Signing Day Sports, Inc., a technology company specializing in digital platforms for student-athlete recruitment, reported financial results for the quarter ended September 30, 2023. The company saw net revenues of $55,212, a significant increase from $3,352 in the same quarter of the previous year, primarily due to an increase in user subscriptions. Despite this, the company incurred a net loss of $919,625 for the quarter, compared to a net loss of $993,277 for the same period in 2022. The reduced net loss was attributed to a decrease in general and administrative expenses and advertising and marketing costs. Interest expenses for the quarter were reported at $309,271, reflecting an increase in convertible and nonconvertible notes payable. For the nine months ended September 30, 2023, the company's net loss totaled...Show More

Signing Day Sports, Inc., a technology company specializing in digital platforms for student-athlete recruitment, reported financial results for the quarter ended September 30, 2023. The company saw net revenues of $55,212, a significant increase from $3,352 in the same quarter of the previous year, primarily due to an increase in user subscriptions. Despite this, the company incurred a net loss of $919,625 for the quarter, compared to a net loss of $993,277 for the same period in 2022. The reduced net loss was attributed to a decrease in general and administrative expenses and advertising and marketing costs. Interest expenses for the quarter were reported at $309,271, reflecting an increase in convertible and nonconvertible notes payable. For the nine months ended September 30, 2023, the company's net loss totaled $2,675,801, with net cash used in operating activities amounting to $1,502,358. The company's financial statements have been prepared on a going concern basis, with management focusing on increasing operational revenues to ensure continued operations. In recent developments, Signing Day Sports completed an initial public offering (IPO) in November 2023, raising approximately $4.8 million in net proceeds, which the company plans to use for product and technology development, sales team expansion, marketing efforts, and general corporate purposes, including debt repayment.