Signing Day Sports, Inc. (SGN.US) reported its financial results for the quarter ended September 30, 2024. The company's net revenues remained stable at approximately $55,000 compared to the same period last year. However, the cost of revenues increased by 195.6%, primarily due to the purchase of e-commerce apparel. Advertising and marketing expenses decreased by 101.7% due to a more economical strategy, while general and administrative expenses rose by 157.9%, driven by increases in legal, corporate regulatory, stock-based compensation, and insurance expenses. The total other expense, net, decreased by 48.8% mainly due to reduced interest expense. The net loss for the quarter was $1.602 million, an increase from the net loss of $919,625 in the previous year. The company's cash and cash equivalents stood at...Show More

Signing Day Sports, Inc. (SGN.US) reported its financial results for the quarter ended September 30, 2024. The company's net revenues remained stable at approximately $55,000 compared to the same period last year. However, the cost of revenues increased by 195.6%, primarily due to the purchase of e-commerce apparel. Advertising and marketing expenses decreased by 101.7% due to a more economical strategy, while general and administrative expenses rose by 157.9%, driven by increases in legal, corporate regulatory, stock-based compensation, and insurance expenses. The total other expense, net, decreased by 48.8% mainly due to reduced interest expense. The net loss for the quarter was $1.602 million, an increase from the net loss of $919,625 in the previous year. The company's cash and cash equivalents stood at $1,408, with total current liabilities of $2.605 million. Management discussed the need for additional funding to continue operations and avoid defaults, lawsuits, or bankruptcy. The company's ability to continue as a going concern is dependent on securing further financing and achieving profitability. During the quarter, there were no unregistered sales of equity securities, and no repurchases of common stock were made. The company is involved in a legal proceeding with Midwestern Interactive, LLC, which has been settled with a payment plan for the outstanding amount. There were no other material legal proceedings or defaults upon senior securities. The company has entered into indemnification agreements with its directors and executive officers and maintains directors and officers liability insurance. Critical accounting policies include income taxes, internally developed software, revenue recognition, and stock-based compensation. Recent developments include the exercise of warrants, voluntary temporary offers of reduced exercise price of warrants, and amendments to employment agreements with key executives.