Signing Day Sports Files Q2 2024 10-Q

TL;DR

**Signing Day Sports (SDSN) filed its Q2 2024 10-Q. Check financials.**

AI Summary

Signing Day Sports, Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, incorporated in Delaware with its principal executive offices in Scottsdale, AZ, reported its financial status as of this date. The filing details its operations and financial performance for the specified quarter.

Why It Matters

This filing provides investors with an update on Signing Day Sports' financial health and operational performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with its financial performance and market position.

Key Players & Entities

• Signing Day Sports, Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 001-41863 (other) — Commission File Number
• 872792157 (other) — IRS Employer Identification No.
• 8355 East Hartford Rd., Suite 100, Scottsdale, AZ 85255 (address) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share SGN NYSE American LLC Indic
• $0 — 23, unamortized debt issuance costs are $0 and $0 , respectively. Advertising Co

Filing Documents

• ea0211660-10q_signing.htm (10-Q) — 1140KB
• ea021166001ex10-8_signing.htm (EX-10.8) — 23KB
• ea021166001ex10-9_signing.htm (EX-10.9) — 23KB
• ea021166001ex31-1_signing.htm (EX-31.1) — 13KB
• ea021166001ex31-2_signing.htm (EX-31.2) — 12KB
• ea021166001ex32-1_signing.htm (EX-32.1) — 7KB
• ea021166001ex32-2_signing.htm (EX-32.2) — 7KB
• 0001213900-24-070757.txt ( ) — 6731KB
• sgn-20240630.xsd (EX-101.SCH) — 66KB
• sgn-20240630_cal.xml (EX-101.CAL) — 41KB
• sgn-20240630_def.xml (EX-101.DEF) — 324KB
• sgn-20240630_lab.xml (EX-101.LAB) — 584KB
• sgn-20240630_pre.xml (EX-101.PRE) — 320KB
• ea0211660-10q_signing_htm.xml (XML) — 671KB

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 4.

Controls and Procedures

Controls and Procedures 60 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 61 Item 1A.

Risk Factors

Risk Factors 61 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61 Item 3. Defaults Upon Senior Securities 61 Item 4. Mine Safety Disclosures 61 Item 5. Other Information 61 Item 6. Exhibits 62

Signatures

Signatures 64 i PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. SIGNING DAY SPORTS, INC. UNAUDITED

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Page Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 2 Unaudited Statements of Operations 3 Unaudited Statements of Stockholders' Equity (Deficit) 4 Unaudited Statements of Cash Flows 5 Notes to Unaudited Financial Statements 6 1 SIGNING DAY SPORTS, INC. Balance Sheets June 30, 2024 December 31, (Unaudited) 2023 ASSETS Current assets Cash and cash equivalents $ 35,943 $ 1,123,529 Short term investments 2,164,382 2,109,011 Accounts receivable 43,182 58,775 Prepaid expense 204,381 125,841 Other current assets 106,389 68,500 Total current assets 2,554,277 3,485,656 Property and equipment, net 20,302 5,078 Internally developed software, net 789,182 895,534 Operating lease right of use asset, net 169,668 208,443 Intangible assets, net 14,117 20,900 Deferred tax asset - 65,000 Other assets 24,000 24,000 Total assets $ 3,571,546 $ 4,704,611 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 1,326,375 $ 804,534 Accrued liabilities 169,281 379,948 Deferred revenue 9,196 4,282 Current operating lease right of use liability 86,553 83,736 Loans payable 795,641 3,530 Line of credit 2,000,000 1,540,125 Total current liabilities 4,387,046 2,816,155 Non-current liabilities Noncurrent operating lease liability 100,446 144,325 Total liabilities $ 4,487,492 $ 2,960,480 Stockholders' equity (deficit) Common stock: par value $ 0.0001 per share; 150,000,000 authorized shares, 16,017,086 and 13,248,552 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. 1,602 1,326 Preferred Stock: 150,000,000 authorized shares, 0 shares issued and outstanding as of June 30, 2024 December 31, 2023, respectively. Additional paid-in capital 19,852,126 18,701,752 Subscription receivable ( 11 ) ( 11 ) Accumulated deficit ( 20,769,663 ) ( 16,958,936 )

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS (Unaudited) Note 1 - Principal Business Activity and Significant Accounting Policies Principal Business Activity Signing Day Sports, Inc. (formerly known as Signing Day Sports, LLC) ("Company") was formed and began operations in January 2019 and provides a digital ecosystem to help high school athletes get discovered and recruited by college coaches across the United States of America. The Company's website and mobile phone application provides an opportunity for athletes to create a personal profile by uploading measurables, videos of key drills, testing stats, academics and demographic information. Coaches can evaluate a prospect's video, watch two separate prospects side by side simultaneously, and perform other actions with the video to visually evaluate talent. Intangible assets consist of development software, customer lists, trademarks, software IP, and customer data in the form of verifiable video uploads, player statistics, and academic records. Going Concern Considerations Our financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. We sustained significant losses and negative cash flows from operations and are dependent on debt and equity financing to fund operations. We incurred a net loss of approximately $ 1.313 million for the three months ended June 30, 2024 and $ 0.891 million for the three months ended June 30, 2023. We incurred a net loss of approximately $ 3.811 million for the six months ended June 30, 2024 and $ 1.654 million for the six months ended June 30, 2023. We had cash used in operating activities of approximately $ 2.974 million and $ 1.184 million for the six months ended June 30, 2024 and 2023, respectively, and an accumulated deficit of approximately $ 20.770 million and $ 16.9590 million as of June 30, 2024 and December 31, 2023, respectively. These con

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View this 10-Q filing on SEC EDGAR