SCWorx Corp. Files 8-K for Material Agreement

TL;DR

SCWorx signed a big deal on 6/28, filed 8-K on 7/5.

AI Summary

On June 28, 2024, SCWorx Corp. entered into a Material Definitive Agreement, the specifics of which are detailed in this 8-K filing. The company also reported on other events that occurred on the same date. The filing was made on July 5, 2024.

Why It Matters

This filing indicates significant corporate activity for SCWorx Corp., potentially impacting its business operations and strategic direction.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that are not yet fully understood.

Key Numbers

• 001-37899 — SEC File Number (Identifies the company's filing history with the SEC.)
• 47-5412331 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• SCWorx Corp. (company) — Registrant
• June 28, 2024 (date) — Date of earliest event reported
• July 5, 2024 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• 590 Madison Avenue, 21st Floor 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
• $502,000 — on award in the amount of approximately $502,000 (including interest). The vendor had pr

Filing Documents

• ea0209014-8k_scworx.htm (8-K) — 24KB
• 0001213900-24-059403.txt ( ) — 189KB
• worx-20240628.xsd (EX-101.SCH) — 3KB
• worx-20240628_lab.xml (EX-101.LAB) — 33KB
• worx-20240628_pre.xml (EX-101.PRE) — 22KB
• ea0209014-8k_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 originally due and payable May 10, 2024. Since May 10, 2024, the Registrant and the holder of the Note have serially and on a weekly basis amended and restated the Note, most recently on June 28 and July 5, 2024, so that the maturity date of the Note is now July12, 2024.

01 OTHER

ITEM 8.01 OTHER Payment of Arbitration Award As previously disclosed, the Registrant is indebted to a vendor pursuant to a judgment on qn arbitration award in the amount of approximately $502,000 (including interest). The vendor had previously agreed not to enforce its judgment until June 13, 2024. The Registrant anticipates entering into a definitive agreement that will provide for satisfaction of the judgment through the issuance of shares of the Registrant's common stock. Although the vendor currently has the right to enforce its judgment, the Registrant does not anticipate that the vendor will do so, pending the expected execution and delivery of a definitive settlement agreement. 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: July 5, 2024 2

View Full Filing

View this 8-K filing on SEC EDGAR