SCWorx Corp. Files Q2 2024 10-Q

TL;DR

SCWorx Corp. filed its Q2 2024 10-Q, formerly Alliance MMA, Inc.

AI Summary

SCWorx Corp. filed its 10-Q for the quarterly period ended June 30, 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 the period after the company's name change on May 10, 2016.

Why It Matters

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

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not inherently present new risks.

Key Players & Entities

• SCWorx Corp. (company) — Registrant
• Alliance MMA, Inc. (company) — Former company name
• June 30, 2024 (date) — Quarterly period end date
• May 10, 2016 (date) — Date of name change
• 001-37899 (other) — Commission File Number

FAQ

Key Financial Figures

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

Filing Documents

• ea0216563-10q_scworx.htm (10-Q) — 712KB
• ea021656301ex31-1_scworx.htm (EX-31.1) — 12KB
• ea021656301ex31-2_scworx.htm (EX-31.2) — 12KB
• ea021656301ex32-1_scworx.htm (EX-32.1) — 5KB
• ea021656301ex32-2_scworx.htm (EX-32.2) — 5KB
• 0001213900-24-087332.txt ( ) — 4056KB
• worx-20240630.xsd (EX-101.SCH) — 38KB
• worx-20240630_cal.xml (EX-101.CAL) — 25KB
• worx-20240630_def.xml (EX-101.DEF) — 175KB
• worx-20240630_lab.xml (EX-101.LAB) — 346KB
• worx-20240630_pre.xml (EX-101.PRE) — 184KB
• ea0216563-10q_scworx_htm.xml (XML) — 430KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 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 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

- OTHER INFORMATION

PART II - OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 27 Exhibit Index 27

Signatures

Signatures 28 i Cautionary Statement Regarding Forward-Looking Certain statements that we make from time to time, including statements contained in this Quarterly Report on Form 10-Q constitute "forward-looking statements" within the meaning of the 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 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 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 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 2023. New risks and 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 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 Form 10-Q are reasonable, we cannot guarantee future results, levels of activity, p

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Page Number Condensed consolidated balance sheets as of June 30, 2024 (unaudited) and December 31, 2023 (audited) 2 Unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 3 Unaudited condensed consolidated statements of changes in stockholders' equity for the three and six months ended June 30, 2024 4 Unaudited condensed consolidated statements of changes in stockholders' equity for the three and six months ended June 30, 2023 5 Unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 6 Notes to unaudited condensed consolidated financial statements 7 1 SCWorx Corp. Condensed Consolidated Balance Sheets June 30, December 31, 2024 2023 (unaudited) (audited) ASSETS Current assets: Cash $ 17,264 $ 91,436 Accounts receivable, net 571,981 304,813 Prepaid expenses and other assets 82,758 39,533 Total current assets 672,003 435,782 Goodwill 5,842,433 5,842,433 Total assets $ 6,514,436 $ 6,278,215 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 1,913,805 $ 1,738,364 Accounts payable and accrued liabilities - related party 149,838 149,838 Shareholder advance 67,622 67,622 Deferred revenue 387,958 378,583 Loans payable 386,492 - Total current liabilities 2,905,715 2,334,407 Long-term liabilities: Loans payable, net of current maturities - 90,359 Total long-term liabilities - 90,359 Total liabilities 2,905,715 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 at June 30, 2024 and December 31, 2023 40 40 Common stock, $ 0.001 par value; 45,000,000 shares authorized; 1,366,211 and 1,232,333 shares issued and outstanding at June 30, 2

View Full Filing

View this 10-Q filing on SEC EDGAR