SCWorx Corp. Files 8-K for Material Definitive Agreement

TL;DR

SCWorx Corp. signed a big deal on 5/31. 8-K filed.

AI Summary

On May 31, 2024, SCWorx Corp. entered into a Material Definitive Agreement. The company, formerly known as Alliance MMA, Inc., is incorporated in Delaware and has its principal executive offices at 590 Madison Avenue, New York, NY. The filing was made on June 7, 2024.

Why It Matters

This filing indicates a significant new agreement for SCWorx Corp., which could impact its business operations and financial standing.

Risk Assessment

Risk Level: medium — Material Definitive Agreements can introduce new risks or opportunities, requiring further analysis to determine the specific impact.

Key Players & Entities

• SCWorx Corp. (company) — Registrant
• Alliance MMA, Inc. (company) — Former company name
• May 31, 2024 (date) — Date of earliest event reported
• June 7, 2024 (date) — Filing date
• 590 Madison Avenue, New York, New York 10022 (address) — Principal executive offices

FAQ

Key Financial Figures

• $330,000 — d promissory note in the face amount of $330,000, in exchange for which it received cash
• $300,000 — which it received cash in the amount of $300,000 ("Note"). In addition to the original i
• $30,000 — ition to the original issue discount of $30,000, the note bears interest at the rate of
• $462,000 — on award in the amount of approximately $462,000. The vendor has since obtained a judgme
• $502,000 — judgment in the amount of approximately $502,000 (including interest). The Registrant in

Filing Documents

• ea0207525-8k_scworx.htm (8-K) — 25KB
• 0001213900-24-050686.txt ( ) — 190KB
• worx-20240531.xsd (EX-101.SCH) — 3KB
• worx-20240531_lab.xml (EX-101.LAB) — 33KB
• worx-20240531_pre.xml (EX-101.PRE) — 22KB
• ea0207525-8k_scworx_htm.xml (XML) — 3KB

01. ENTRY INTO A MATERIAL DEFINITIVE

ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT Amendment and Restatement of Outstanding Promissory Note As previously reported, on April 12, 2024, SCWorx Corp. (the "Registrant") issued a secured promissory note in the face amount of $330,000, in exchange for which it received cash in the amount of $300,000 ("Note"). In addition to the original issue discount of $30,000, the note bears interest at the rate of 5% per annum, is secured by all the Registrant's assets and was due and payable May 10, 2024. On May 10, 2024, the Registrant and the holder of the Note amended and restated the Note to extend the maturity date until May 17, 2024. On May 17, 2024, the Registrant and the holder of the Note amended and restated the Note to further extend the maturity date until May 24, 2024. On May 24, 2024, the Registrant and the holder of the Note amended and restated the Note to further extend the maturity date until May 31, 2024. On May 31, 2024, the Registrant and the holder of the Note amended and restated the Note to further extend the maturity date until June 7, 2024. On June 7, the Registrant and the holder of the Note amended and restated the Note to further extend the maturity date until June 14, 2024

01 OTHER

ITEM 8.01 OTHER Payment of Arbitration Award As previously disclosed, the Registrant is indebted to a vendor pursuant to an arbitration award in the amount of approximately $462,000. The vendor has since obtained a judgment in the amount of approximately $502,000 (including interest). The Registrant intends to satisfy the amount of the judgment to the vendor out of capital raised or with shares of the Registrant's common stock. The vendor has agreed not to enforce its judgment until June 13, 2024. 1

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SCWorx Corp. By: /s/ Timothy Hannibal Timothy Hannibal CEO Dated: June 7, 2024 2

View Full Filing

View this 8-K filing on SEC EDGAR