We believe these actions will translate into increased revenue and higher margin for the company in the long term. Gross profit for the second quarter of fiscal 2024 was approximately $346,000, up from $234,000 compared to the same period last year, demonstrating that the initiative to grow gross profit that we implemented have already started to work. Our net loss of approximately $1.2 million for the second quarter of fiscal year 2024, compared to approximately $2 million in the second quarter of fiscal year 2023. As of December 31, 2023, our cash balance was approximately $1.2 million, compared to a cash balance of approximately $4.7 million as of December 31, 2022. As Sam mentioned, ZCITY’ had over 2.68 million registered users and over 2,027 registered merchant as of December 31, 2023.
The quarterly active user for the quarter ending December 31, 2023, were 156,979, while paid users were down by 64%. A total of $0.58 million transaction were transacted by our registered user over the current quarter. As we have mentioned, we remain laser focused on increasing gross profit and margins. The measures we have introduced so far are already working, and we expect further improvement going forward as we continue to expand TAZTE and add higher-margin solutions for ZCITY. Now I will turn the call back to Sam to highlight our growth strategy.
Sam Teo: Thanks, Michael. I’m excited about the opportunity ahead for Treasure Global. We have made significant progress on our business strategy and remain a leading innovator in the region. The success of our growth initiatives has allowed us to add new customers and attract new partner and investor who support our business. We raised fund and retire our convertible notes, putting us on strong footing for the future. I believe we are well positioned for the future and remain focused on achieving profitable growth. As part of this focus over the last five months, you have seen us intentionally move away from our lower-margin solution like our e-voucher products. While this naturally lead us to a decrease in growth of registered users and active user.
This move strategically allows us to reserve more working capital so that we can invest in developing our TAZTE, smart food and beverage system. Our one-stop solution for food and beverage outlet and in our ZCITY’ solution that utilize AI, allowing us to leverage this technology to capture higher margin. As we move through fiscal 2024, you will see us continue to innovate and develop new products and services with a focus on solutions that will generate more profitable growth. Thank you again to everyone for joining us on today’s call and for your continued support. This concludes our prepared remarks. I will now ask the operator to close the line. Thank you, and have a great day.
End of Q&A: Thank you for joining today. I will now close the line.