2022 Q4 Form 10-Q Financial Statement
#000121390022072087 Filed on November 14, 2022
Income Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
Revenue | $1.028M | $986.9K | $1.138M |
YoY Change | -17.79% | -13.28% | -2.72% |
Cost Of Revenue | $610.0K | $693.4K | $722.0K |
YoY Change | -3.15% | -3.97% | -24.79% |
Gross Profit | $417.9K | $293.6K | $416.1K |
YoY Change | -32.65% | -29.44% | 89.13% |
Gross Profit Margin | 40.65% | 29.75% | 36.56% |
Selling, General & Admin | $675.8K | $832.7K | $1.378M |
YoY Change | -54.33% | -39.57% | -38.49% |
% of Gross Profit | 161.74% | 283.62% | 331.15% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $0.00 | $0.00 | $1.350K |
YoY Change | -100.0% | -100.0% | -93.25% |
% of Gross Profit | 0.0% | 0.0% | 0.32% |
Operating Expenses | $675.8K | $1.526M | $1.378M |
YoY Change | -54.33% | 10.75% | -38.21% |
Operating Profit | -$258.0K | -$539.1K | -$961.8K |
YoY Change | -69.97% | -43.95% | -52.15% |
Interest Expense | |||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | $139.6K | $0.00 | |
YoY Change | -100.0% | ||
Pretax Income | -$258.0K | -$399.5K | -$961.8K |
YoY Change | -69.97% | -58.46% | -65.03% |
Income Tax | $0.00 | $0.00 | |
% Of Pretax Income | |||
Net Earnings | -$258.0K | -$399.5K | -$961.8K |
YoY Change | -69.97% | -58.46% | -65.03% |
Net Earnings / Revenue | -25.1% | -40.48% | -84.51% |
Basic Earnings Per Share | -$0.03 | -$0.09 | |
Diluted Earnings Per Share | -$0.02 | -$0.03 | -$90.27K |
COMMON SHARES | |||
Basic Shares Outstanding | 13.01M shares | 11.74M shares | 10.65M shares |
Diluted Shares Outstanding | 12.07M shares |
Balance Sheet
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $249.5K | $361.7K | $401.6K |
YoY Change | 250.96% | -9.93% | 111.36% |
Cash & Equivalents | $249.5K | $361.7K | $401.6K |
Short-Term Investments | |||
Other Short-Term Assets | $295.2K | $323.0K | $93.94K |
YoY Change | 361.65% | 243.87% | -63.87% |
Inventory | $362.0K | ||
Prepaid Expenses | |||
Receivables | $336.0K | $231.9K | $331.4K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $880.7K | $916.6K | $1.189M |
YoY Change | 16.42% | -22.9% | -35.73% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $0.00 | $0.00 | $2.260K |
YoY Change | -100.0% | -97.18% | |
Goodwill | $8.366M | $8.366M | |
YoY Change | 0.0% | ||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $8.366M | $8.366M | $8.369M |
YoY Change | 0.0% | -0.03% | -2.92% |
TOTAL ASSETS | |||
Total Short-Term Assets | $880.7K | $916.6K | $1.189M |
Total Long-Term Assets | $8.366M | $8.366M | $8.369M |
Total Assets | $9.247M | $9.283M | $9.558M |
YoY Change | 1.36% | -2.87% | -8.71% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $600.0K | $600.0K | $2.496M |
YoY Change | 0.0% | -75.96% | -19.74% |
Accrued Expenses | $1.364M | ||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $2.323M | $2.329M | $3.317M |
YoY Change | 1.69% | -29.78% | -37.05% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $147.8K | $154.4K | $433.6K |
YoY Change | -65.92% | -64.39% | 49.51% |
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $147.7K | $154.4K | $433.6K |
YoY Change | -65.92% | -64.39% | 49.51% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.323M | $2.329M | $3.317M |
Total Long-Term Liabilities | $147.7K | $154.4K | $433.6K |
Total Liabilities | $2.471M | $2.484M | $3.751M |
YoY Change | -9.1% | -33.79% | -32.54% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$25.86M | -$25.60M | |
YoY Change | 7.69% | ||
Common Stock | $13.01K | $13.01K | |
YoY Change | 15.21% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $6.777M | $6.799M | $5.807M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $9.247M | $9.283M | $9.558M |
YoY Change | 1.36% | -2.87% | -8.71% |
Cashflow Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$258.0K | -$399.5K | -$961.8K |
YoY Change | -69.97% | -58.46% | -65.03% |
Depreciation, Depletion And Amortization | $0.00 | $0.00 | $1.350K |
YoY Change | -100.0% | -100.0% | -93.25% |
Cash From Operating Activities | -$112.3K | -$386.8K | -$255.5K |
YoY Change | -66.04% | 51.41% | 82.49% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $0.00 | |
YoY Change | |||
Cash From Investing Activities | $0.00 | $0.00 | |
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $525.0K | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 0.000 | 725.1K | 625.0K |
YoY Change | 16.01% | ||
NET CHANGE | |||
Cash From Operating Activities | -112.3K | -386.8K | -255.5K |
Cash From Investing Activities | 0.000 | 0.000 | |
Cash From Financing Activities | 0.000 | 725.1K | 625.0K |
Net Change In Cash | -112.3K | 338.2K | 369.5K |
YoY Change | -66.04% | -8.47% | -363.94% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$112.3K | -$386.8K | -$255.5K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
10267543 | shares | |
CY2021Q3 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
10654635 | shares |
us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
11616820 | shares | |
CY2022Q3 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
12069412 | shares |
CY2022Q4 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
13010409 | shares |
dei |
Entity Small Business
EntitySmallBusiness
|
true | ||
dei |
Entity Emerging Growth Company
EntityEmergingGrowthCompany
|
true | ||
dei |
Entity Ex Transition Period
EntityExTransitionPeriod
|
false | ||
dei |
Entity Shell Company
EntityShellCompany
|
false | ||
dei |
Document Type
DocumentType
|
10-Q | ||
dei |
Document Quarterly Report
DocumentQuarterlyReport
|
true | ||
dei |
Document Period End Date
DocumentPeriodEndDate
|
2022-09-30 | ||
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2022 | ||
dei |
Document Transition Report
DocumentTransitionReport
|
false | ||
dei |
Entity File Number
EntityFileNumber
|
001-37899 | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
SCWORX CORP. | ||
dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
DE | ||
dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
47-5412331 | ||
dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
590 Madison Avenue | ||
dei |
Entity Address Address Line2
EntityAddressAddressLine2
|
21st Floor | ||
dei |
Entity Address State Or Province
EntityAddressStateOrProvince
|
NY | ||
dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
New York | ||
dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
10022 | ||
dei |
City Area Code
CityAreaCode
|
(844) | ||
dei |
Local Phone Number
LocalPhoneNumber
|
472-9679 | ||
dei |
Security12b Title
Security12bTitle
|
Common stock, $0.001 par value per share | ||
dei |
Trading Symbol
TradingSymbol
|
WORX | ||
dei |
Security Exchange Name
SecurityExchangeName
|
NASDAQ | ||
dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | ||
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Entity Interactive Data Current
EntityInteractiveDataCurrent
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Yes | ||
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Non-accelerated Filer | ||
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Cash And Cash Equivalents At Carrying Value
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Liabilities
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Preferred Stock Value
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Operating Expenses
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Operating Income Loss
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|
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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|
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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|
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Net Income Loss
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|
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EarningsPerShareBasic
|
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Earnings Per Share Basic
EarningsPerShareBasic
|
-0.09 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.14 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.29 | ||
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Weighted Average Number Of Shares Outstanding Basic
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|
12069412 | shares |
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Weighted Average Number Of Shares Outstanding Basic
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|
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Weighted Average Number Of Shares Outstanding Basic
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|
11616820 | shares | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
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|
10267543 | shares | |
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Stockholders Equity
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Stockholders Equity
StockholdersEquity
|
6799481 | usd |
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Stock Issued During Period Value Other
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Stock Issued During Period Value New Issues
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|
725050 | usd | |
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Commitment Shares Issued In Conjunction With Capital Raise One
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|
200000 | usd | |
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Stock Issued During Period Value Share Based Compensation Gross
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Net Income Loss
NetIncomeLoss
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Stockholders Equity
StockholdersEquity
|
6799481 | usd |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5353448 | usd |
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Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
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Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
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Stock Issued During Period Value Share Based Compensation Gross
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Net Income Loss
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|
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Stockholders Equity
StockholdersEquity
|
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Stockholders Equity
StockholdersEquity
|
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us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
323635 | usd | |
us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
525000 | usd | |
worx |
Shares Issued For Equity Financing
SharesIssuedForEquityFinancing
|
250000 | usd | |
us-gaap |
Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
1929446 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-2955294 | usd | |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5806803 | usd |
us-gaap |
Profit Loss
ProfitLoss
|
-1589432 | usd | |
us-gaap |
Profit Loss
ProfitLoss
|
-2955294 | usd | |
us-gaap |
Depreciation
Depreciation
|
73901 | usd | |
worx |
Change In Inventory Value
ChangeInInventoryValue
|
156600 | usd | |
worx |
Change In Inventory Value
ChangeInInventoryValue
|
161440 | usd | |
worx |
Gain Loss On Settlement Of Accounts Payable
GainLossOnSettlementOfAccountsPayable
|
279191 | usd | |
us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
906919 | usd | |
us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
1929446 | usd | |
us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
78125 | usd | |
us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
125625 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-154840 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-265106 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
59086 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
6312 | usd | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-475000 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
371076 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-241840 | usd | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-174250 | usd | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-566500 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-434399 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-739428 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
725050 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
525000 | usd | |
us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
139595 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
100000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
725050 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
764595 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
290651 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
25167 | usd | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
71075 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
376425 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
361726 | usd |
CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
401592 | usd |
worx |
Shares Issued For Equity Financings
SharesIssuedForEquityFinancings
|
250000 | usd | |
worx |
Commitment Shares Issued In Conjunction With Capital Raise
CommitmentSharesIssuedInConjunctionWithCapitalRaise
|
200000 | usd | |
worx |
Shares Issued For Vested Restricted Stock Units
SharesIssuedForVestedRestrictedStockUnits
|
108 | usd | |
worx |
Shares Issued For Vested Restricted Stock Units
SharesIssuedForVestedRestrictedStockUnits
|
505 | usd | |
CY2022Q3 | worx |
Acquired Technology Predecessor Cost
AcquiredTechnologyPredecessorCost
|
0 | usd |
CY2022Q3 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
250000 | usd |
CY2022Q3 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
111726 | usd |
CY2022Q3 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Inventory
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory
|
523440 | usd |
CY2021Q4 | us-gaap |
Inventory Net
InventoryNet
|
156600 | usd |
us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
usd | ||
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentration of Credit and Other Risks</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, accounts receivable and warrants. The Company believes that any concentration of credit risk in its accounts receivable is substantially mitigated by the Company’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’ financial condition, obtains deposits and limits the amount of credit extended when deemed necessary but generally requires no collateral.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Significant customers are those which represent more than 10% of the Company’s revenue for each period presented, or the Company’s accounts receivable balance as of each respective balance sheet date. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total net accounts receivable are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Revenue <br/> For the nine months ended<br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Accounts Receivable<br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"><span style="text-decoration:underline">Customers</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Customer A</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">13</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">8</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">26</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Customer B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer C</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Customer D</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> | ||
CY2022Q3 | us-gaap |
Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
|
0.10 | pure |
CY2022Q3 | us-gaap |
Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
|
0 | usd |
CY2021Q4 | us-gaap |
Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
|
421736 | usd |
CY2021Q4 | worx |
Gowns In Inventory
GownsInInventory
|
87000 | usd |
CY2021Q4 | us-gaap |
Other Inventory
OtherInventory
|
366840 | usd |
CY2021Q4 | us-gaap |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Inventory
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory
|
523440 | usd |
CY2022Q3 | worx |
Allowance For Obsolescence
AllowanceForObsolescence
|
523440 | usd |
CY2021Q4 | worx |
Allowance For Obsolescence
AllowanceForObsolescence
|
366840 | usd |
CY2022Q3 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
0 | usd |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
0 | usd | |
CY2021Q3 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
1353 | usd |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
73901 | usd | |
us-gaap |
Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
|
298500 | usd | |
CY2021 | us-gaap |
Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
|
472750 | usd |
CY2022Q3 | worx |
Contract Liabilities
ContractLiabilities
|
298500 | usd |
CY2021Q4 | worx |
Contract Liabilities
ContractLiabilities
|
472750 | usd |
CY2021Q1 | us-gaap |
Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
|
0.01 | pure |
CY2021Q1 | us-gaap |
Debt Instrument Term
DebtInstrumentTerm
|
P2Y | |
CY2022Q3 | worx |
Operating Lease Liabilities
OperatingLeaseLiabilities
|
0 | usd |
us-gaap |
Interest Paid
InterestPaid
|
usd | ||
CY2021Q4 | worx |
Operating Lease Liabilities
OperatingLeaseLiabilities
|
0 | usd |
CY2022Q1 | worx |
Shares Issued As Settlement Of Accounts Payable1
SharesIssuedAsSettlementOfAccountsPayable1
|
12196 | usd |
CY2022Q1 | worx |
Accounts Payable Current1
AccountsPayableCurrent1
|
10000 | usd |
CY2022Q1 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
0.82 | |
worx |
Shares Issued For Vested Restricted Stock Units One
SharesIssuedForVestedRestrictedStockUnitsOne
|
usd | ||
CY2022Q3 | worx |
Operating Leases Cost
OperatingLeasesCost
|
434 | usd |
CY2021Q3 | worx |
Operating Leases Cost
OperatingLeasesCost
|
1167 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to the allowance for doubtful accounts, the estimated useful lives and recoverability of long-lived assets, stock-based compensation, goodwill, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Actual results could differ materially from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | ||
CY2022Q3 | worx |
Shares Issued As Settlement Of Accounts Payable1
SharesIssuedAsSettlementOfAccountsPayable1
|
69444 | usd |
CY2022Q3 | worx |
Accounts Payable Current1
AccountsPayableCurrent1
|
50000 | usd |
CY2022Q3 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
0.72 | |
us-gaap |
Depreciation
Depreciation
|
usd | ||
CY2020Q2 | worx |
Cares Act Description
CARESActDescription
|
The CARES Act was established in order to enable small businesses to pay employees during the economic slowdown caused by COVID-19 by providing forgivable loans to qualifying businesses for up to 2.5 times their average monthly payroll costs. The amount borrowed under the CARES Act and used for payroll costs, rent, mortgage interest, and utility costs during the 24 week period after the date of loan disbursement is eligible to be forgiven provided that (a) the Company uses the PPP Funds during the eight week period after receipt thereof, and (b) the PPP Funds are only used to cover payroll costs (including benefits), rent, mortgage interest, and utility costs. While the full loan amount may be forgiven, the amount of loan forgiveness will be reduced if, among other reasons, the Company does not maintain staffing or payroll levels or less than 60% of the loan proceeds are used for payroll costs. | |
CY2020Q2 | us-gaap |
Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
|
0.01 | pure |
CY2020Q2 | us-gaap |
Debt Instrument Term
DebtInstrumentTerm
|
P2Y | |
CY2022Q2 | us-gaap |
Debt Instrument Maturity Date
DebtInstrumentMaturityDate
|
2025-03-05 | |
us-gaap |
Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
|
139569 | usd | |
CY2021Q1 | worx |
Finance Leases Liability
FinanceLeasesLiability
|
139595 | usd |
worx |
Operating Leases Cost
OperatingLeasesCost
|
921 | usd | |
worx |
Operating Leases Cost
OperatingLeasesCost
|
17697 | usd | |
CY2022Q3 | worx |
Total Leases Cost
TotalLeasesCost
|
434 | usd |
CY2021Q3 | worx |
Total Leases Cost
TotalLeasesCost
|
1167 | usd |
worx |
Total Leases Cost
TotalLeasesCost
|
921 | usd | |
worx |
Total Leases Cost
TotalLeasesCost
|
17697 | usd | |
CY2022Q3 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
434 | usd |
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
921 | usd | |
CY2022Q1 | us-gaap |
Loss Contingency Actions Taken By Plaintiff
LossContingencyActionsTakenByPlaintiff
|
Under the terms of this agreement, (i) the insurers for the Company and Marc Schessel (former CEO) will make a cash payment to the class plaintiffs (ii) the former CEO will transfer 100,000 shares of company common stock to the class plaintiffs, and (iii) the Company will issue $600,000 worth of common stock to the class plaintiffs, in exchange for which all parties will be released from all claims related to the securities class action litigation. After giving effect to the share issuance by the Company, the Company believes that it will have satisfied the accrued retention liability of $700,000. | |
CY2022Q2 | us-gaap |
Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
|
190000 | usd |
us-gaap |
Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
|
500000 | usd | |
CY2022Q2 | us-gaap |
Loss Contingency Settlement Agreement Terms
LossContingencySettlementAgreementTerms
|
on or about April 6, 2022, the Company reached a settlement in principle with the SEC Staff which, subject to a few changes, was subsequently approved by the Commission in which the Company agreed to resolve the SEC’s investigation regarding the April 13, 2020 press release and related disclosures (related to Covid-19 rapid test kits) through the Company’s payment of (a) a civil monetary penalty of $125,000, payable in 4 equal installments over 12 months and (b) disgorgement of $471,000 and prejudgment interest in the amount of $32,761.56 which payment is to be deemed satisfied by the transfer by the Company, no later than 30 days after the entry of the Class Distribution Order in the class action entitled Yannes v. SCWorx Corp. of shares of SCWorx’s common stock, valued at $600,000 at the time of issuance to authorized claimants in the Yannes settlement, provided that the Class Distribution Order is entered within 365 days from the entry of the Final Judgment in the SEC action. In the event that the Company does not transfer shares of its common stock, valued at $600,000 at the time of issuance to authorized claimants in the class action settlement within 365 days from the entry of a Final Judgment, the Company will be required to remit to the SEC the full amount of disgorgement within 395 days from entry of a Final Judgment. On May 31, 2022, the Commission filed a complaint against Marc Schessel and the Company in the United States District Court for the District of New Jersey alleging violations of Sections 17(a)(1), 17(a)(2), and 17(a)(3) of the Securities Act of 1933 (the “Securities Act”), Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rules 10b-5(a), 10b-5(b), and 10b-5(c) thereunder relating to the April 13, 2020 press release and related disclosures we made in relation to the transaction involving COVID-19 test kits. At the same time, on May 31, 2022, the Commission filed a motion for approval of the Consent Judgment which contained the aforementioned fine, disgorgement requirement as well as an agreement by the Company to an injunction permanently restraining and enjoining the Company from violating Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and Rules 10b-5(a), (b), and (c) thereunder [17 C.F.R § 240.10b .. 5(a), (b), (c)]; and Section 17(a) of the Securities Act of 1933 (“Securities Act’’) [15 U.S.C. § 77q(a)]. On June 2, 2022, the Court granted the motion, approved the settlement and entered a final judgment. SCWorx has thus far paid 2 of 4 installments on the monetary penalty of $125,000. | |
CY2022Q1 | worx |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested Restricted Units
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedRestrictedUnits
|
107998 | shares |
CY2022Q3 | worx |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested Restricted Units
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedRestrictedUnits
|
107998 | shares |
CY2022Q3 | worx |
Shares Issued As Settlement Of Accounts Payable1
SharesIssuedAsSettlementOfAccountsPayable1
|
21360 | usd |
CY2022Q3 | worx |
Accounts Payable Current1
AccountsPayableCurrent1
|
16875 | usd |
CY2022Q3 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
0.79 | |
CY2022Q1 | us-gaap |
Payments For Legal Settlements
PaymentsForLegalSettlements
|
75000 | usd |
CY2022Q1 | us-gaap |
Payments For Legal Settlements
PaymentsForLegalSettlements
|
75000 | usd |
CY2022Q2 | us-gaap |
Shares Issued
SharesIssued
|
277778 | shares |
CY2022Q2 | us-gaap |
Equity Fair Value Adjustment
EquityFairValueAdjustment
|
200000 | usd |
CY2022Q2 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
0.72 | |
CY2022Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
1153845 | shares |
CY2022Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
1153845 | shares |
us-gaap |
Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
|
750000 | usd | |
CY2022Q3 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
0.65 | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
725050 | usd | |
CY2020Q2 | us-gaap |
Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
|
During May 2020, the Company received $515,000 of a committed $565,000 from the sale of 135,527 shares of common stock (at a price of $3.80 per share) and warrants to purchase 169,409 shares of common stock, at an exercise price of $4.00 per share. As of September 30, 2022, $415,000 worth of the shares and warrants have been issued. | |
CY2022Q3 | worx |
Equity Financing Current
EquityFinancingCurrent
|
125000 | usd |
us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
|
551000 | usd | |
CY2021 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
|
1000000 | usd |
CY2022Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
261370 | usd |
CY2021Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
699084 | usd |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
906919 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1929446 | usd | |
CY2022Q3 | worx |
Share Based Compensation Common Stock
ShareBasedCompensationCommonStock
|
261370 | usd |
CY2021Q3 | worx |
Share Based Compensation Common Stock
ShareBasedCompensationCommonStock
|
699084 | usd |
worx |
Share Based Compensation Common Stock
ShareBasedCompensationCommonStock
|
906919 | usd | |
worx |
Share Based Compensation Common Stock
ShareBasedCompensationCommonStock
|
1929446 | usd | |
CY2022Q3 | worx |
Share Based Compensation Total
ShareBasedCompensationTotal
|
261370 | usd |
CY2021Q3 | worx |
Share Based Compensation Total
ShareBasedCompensationTotal
|
699084 | usd |
worx |
Share Based Compensation Total
ShareBasedCompensationTotal
|
906919 | usd | |
worx |
Share Based Compensation Total
ShareBasedCompensationTotal
|
1929446 | usd | |
CY2022Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
4098867 | shares |
CY2021Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3486831 | shares |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
4098867 | shares | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3486831 | shares | |
CY2022Q3 | us-gaap |
Due From Officers Or Stockholders
DueFromOfficersOrStockholders
|
153838 | usd |
CY2021Q4 | us-gaap |
Due From Officers Or Stockholders
DueFromOfficersOrStockholders
|
153838 | usd |
CY2021Q3 | us-gaap |
Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
|
100000 | usd |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
usd | ||
CY2022Q3 | worx |
Shares Issued For Vested Restricted Stock Units One
SharesIssuedForVestedRestrictedStockUnitsOne
|
usd | |
worx |
Shares Issued For Vested Restricted Stock Units One
SharesIssuedForVestedRestrictedStockUnitsOne
|
usd | ||
CY2021Q3 | us-gaap |
Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
|
usd | |
CY2021Q3 | worx |
Shares Issued For Vested Restricted Stock Units One
SharesIssuedForVestedRestrictedStockUnitsOne
|
usd | |
us-gaap |
Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
|
usd | ||
worx |
Gain Loss On Settlement Of Accounts Payable
GainLossOnSettlementOfAccountsPayable
|
usd | ||
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
usd | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
usd | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
usd | ||
us-gaap |
Interest Paid
InterestPaid
|
usd | ||
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
usd | ||
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
usd | ||
worx |
Shares Issued For Equity Financings
SharesIssuedForEquityFinancings
|
usd | ||
worx |
Commitment Shares Issued In Conjunction With Capital Raise
CommitmentSharesIssuedInConjunctionWithCapitalRaise
|
usd | ||
CY2022Q3 | us-gaap |
Inventory Net
InventoryNet
|
usd | |
CY2021Q4 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
usd | |
CY2021Q3 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
usd | |
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
usd | ||
CY2022Q3 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
||
CY2021Q3 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
||
CY2022Q3 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
||
CY2021Q3 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
||
CY2022Q3 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
pure | |
CY2021Q3 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
pure | |
CY2022Q3 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
pure | |
CY2021Q3 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
pure | |
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001674227 |