31, 2024 | For the years-ended December 31, 2023 | Variance, $ | Variance, % | ||||||||||||
Loss from operations | (186,038.9 | ) | (15,967.4 | ) | (170,071.5 | ) | 1,065 | % | ||||||||
Other income/(expense): | ||||||||||||||||
Interest income | 14,722.2 | - | 14,722.2 | - | ||||||||||||
Interest expense | (3,089.8 | ) | (39,429.1 | ) | 36,339.3 | (92 | %) | |||||||||
Change in fair value of derivative liabilities | (225,916.0 | ) | (2,791.6 | ) | (223,124.4 | ) | 7,993 | % | ||||||||
Loss on the conversion of convertible debt | (542.3 | ) | - | (542.3 | ) | - | ||||||||||
Loss from operations before income taxes | $ | (400,864.8 | ) | $ | (58,188.1 | ) | (342,676.7 | ) | 589 | % | ||||||
Revenues
Revenues decreased $512.3, or 12%, to $3,618.8 for the year ended December 31, 2024 compared to revenue of $4,131.1 for the year ended December 31, 2023. A significant portion of the decrease was attributable to a change in a revenue share agreement with one of our advertising partners, which was intended to improve our short-term, pre-Merger financial position. Additionally, revenue has varied as we selectively test a nascent advertising initiative on our Truth Social platform.
Cost of revenue
Cost of revenue increased $454.1, or 275%, to $619.0 for the year ended December 31, 2024 compared to $164.9 for the year ended December 31, 2023. The increase was primarily due to content license and data center lease costs that support our burgeoning Truth+ platform.
Research and development expense
Research and development expense increased $39,388.6 or 405%, to $49,104.3 for the year ended December 31, 2024 compared to $9,715.7 for the year ended December 31, 2023. The increase was primarily driven by $30,142.5 of non-cash stock-based compensation expense recorded in the first quarter of 2024 related to the issuance of convertible notes to certain vendors engaged in the development of our live TV streaming platform, Truth+. In addition, we experienced higher year-over-year consulting, salary, software, and server costs related to the implementation of Truth+.
No comments:
Post a Comment