Signing Day Sports Inc (SGN) Quarterly 10-Q Report

Signing Day Sports, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing includes financial statements for the quarter, showing net revenues of $55,363, which remained consistent with the same quarter in the previous year. The cost of revenues increased to $30,259 from $10,238, primarily due to the purchase of ecommerce apparel.

Advertising and marketing expenses were reduced to a negative $1,319 due to a refund, compared to $75,565 in the same quarter the previous year. General and administrative expenses increased to $1,463,768 from $567,522, largely due to higher legal and regulatory expenses.

The company reported a net loss of $1,602,053 for the quarter, compared to a net loss of $919,625 in the previous year. Interest expense decreased to $120,753 from $309,271, reflecting a reduced balance under certain notes payable.

For the nine months ended September 30, 2024, net revenues increased to $494,952 from $226,042 in the previous year, attributed to higher event fee payments and subscription revenue.

Cost of revenues for the nine months increased to $161,454 from $36,273, primarily due to an increase in internal software development staff hires.

General and administrative expenses for the nine months rose to $4,774,689 from $1,838,026, driven by increased legal, stock-based compensation, and regulatory expenses.

The filing indicates the company has an accumulated deficit of $22,371,717 as of September 30, 2024, and continues to face substantial doubt about its ability to continue as a going concern.

The company is actively seeking additional funding to address existing liabilities and to support planned operations and growth.

The filing also details recent developments, including a binding term sheet to acquire a majority stake in Dear Cashmere Group Holding Company, and various equity grants and agreements with FirstFire Global Opportunities Fund, LLC.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Signing Day Sports Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email [email protected].