SCWorx Corp. Files Q1 2024 10-Q

TL;DR

SCWorx filed its Q1 2024 10-Q. Check financials.

AI Summary

SCWorx Corp. filed its 10-Q for the quarterly period ended March 31, 2024. The company, formerly known as Alliance MMA, Inc., is incorporated in Delaware and has its principal executive offices in Tampa, Florida. The filing covers its operations for the period and includes financial information as required by the SEC.

Why It Matters

This filing provides investors and the public with an update on SCWorx Corp.'s financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial and operational updates, not indicating immediate high risk.

Key Numbers

• 001-37899 — Commission File Number (Identifies the company's SEC filings)
• 47-5412331 — I.R.S. Employer Identification No. (Company's tax identification number)

Key Players & Entities

• SCWorx Corp. (company) — Registrant
• Alliance MMA, Inc. (company) — Former company name
• March 31, 2024 (date) — Quarterly period end date
• Delaware (jurisdiction) — State of incorporation
• Tampa, FL (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value per share WORX Nasdaq Capital

Filing Documents

• ea0215553-10q_scworx.htm (10-Q) — 561KB
• ea021555301ex3-1_scworx.htm (EX-3.1) — 410KB
• ea021555301ex31-1_scworx.htm (EX-31.1) — 16KB
• ea021555301ex31-2_scworx.htm (EX-31.2) — 16KB
• ea021555301ex32-1_scworx.htm (EX-32.1) — 7KB
• ea021555301ex32-2_scworx.htm (EX-32.2) — 7KB
• ex3-1_001.jpg (GRAPHIC) — 11KB
• ex3-1_002.jpg (GRAPHIC) — 10KB
• 0001213900-24-086944.txt ( ) — 4289KB
• worx-20240331.xsd (EX-101.SCH) — 34KB
• worx-20240331_cal.xml (EX-101.CAL) — 22KB
• worx-20240331_def.xml (EX-101.DEF) — 168KB
• worx-20240331_lab.xml (EX-101.LAB) — 317KB
• worx-20240331_pre.xml (EX-101.PRE) — 176KB
• ea0215553-10q_scworx_htm.xml (XML) — 395KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 Item 1. Financial 1 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3. Quantitative and Qualitative Disclosures About Market Risk 22 Item 4. Controls and Procedures 22 PART II - OTHER INFORMATION 23 Item 1. Legal Proceedings 23 Item 1A. Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 24 Exhibit Index 24

Signatures

Signatures 25 i Cautionary Certain 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 statements of historical fact contained in this Form 10-Q are forward-looking statements. These statements, among other things, relate to our business strategy, goals and expectations concerning our 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 statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. Forward-looking statements in this Form 10-Q 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), expected growth, profitability and business outlook and increased operating expenses. Forward-looking

Financial Statements

Financial Statements Page Number Condensed consolidated balance sheets as of March 31, 2024 (unaudited) and December 31, 2023 (audited) 2 Unaudited condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 3 Unaudited condensed consolidated statements of changes in stockholders' equity for the three months ended March 31, 2024 and 2023 4 Unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 5 Notes to unaudited condensed consolidated financial statements 6 1 SCWorx Corp. Condensed Consolidated Balance Sheets March 31, December 31, 2024 2023 ASSETS (unaudited) (audited) Current assets: Cash $ 39,601 $ 91,436 Accounts receivable 391,079 304,813 Prepaid expenses and other assets 70,133 39,533 Total current assets 500,813 435,782 Goodwill 5,842,433 5,842,433 Total assets $ 6,343,246 $ 6,278,215 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 1,913,172 $ 1,738,364 Accounts payable and accrued liabilities - related party 176,846 149,838 Shareholder advance 67,622 67,622 Deferred revenue 410,333 378,583 Loans payable 70,998 - Total current liabilities 2,638,971 2,334,407 Long-term liabilities: Loans payable - 90,359 Total long-term liabilities - 90,359 Total liabilities 2,638,971 2,424,766 Commitments and contingencies (Note 6) Stockholders' equity: Series A convertible preferred stock, $ 0.001 par value; 900,000 shares authorized; 39,810 shares issued and outstanding 40 40 Common stock, $ 0.001 par value; 45,000,000 shares authorized; 1,255,405 and 1,232,333 shares issued and outstanding at March 31, 2024 and December 31, 2024, respectively 1,255 1,232 Additional paid-in capital 33,721,480 33,692,018 Accumulated deficit ( 30,018,500 ) ( 29,839,841 ) Total stockholders' equity 3,704,275 3,853,449

financial statements do not include any adjustments that might result from the outcome of this uncertainty

financial statements do not include any adjustments that might result from the outcome of this uncertainty. Note 3. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). They do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited condensed consolidated financial statements and notes thereto contained in its report on Form 10-K for the year ended December 31, 2023, filed with the SEC on September 23, 2024. The accompanying unaudited condensed consolidated financial statements include the accounts of SCWorx and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company's financial position at March 31, 2024, the results of its operations for the three months ended March 31, 2024 and cash flows for the three months ended March 31, 2024. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for future quarters or the full year. Reclassifications Certain balances in previously issued consolidated financial statements have been reclassified to be consistent with the current period presentation. The reclassification had no impact on total financial position, net loss, or stockholders' equity. Cash Cash is maintained with various financial institutions. Fina

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View this 10-Q filing on SEC EDGAR