SCWorx Corp. Files 2023 Annual Report

TL;DR

SCWorx filed its 2023 10-K. Check financials.

AI Summary

SCWorx Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company, formerly known as Alliance MMA, Inc., is incorporated in Delaware and headquartered in New York. The filing details its business operations and financial performance for the year.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of SCWorx Corp.'s financial health and operational status for the 2023 fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the company's specific financial performance and operational details within the report will determine the actual risk level for investors.

Key Players & Entities

• SCWorx Corp. (company) — Registrant
• Alliance MMA, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 001-37899 (other) — Commission File Number
• Delaware (other) — State of Incorporation
• 590 Madison Avenue, New York, NY 10022 (location) — Business and Mail Address
• 2127397825 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share The Nasdaq Capital Market S
• $0 — en accounted for at predecessor cost of $0. To facilitate the planned acquisition
• $1,250,000 — to November 2018, the Company collected $1,250,000 in subscriptions and issued 3,125 share

Filing Documents

• ea0205176-10k_scworx.htm (10-K) — 1030KB
• ea020517601ex31-1_scworx.htm (EX-31.1) — 12KB
• ea020517601ex31-2_scworx.htm (EX-31.2) — 12KB
• ea020517601ex32-1_scworx.htm (EX-32.1) — 4KB
• ea020517601ex32-2_scworx.htm (EX-32.2) — 4KB
• image_001.jpg (GRAPHIC) — 5KB
• 0001213900-24-081111.txt ( ) — 4971KB
• worx-20231231.xsd (EX-101.SCH) — 44KB
• worx-20231231_cal.xml (EX-101.CAL) — 39KB
• worx-20231231_def.xml (EX-101.DEF) — 207KB
• worx-20231231_lab.xml (EX-101.LAB) — 412KB
• worx-20231231_pre.xml (EX-101.PRE) — 221KB
• ea0205176-10k_scworx_htm.xml (XML) — 500KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 20 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [Reserved] 22 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 34 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 34 Item 9A.

Controls and Procedures

Controls and Procedures 34 Item 9B. Other Information 34 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 34 PART III Item 10. Directors, Executive Officers and Corporate Governance 35 Item 11.

Executive Compensation

Executive Compensation 38 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters 39 Item 13. Certain Relationships and Related Transactions, and Director Independence 40 Item 14. Principal Accountant Fees and Services 40 PART IV Item 15. Exhibits and Financial Statement Schedules 42

Signatures

Signatures 43 Index to Consolidated Financial Statements F-1 Index to Exhibits 44 i Cautionary Statement Regarding Forward-Looking Certain statements that we make from time to time, including statements contained in this Annual Report on Form 10-K constitute "forward-looking statements" within the meaning Private Securities Litigation Reform Act of 1995, and of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than things, relate to our business strategy, goals and expectations concerning our services, future operations, prospects, plans and objectives of management. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", and similar terms and phrases are used to identify forward-looking statements in this presentation. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. We have based these forward-looking condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. Forward-looking statements in this Annual Report on Form 10-K include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures (including our ability to continue as a going concern, to raise additional capital and to succeed in our future operations), ex

Forward-looking statements

Forward-looking statements are only current predictions and are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from those anticipated by such statements. These factors include, among other things, the unknown risks and uncertainties that we believe could cause actual results to differ from these forward looking uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to our ability to: reverse the recent decline in our revenue and resume growing our revenue; resolve the various litigation proceedings and investigations pending against us on favorable terms or at all; obtain additional financing in sufficient amounts or on acceptable terms so that we can fund our business plan; reduce our dependence on third-party subcontractors to perform some of the work on our contracts; mitigate the impact of new or changed laws, regulations or other industry standards that could adversely affect our ability to conduct our business; mitigate the impact of the COVID-19 pandemic on our revenues; adopt and master new technologies and adjust certain fixed costs and expenses to adapt to our industry's and customers' evolving demands; and mitigate the impact of changes in general market, economic and political conditions in the United States and global economies or financial markets, including those resulting from natural or man-made disasters. Although we believe that the expectations reflected in the forward-looking statements contained in this Annual Report on Form 10-K are reasonable, we cannot guarantee future results, levels of acti

Business

Item 1. Business Corporate Information SCWorx, LLC (n/k/a SCW FL Corp.) ("SCW LLC") was a privately held limited liability company which was organized in Florida on November 17, 2016. On December 31, 2017, SCW LLC acquired Primrose Solutions, LLC ("Primrose"), a Delaware limited liability company, which became its wholly-owned subsidiary and focused on developing functionality for the software now used and sold by SCWorx Corp. (the "Company" or "SCWorx"). The majority interest holders of Primrose were interest holders of SCW LLC and based upon Staff Accounting Bulletin Topic 5G, the technology acquired has been accounted for at predecessor cost of $0. To facilitate the planned acquisition by Alliance MMA, Inc., a Delaware corporation ("Alliance"), on June 27, 2018, SCW LLC merged with and into a newly-formed entity, SCWorx Acquisition Corp., a Delaware corporation ("SCW Acquisition"), with SCW Acquisition being the surviving entity. Subsequently, on August 17, 2018, SCW Acquisition changed its name to SCWorx Corp. On November 30, 2018, the Company and certain of its stockholders agreed to cancel 6,510 shares of common stock. In June 2018, the Company began to collect subscriptions for common stock. From June to November 2018, the Company collected $1,250,000 in subscriptions and issued 3,125 shares of common stock to new third-party investors. In addition, on February 1, 2019, (i) SCWorx Corp. (f/k/a SCWorx Acquisition Corp.) changed its name to SCW FL Corp. (to allow Alliance to change its name to SCWorx Corp.) and (ii) Alliance acquired SCWorx Corp. (n/k/a SCW FL Corp.) in a stock-for-stock exchange transaction and changed Alliance's name to SCWorx Corp., which is the Company's current name, with SCW FL Corp. becoming the Company's subsidiary. On March 16, 2020, in response to the COVID-19 pandemic, SCWorx established a wholly-owned subsidiary, Direct-Worx, LLC to endeavor to source and provide critical, difficult-to-find items for the healthcare industry whic

View Full Filing

View this 10-K filing on SEC EDGAR