2023 Q3 Form 10-Q Financial Statement
#000121390023066853 Filed on August 14, 2023
Income Statement
Concept | 2023 Q3 | 2023 Q2 | 2022 Q4 |
---|---|---|---|
Revenue | $906.1K | $991.1K | $1.028M |
YoY Change | -8.19% | -0.13% | -17.79% |
Cost Of Revenue | $666.8K | $616.0K | $610.0K |
YoY Change | -3.83% | -1.21% | -3.15% |
Gross Profit | $239.3K | $375.1K | $417.9K |
YoY Change | -18.5% | 1.68% | -32.65% |
Gross Profit Margin | 26.41% | 37.84% | 40.65% |
Selling, General & Admin | $1.100M | $523.5K | $675.8K |
YoY Change | 32.1% | -43.84% | -54.33% |
% of Gross Profit | 459.69% | 139.58% | 161.74% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $0.00 | ||
YoY Change | -100.0% | ||
% of Gross Profit | 0.0% | ||
Operating Expenses | $1.090M | $523.5K | $675.8K |
YoY Change | -28.57% | -66.35% | -54.33% |
Operating Profit | -$858.0K | -$148.5K | -$258.0K |
YoY Change | 59.15% | -73.65% | -69.97% |
Interest Expense | $0.00 | $5.459K | |
YoY Change | -83.34% | ||
% of Operating Profit | |||
Other Income/Expense, Net | -$276.00 | -$5.459K | |
YoY Change | -100.2% | ||
Pretax Income | -$858.3K | -$153.9K | -$258.0K |
YoY Change | 114.82% | -72.68% | -69.97% |
Income Tax | $0.00 | ||
% Of Pretax Income | |||
Net Earnings | -$858.3K | -$153.9K | -$258.0K |
YoY Change | 114.82% | -72.68% | -69.97% |
Net Earnings / Revenue | -94.72% | -15.53% | -25.1% |
Basic Earnings Per Share | -$0.05 | -$0.01 | |
Diluted Earnings Per Share | -$0.05 | -$0.01 | -$0.02 |
COMMON SHARES | |||
Basic Shares Outstanding | 16.70M shares | 13.02M shares | 13.01M shares |
Diluted Shares Outstanding | 16.90M shares | 13.82M shares |
Balance Sheet
Concept | 2023 Q3 | 2023 Q2 | 2022 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $70.00K | $133.0K | $249.5K |
YoY Change | -80.65% | 466.33% | 250.96% |
Cash & Equivalents | $72.43K | $133.0K | $249.5K |
Short-Term Investments | |||
Other Short-Term Assets | $60.00K | $90.53K | $295.2K |
YoY Change | -81.43% | -72.39% | 361.65% |
Inventory | |||
Prepaid Expenses | |||
Receivables | $322.7K | $458.8K | $336.0K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $450.1K | $682.4K | $880.7K |
YoY Change | -50.89% | -2.31% | 16.42% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $0.00 | $0.00 | |
YoY Change | |||
Goodwill | $8.366M | $8.366M | $8.366M |
YoY Change | 0.0% | 0.0% | 0.0% |
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $8.366M | $8.366M | $8.366M |
YoY Change | 0.0% | 0.0% | 0.0% |
TOTAL ASSETS | |||
Total Short-Term Assets | $450.1K | $682.4K | $880.7K |
Total Long-Term Assets | $8.366M | $8.366M | $8.366M |
Total Assets | $8.817M | $9.049M | $9.247M |
YoY Change | -5.03% | -0.18% | 1.36% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $23.47K | $600.0K | |
YoY Change | -96.09% | 0.0% | |
Accrued Expenses | $1.391M | $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 | $2.557M | $2.340M | $2.323M |
YoY Change | 9.77% | -10.86% | 1.69% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $100.0K | $114.3K | $147.8K |
YoY Change | -35.22% | -61.12% | -65.92% |
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $99.90K | $114.3K | $147.7K |
YoY Change | -35.29% | -61.12% | -65.92% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.557M | $2.340M | $2.323M |
Total Long-Term Liabilities | $99.90K | $114.3K | $147.7K |
Total Liabilities | $2.657M | $2.455M | $2.471M |
YoY Change | 6.97% | -15.92% | -9.1% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$27.27M | -$26.41M | -$25.86M |
YoY Change | 6.52% | 4.81% | 7.69% |
Common Stock | $17.91K | $16.16K | $13.01K |
YoY Change | 37.66% | 37.8% | 15.21% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $6.160M | $6.594M | $6.777M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $8.817M | $9.049M | $9.247M |
YoY Change | -5.03% | -0.18% | 1.36% |
Cashflow Statement
Concept | 2023 Q3 | 2023 Q2 | 2022 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$858.3K | -$153.9K | -$258.0K |
YoY Change | 114.82% | -72.68% | -69.97% |
Depreciation, Depletion And Amortization | $0.00 | ||
YoY Change | -100.0% | ||
Cash From Operating Activities | -$370.0K | -$347.8K | -$112.3K |
YoY Change | -4.35% | -2388.36% | -66.04% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cash From Investing Activities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 310.0K | 231.1K | 0.000 |
YoY Change | -57.24% | ||
NET CHANGE | |||
Cash From Operating Activities | -370.0K | -347.8K | -112.3K |
Cash From Investing Activities | 0.000 | 0.000 | 0.000 |
Cash From Financing Activities | 310.0K | 231.1K | 0.000 |
Net Change In Cash | -60.00K | -116.7K | -112.3K |
YoY Change | -117.74% | -867.7% | -66.04% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$370.0K | -$347.8K | -$112.3K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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Common stock, $0.001 par value per share | ||
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WORX | ||
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2023-06-30 | ||
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|
-1189909 | usd | |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
6145710 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-553812 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-1189909 | usd | |
worx |
Gain Loss On Settlement Of Accounts Payable
GainLossOnSettlementOfAccountsPayable
|
139595 | usd | |
worx |
Change In Inventory Value
ChangeInInventoryValue
|
112100 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
295746 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
645549 | usd | |
us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
78125 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
122765 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-84135 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
25353 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
63961 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
71459 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
309722 | usd | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
6250 | usd | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
116250 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-328475 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-47584 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
261687 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
33451 | usd | |
us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
-16189 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
160085 | usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
160085 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
212047 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-116428 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-47584 | usd | |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
249462 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
71075 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
133034 | usd |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
23491 | usd |
us-gaap |
Interest Paid Net
InterestPaidNet
|
5932 | usd | |
worx |
Commitment Shares Issued In Conjunction With Capital Raise Amount
CommitmentSharesIssuedInConjunctionWithCapitalRaiseAmount
|
200000 | usd | |
worx |
Shares Issued For Vested Restricted Stock Units
SharesIssuedForVestedRestrictedStockUnits
|
228 | usd | |
worx |
Shares Issued For Vested Restricted Stock Units
SharesIssuedForVestedRestrictedStockUnits
|
72 | usd | |
worx |
Shares Issued For Equity Financings
SharesIssuedForEquityFinancings
|
1941 | usd | |
us-gaap |
Stock Issued1
StockIssued1
|
229 | usd | |
CY2023Q2 | worx |
Acquired Technology Predecessor Cost
AcquiredTechnologyPredecessorCost
|
0 | usd |
CY2023Q2 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
250000 | 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; 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; 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><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="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Revenue</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">For the six months ended</td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Customers</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">2023</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">2023</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></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">11</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">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">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">13</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">10</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11</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">15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</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">11</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</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">6</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 E</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</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><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">-</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Customer F</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19</td><td style="text-align: left">%</td></tr> </table> | ||
CY2023Q2 | us-gaap |
Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
|
0.10 | pure |
CY2023Q2 | worx |
Gowns In Inventory
GownsInInventory
|
87000 | usd |
CY2021Q4 | us-gaap |
Other Inventory
OtherInventory
|
366840 | usd |
CY2023Q2 | us-gaap |
Inventory Gross
InventoryGross
|
523440 | usd |
CY2022Q4 | us-gaap |
Inventory Gross
InventoryGross
|
523440 | usd |
CY2023Q2 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
523440 | usd |
CY2022Q4 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
523440 | usd |
CY2020Q2 | us-gaap |
Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
|
0.60 | pure |
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 | |
us-gaap |
Deferred Revenue Additions
DeferredRevenueAdditions
|
586083 | usd | |
CY2022 | us-gaap |
Deferred Revenue Additions
DeferredRevenueAdditions
|
579833 | usd |
CY2023Q2 | worx |
Contract Liabilities
ContractLiabilities
|
586083 | usd |
CY2022Q4 | worx |
Contract Liabilities
ContractLiabilities
|
579833 | usd |
CY2023Q2 | worx |
Stock Issued During Period Value Stock Options Exercised Net Of Tax Benefits Expense
StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitsExpense
|
228568 | shares |
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; 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> | ||
CY2023Q2 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
435 | usd |
CY2022Q2 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
434 | usd |
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
870 | usd | |
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
921 | usd | |
CY2023Q2 | us-gaap |
Lease Cost
LeaseCost
|
435 | usd |
CY2022Q2 | us-gaap |
Lease Cost
LeaseCost
|
434 | usd |
us-gaap |
Lease Cost
LeaseCost
|
870 | usd | |
us-gaap |
Lease Cost
LeaseCost
|
921 | usd | |
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) agreed to a cash payment to the class plaintiffs (ii) the former CEO agreed to transfer 100,000 shares of company common stock to the class plaintiffs, and (iii) the Company agreed to issue $600,000 worth of common stock to the class plaintiffs, in exchange for which all parties were 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 has satisfied the accrued retention liability of $700,000. | ||
CY2022Q2 | us-gaap |
Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
|
190000 | usd |
CY2022Q4 | us-gaap |
Loss Contingency Accrual Carrying Value Period Increase Decrease
LossContingencyAccrualCarryingValuePeriodIncreaseDecrease
|
257545.63 | usd |
us-gaap |
Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
|
500000 | usd | |
CY2023Q2 | us-gaap |
Legal Fees
LegalFees
|
69163.98 | 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 Company’s issuance, 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 the Company’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. 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 paid all installments on the monetary penalty of $125,000 and has issued Company common stock valued at $600,000 to the authorized claimants in the Yannes settlement in full satisfaction of its financial obligations under the Consent Judgement. | |
CY2022Q2 | us-gaap |
Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
|
125000 | usd |
CY2023Q1 | worx |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested Restricted Units
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedRestrictedUnits
|
11332 | shares |
CY2023Q2 | worx |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested Restricted Units
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedRestrictedUnits
|
216667 | shares |
CY2023Q2 | worx |
Shares Issued As Settlements Of Accounts Payable1
SharesIssuedAsSettlementsOfAccountsPayable1
|
102096 | shares |
CY2023Q2 | worx |
Accounts Payable Current1
AccountsPayableCurrent1
|
26545 | usd |
CY2023Q2 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
0.26 | |
CY2023Q2 | worx |
Shares Issued As Settlements Of Accounts Payable1
SharesIssuedAsSettlementsOfAccountsPayable1
|
48948 | shares |
CY2023Q2 | worx |
Accounts Payable Current1
AccountsPayableCurrent1
|
17621 | usd |
CY2023Q2 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
0.36 | |
CY2023Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
300000 | shares |
CY2023Q2 | worx |
Aggregate Net Proceeds
AggregateNetProceeds
|
127053 | usd |
CY2023Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
300000 | shares |
CY2023Q2 | worx |
Aggregate Net Proceeds
AggregateNetProceeds
|
134634 | usd |
CY2023Q2 | us-gaap |
Class Of Warrant Or Right Unissued
ClassOfWarrantOrRightUnissued
|
823078 | shares |
CY2023Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.65 | |
CY2020Q2 | worx |
Received Amount
ReceivedAmount
|
515000 | usd |
CY2020Q2 | us-gaap |
Financing Receivable Sale
FinancingReceivableSale
|
565000 | usd |
CY2020Q2 | us-gaap |
Common Stock Dividends Shares
CommonStockDividendsShares
|
135527 | shares |
CY2020Q2 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
3.8 | |
CY2020Q2 | us-gaap |
Class Of Warrant Or Right Unissued
ClassOfWarrantOrRightUnissued
|
169409 | shares |
CY2020Q2 | us-gaap |
Warrant Exercise Price Increase
WarrantExercisePriceIncrease
|
4 | |
CY2023Q2 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
415000 | usd |
CY2023Q2 | worx |
Equity Financing Current
EquityFinancingCurrent
|
125000 | usd |
us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
|
148240 | usd | |
CY2022 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
|
222000 | usd |
CY2023Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
147873 | usd |
CY2022Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
297981 | usd |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
295746 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
645549 | usd | |
CY2023Q2 | worx |
Share Based Compensation Common Stock
ShareBasedCompensationCommonStock
|
147873 | usd |
CY2022Q2 | worx |
Share Based Compensation Common Stock
ShareBasedCompensationCommonStock
|
297981 | usd |
worx |
Share Based Compensation Common Stock
ShareBasedCompensationCommonStock
|
295746 | usd | |
worx |
Share Based Compensation Common Stock
ShareBasedCompensationCommonStock
|
645549 | usd | |
CY2023Q2 | worx |
Share Based Compensation Total
ShareBasedCompensationTotal
|
147873 | usd |
CY2022Q2 | worx |
Share Based Compensation Total
ShareBasedCompensationTotal
|
297981 | usd |
worx |
Share Based Compensation Total
ShareBasedCompensationTotal
|
295746 | usd | |
worx |
Share Based Compensation Total
ShareBasedCompensationTotal
|
645549 | usd | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3325735 | shares | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3611004 | shares | |
CY2023Q2 | worx |
Amounts Due To Officers
AmountsDueToOfficers
|
153838 | usd |
CY2022Q4 | worx |
Amounts Due To Officers
AmountsDueToOfficers
|
153838 | usd |
CY2021Q3 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
100000 | usd |
CY2023Q2 | us-gaap |
Accounts Payable Interest Bearing Noncurrent
AccountsPayableInterestBearingNoncurrent
|
83811 | usd |
CY2022Q4 | us-gaap |
Accounts Payable Interest Bearing Noncurrent
AccountsPayableInterestBearingNoncurrent
|
100000 | usd |
CY2016Q2 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
160085 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
160085 | usd |
CY2023Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
usd | |
CY2023Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
usd | |
CY2022Q2 | us-gaap |
Interest Expense
InterestExpense
|
usd | |
us-gaap |
Interest Expense
InterestExpense
|
usd | ||
CY2023Q2 | us-gaap |
Gain Loss On Sales Of Consumer Loans
GainLossOnSalesOfConsumerLoans
|
usd | |
CY2022Q2 | us-gaap |
Gain Loss On Sales Of Consumer Loans
GainLossOnSalesOfConsumerLoans
|
usd | |
CY2022Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
usd | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | ||
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | ||
CY2022Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.05 | |
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.10 | ||
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
13420527 | shares | |
CY2023Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
13817517 | shares |
CY2023Q2 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
usd | |
CY2023Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
usd | |
us-gaap |
Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
|
usd | ||
us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
usd | ||
us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
usd | ||
CY2022Q2 | us-gaap |
Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
|
usd | |
us-gaap |
Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
|
usd | ||
worx |
Gain Loss On Settlement Of Accounts Payable
GainLossOnSettlementOfAccountsPayable
|
usd | ||
us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
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 |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
usd | ||
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
usd | ||
us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
usd | ||
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
usd | ||
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
usd | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
usd | ||
us-gaap |
Interest Paid Net
InterestPaidNet
|
usd | ||
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
usd | ||
worx |
Commitment Shares Issued In Conjunction With Capital Raise Amount
CommitmentSharesIssuedInConjunctionWithCapitalRaiseAmount
|
usd | ||
worx |
Shares Issued For Equity Financings
SharesIssuedForEquityFinancings
|
usd | ||
us-gaap |
Stock Issued1
StockIssued1
|
usd | ||
CY2023Q2 | us-gaap |
Inventory Net
InventoryNet
|
usd | |
CY2022Q4 | us-gaap |
Inventory Net
InventoryNet
|
usd | |
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001674227 |