Summary by Futu AI
Signing Day Sports, Inc. (SGN.US), a technology company specializing in a digital platform for student-athletes' recruitment, reported its financial performance for the quarter ended June 30, 2024. The company saw a 75.5% increase in net revenues to approximately $204,962, compared to $116,810 in the same period last year, primarily due to increased event fee payments and subscription revenue. Cost of revenues rose to approximately $62,160, a 541.8% increase, mainly due to internal software development staff hires. Operating expenses totaled approximately $1,268,836, with general and administrative expenses accounting for the majority at approximately $1,267,952, reflecting a 90.6% increase from the previous year. This was largely due to higher legal expenses and stock-based compensation. The company reported a net loss of approximately $1,312,842, compared to a net loss of $890,923 in the same quarter of the previous year. The company's business development included strategic changes to increase subscription renewals and reduce user attrition. For future plans, the company aims to continue its path to profitability through increased business development, marketing, and sales of its platform subscriptions.