Summary by Moomoo AI
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