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TPT Global Tech Post $2.6M Revenue Q2 2019
TPT Global Tech Post $2.6M Revenue Q2 2019.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"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/kTBMaKBubPgOur 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 2018Gross 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, 2018During the six months ended June 30, 2019, we recognized total revenues of $2,589,931 compared to the prior period of $439...