Signing Day Sports, Inc. reported financial results for the quarter ended September 30, 2023. Net revenues increased significantly by 1,547.1% to $55,212 compared to $3,352 in the same period last year, primarily due to an increase in user subscriptions. Cost of revenues decreased by 93.7% to $10,238, mainly due to reduced software development staff and full capitalization of software development labor costs. Operating expenses saw a decrease, with advertising and marketing expenses dropping 42.3% to $75,565 and general and administrative expenses decreasing by 22.6% to $567,522. The company incurred a net loss of $919,625, an improvement from a net loss of $993,277 in the previous year. Interest expense was $309,217, attributed to an increase in convertible and nonconvertible notes payable. The company's financial position was bolstered by the completion of an initial public...Show More

Signing Day Sports, Inc. reported financial results for the quarter ended September 30, 2023. Net revenues increased significantly by 1,547.1% to $55,212 compared to $3,352 in the same period last year, primarily due to an increase in user subscriptions. Cost of revenues decreased by 93.7% to $10,238, mainly due to reduced software development staff and full capitalization of software development labor costs. Operating expenses saw a decrease, with advertising and marketing expenses dropping 42.3% to $75,565 and general and administrative expenses decreasing by 22.6% to $567,522. The company incurred a net loss of $919,625, an improvement from a net loss of $993,277 in the previous year. Interest expense was $309,217, attributed to an increase in convertible and nonconvertible notes payable. The company's financial position was bolstered by the completion of an initial public offering (IPO) in November 2023, raising net proceeds of approximately $4.8 million after underwriting discounts, commissions, and expenses. Proceeds from the IPO are intended for product and technology development, sales team expansion, marketing efforts, and general corporate purposes. Additionally, the company's 6% and 8% convertible unsecured promissory notes were automatically converted into common stock upon the IPO's closing, and associated warrants were exercised to repay outstanding principal on nonconvertible promissory notes.