$WORX
SCWorx Corp.

2019 Q3 Form 10-Q Financial Statement

#000114420419040035 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2019 Q1
Revenue $1.680M $1.365M $1.250M
YoY Change 5928.42% 68.08% 15.55%
Cost Of Revenue $1.090M $815.8K $790.0K
YoY Change 11.88% 21.39%
Gross Profit $590.0K $549.1K $460.0K
YoY Change 2017.12% 562.16% 6.74%
Gross Profit Margin 35.12% 40.23% 36.8%
Selling, General & Admin $1.380M $2.370M $6.630M
YoY Change 46.81% 253.73% 410.0%
% of Gross Profit 233.9% 431.6% 1441.3%
Research & Development $478.0K $180.0K
YoY Change
% of Gross Profit 87.04% 39.13%
Depreciation & Amortization $10.00K $10.00K $10.00K
YoY Change -150.0% -110.0% -77.66%
% of Gross Profit 1.69% 1.82% 2.17%
Operating Expenses $1.380M $2.850M $6.810M
YoY Change 47.23% 3120.21% 37.33%
Operating Profit -$790.0K -$2.301M -$6.350M
YoY Change -13.13% 41103.42% 40.24%
Interest Expense $0.00 $0.00 -$20.00K
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $470.0K
YoY Change
Pretax Income -$640.0K -$2.301M -$5.910M
YoY Change -29.67% 4160.0% 468.27%
Income Tax $0.00 $195.0K -$200.0K
% Of Pretax Income
Net Earnings -$640.0K -$2.496M -$5.710M
YoY Change -48.11% 4520.99% 26.89%
Net Earnings / Revenue -38.1% -182.88% -456.8%
Basic Earnings Per Share
Diluted Earnings Per Share -$95.24K -$380.5K -$1.272M
COMMON SHARES
Basic Shares Outstanding 6.584M 6.563M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.030M $1.330M $2.770M
YoY Change 189.13% 1631.25%
Cash & Equivalents $1.334M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $90.00K $140.0K $370.0K
YoY Change 366.67% 428.57%
Inventory
Prepaid Expenses
Receivables $1.170M $1.161M $770.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.280M $2.632M $3.910M
YoY Change 5725.24% 354.34% 703.64%
LONG-TERM ASSETS
Property, Plant & Equipment $110.0K $113.0K $30.00K
YoY Change -87.57%
Goodwill $8.466M
YoY Change
Intangibles $224.2K
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change
Total Long-Term Assets $8.790M $8.803M $8.730M
YoY Change 38.56%
TOTAL ASSETS
Total Short-Term Assets $2.280M $2.632M $3.910M
Total Long-Term Assets $8.790M $8.803M $8.730M
Total Assets $11.07M $11.44M $12.64M
YoY Change 28183.09% 1874.19% 86.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.990M $2.120M $1.290M
YoY Change 243.1% 109.9% 152.94%
Accrued Expenses
YoY Change
Deferred Revenue $912.2K
YoY Change
Short-Term Debt $0.00 $190.0K $190.0K
YoY Change -100.0% -81.9%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.750M $3.225M $2.300M
YoY Change 23.61% 30.1% 110.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.750M $3.225M $2.300M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.750M $3.225M $2.300M
YoY Change 23.61% 30.1% 110.2%
SHAREHOLDERS EQUITY
Retained Earnings -$9.693M
YoY Change -66.76%
Common Stock $6.584K
YoY Change -55.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.320M $8.210M $10.34M
YoY Change
Total Liabilities & Shareholders Equity $11.07M $11.44M $12.64M
YoY Change 28183.09% 1874.19% 86.23%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$640.0K -$2.496M -$5.710M
YoY Change -48.11% 4520.99% 26.89%
Depreciation, Depletion And Amortization $10.00K $10.00K $10.00K
YoY Change -150.0% -110.0% -77.66%
Cash From Operating Activities -$310.0K -$1.370M -$2.570M
YoY Change -56.34% 104.48% 41.82%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$80.00K -$30.00K
YoY Change 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $5.030M
YoY Change -100.0%
Cash From Investing Activities $0.00 -$90.00K $5.000M
YoY Change -1000.0% -18829.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 30.00K 260.0K
YoY Change -100.0% -97.14% -84.2%
NET CHANGE
Cash From Operating Activities -310.0K -1.370M -2.570M
Cash From Investing Activities 0.000 -90.00K 5.000M
Cash From Financing Activities 0.000 30.00K 260.0K
Net Change In Cash -310.0K -1.430M 2.690M
YoY Change 29.17% -466.67% -1494.64%
FREE CASH FLOW
Cash From Operating Activities -$310.0K -$1.370M -$2.570M
Capital Expenditures $0.00 -$80.00K -$30.00K
Free Cash Flow -$310.0K -$1.290M -$2.540M
YoY Change 42.52%

Facts In Submission

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<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The accounting estimates and assumptions that require management&#8217;s most significant, difficult, and subjective judgment include the accounting for the business combination, the recognition of revenue, collectability of accounts receivable, valuation of convertible notes receivable and related warrants, the assessment of recoverability of goodwill and intangible assets, the assessment of useful lives and the recoverability of property and equipment, the valuation and recognition of stock-based compensation expense, loss contingencies, and income taxes. Actual results could differ materially from those estimates.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2019Q2 us-gaap Due From Affiliates
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CY2019Q2 us-gaap Notes Receivable Fair Value Disclosure
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worx Accounts And Notes Receivable Changes In Fair Value
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worx Convertible Notes Receivable To Shareholders
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CY2019Q2 us-gaap Accounts And Notes Receivable Net
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worx Warrants Issued During The Period
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us-gaap Fair Value Adjustment Of Warrants
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worx Conversion Warrants Receivable To Shareholders
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worx Warrants Issued To Company
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CY2019Q1 us-gaap Common Stock Shares Outstanding
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CY2016Q4 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2021-01-31
CY2016Q4 us-gaap Debt Instrument Interest Rate Terms
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CY2018Q4 us-gaap Due To Affiliate Current And Noncurrent
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InterestPayableCurrentAndNoncurrent
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us-gaap Concentration Risk Credit Risk
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<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Concentration of Credit and Other Risks</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of accounts receivable, due from shareholder and convertible notes receivable. The Company believes that any concentration of credit risk in its accounts receivable is substantially mitigated by the Company&#8217;s evaluation process, relatively short collection terms and the high level of credit worthiness of its customers. The Company performs ongoing internal credit evaluations of its customers&#8217; financial condition, obtains deposits and limits the amount of credit extended when deemed necessary but generally requires no collateral. The Company believes that any concentration of credit risk in its due from shareholder and convertible notes receivable was substantially mitigated by the shareholder&#8217;s material interest in the Company, ability to sell off portions of the interest, if necessary, and the closing of the acquisition of SCWorx by Alliance and conversion of the notes </div>payable - related party into Series<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> A&#160;Convertible Preferred share and the settlement of the due from stockholder balance with the surrender of 1,401 SCWorx common shares in January 2019.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;">For the quarter ended June 30, 2019, the Company had 3 customers representing 23%, 19% and 11% of aggregate revenues. <div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">For&#160;the quarter ended June&#160;30, 2018, the Company had 3 customers representing&#160;23%, 21% and 12% of aggregate revenues.&#160;At June 30, 2019, the Company had 4&#160;customers representing 18%, 16% and 13% and&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;">12</div>%&#160;of aggregate accounts receivable. At December 31, 2018, the Company had 3&#160;customers representing 39%, 21% and 13% of aggregate accounts receivable.&#160;</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
CY2019Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
215000
CY2019Q1 us-gaap Dividends Payable Nature
DividendsPayableNature
the SCWorx board of directors declared a dividend of the 6,883,319 [362,280] when-converted shares of Alliance common stock, and related warrants, to the SCWorx shareholders, two of whom waived their rights to the dividend, resulting in the shares being distributed to shareholders who participated in the November 2018 stock offering by SCWorx Corp. (f/k/a SCWorx Acquisition Corp.) of $1.25 million.
worx Surrender Of Shares Value
SurrenderOfSharesValue
1608833
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5884361
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1900000
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
66275
worx Stock Issued Value In Cashless Exercise Of Warrants
StockIssuedValueInCashlessExerciseOfWarrants
0
worx Adjustments To Additional Capital Share Based Compensation Related To Founder Transfer Of Common Stock To Contractors
AdjustmentsToAdditionalCapitalShareBasedCompensationRelatedToFounderTransferOfCommonStockToContractors
5322930
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
527443
CY2019Q2 us-gaap Cash
Cash
1300000
CY2019Q2 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
0
worx Unrealized Gain Loss On Investments In Warrants
UnrealizedGainLossOnInvestmentsInWarrants
55000
CY2019Q2 worx Operating Leases Balance Sheet Assets By Major Class Net
OperatingLeasesBalanceSheetAssetsByMajorClassNet
32000
CY2019Q2 worx Stock Issued During The Period Value For Exercise Of Warrants
StockIssuedDuringThePeriodValueForExerciseOfWarrants
6525
worx Stock Issued During The Period Value For Exercise Of Warrants
StockIssuedDuringThePeriodValueForExerciseOfWarrants
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us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
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us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
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CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
220540
dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Trading Symbol
TradingSymbol
WORX
worx Noncashsettlementofdisputedcontractualclaimwithissuanceofcommonstock
Noncashsettlementofdisputedcontractualclaimwithissuanceofcommonstock
118002
worx Noncashsettlementofdisputedcontractualclaimwithissuanceofcommonstock
Noncashsettlementofdisputedcontractualclaimwithissuanceofcommonstock
0
CY2019Q2 worx Share Based Compensation Expense Reversed
ShareBasedCompensationExpenseReversed
162250
CY2019Q2 worx Loss Contingency Penalties Accrued
LossContingencyPenaltiesAccrued
205000
CY2019Q2 worx Stock Issued During Period Value In Settlement Of Dispute
StockIssuedDuringPeriodValueInSettlementOfDispute
118002
worx Stock Issued During Period Value In Settlement Of Dispute
StockIssuedDuringPeriodValueInSettlementOfDispute
118002
dei Security12b Title
Security12bTitle
Common stock
CY2019Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
6584180
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
5441437
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
240000
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
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1901624
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Deferred Revenue
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380789
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
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CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
15810
CY2019Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
224190
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
240000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
18971
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
37943
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
37943
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
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37943
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
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CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2019Q2 us-gaap Finite Lived Intangible Assets Net
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224190
us-gaap Goodwill Acquired During Period
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CY2019Q1 us-gaap Business Combination Consideration Transferred1
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11865306
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9486
CY2019Q2 us-gaap Gross Profit
GrossProfit
549124
CY2018Q2 us-gaap Gross Profit
GrossProfit
82929
us-gaap Gross Profit
GrossProfit
1008358
us-gaap Gross Profit
GrossProfit
75808
CY2019Q2 us-gaap Operating Expenses
OperatingExpenses
2850335
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
88514
us-gaap Operating Expenses
OperatingExpenses
9660613
us-gaap Operating Expenses
OperatingExpenses
224030
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2301211
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5585
us-gaap Operating Income Loss
OperatingIncomeLoss
-8652255
us-gaap Operating Income Loss
OperatingIncomeLoss
-148222
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2301211
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-54019
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-238279
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-2496211
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-54019
CY2018Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
837317
CY2018 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
67000
CY2019Q2 worx Working Capital
WorkingCapital
600000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
16000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
31000
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2019-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
SCWorx Corp.
dei Entity Central Index Key
EntityCentralIndexKey
0001674227
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
5000
us-gaap Operating Lease Cost
OperatingLeaseCost
11000
CY2019Q2 us-gaap Lease Cost
LeaseCost
5000
us-gaap Lease Cost
LeaseCost
11000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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22500
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
11250
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
33750
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1400
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
32350
CY2019Q2 worx Accured Contingency Loss On Consultant Termination
AccuredContingencyLossOnConsultantTermination
195000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1450563
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-1285519
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
-1339538
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-1101259
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
0
CY2019Q2 worx Series A Convertible Preferred Stock Issued During Period Value New Issues
SeriesAConvertiblePreferredStockIssuedDuringPeriodValueNewIssues
25000
worx Series A Convertible Preferred Stock Issued During Period Value New Issues
SeriesAConvertiblePreferredStockIssuedDuringPeriodValueNewIssues
100000
worx Series A Convertible Preferred Stock Issued During Period Value New Issues Of Alliance Mma
SeriesAConvertiblePreferredStockIssuedDuringPeriodValueNewIssuesOfAllianceMma
5980945
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="color: rgb(0, 0, 0); font: 10pt &quot;times new roman&quot;, times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-align: justify;"><div style="font-weight:bold;display:inline;">Reclassification</div></div><div style="color: rgb(0, 0, 0); font: 10pt &quot;times new roman&quot;, times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-align: justify; background: none;">&#160;</div><div style="color: rgb(0, 0, 0); font: 10pt &quot;times new roman&quot;, times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-align: justify;">A reclassification has been made to the Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Changes in Stockholders&#8217; Equity/(Deficit) to break out the Series A Convertible Preferred stock par value of $819 and additional paid in capital of $7,980,126. Previously, for the quarter ended March 31, 2019, the entire balance was disclosed as Preferred Stock. This change in classification does not affect the previously reported total stockholders&#8217; equity balance. In addition, the authorized common stock has been restated to reflect the correct amount of 45,000,000&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; authorized common shares.</div><div style="color: rgb(0, 0, 0); font: 10pt &quot;times new roman&quot;, times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-align: justify; background: none;">&#160;</div><div style="color: rgb(0, 0, 0); font: 10pt &quot;times new roman&quot;, times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-align: justify;">In addition, certain prior quarter amounts have been reclassified for consistency with the current quarter presentation. These reclassifications had no effect on reported results of operations or cash flows.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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