Thumzup Media Corporation(TZUP) - 2024 Q4 - Annual Report

Financial Performance - For the fiscal year ended December 31, 2024, the company incurred a net loss of $3,999,905, an increase of 20.33$3,324,180 for the year ended December 31, 2023[230][236]. - Revenues decreased by 63.82% from $2,048 in 2023 to$741 in 2024, as the company focused on expanding its footprint of listed businesses[231][232]. - Operating expenses increased by 56.55% from $2,521,078 in 2023 to$3,946,663 in 2024, driven by higher marketing and general administrative expenses[231][233]. - The accumulated deficit increased to $9,691,708 as of December 31, 2024, up from$5,691,803 in 2023[239]. - Net cash used in operations was $3,485,899 for the year ended December 31, 2024, compared to$2,326,523 in 2023[239]. Liquidity and Financing - The company had cash of $4,680,840 as of December 31, 2024, compared to$259,212 in 2023, indicating improved liquidity[237]. - Net cash provided by financing activities was $8,119,477 for the year ended December 31, 2024, primarily from the sale of common stock and preferred stock[240]. Business Operations - The company recorded nominal revenues during the year ended December 31, 2024, while continuing to develop enhancements to its app and marketing efforts[222]. - The Thumzup App connects brands with consumers, incentivizing ordinary people to create authentic social media posts about products[224][226]. Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to comply with reduced public company reporting requirements[223][227].