$WORX
SCWorx Corp.

2023 Q4 Form 10-Q Financial Statement

#000121390023086866 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $910.3K $906.1K $986.9K
YoY Change -11.44% -8.19% -13.28%
Cost Of Revenue $563.6K $666.8K $693.4K
YoY Change -7.61% -3.83% -3.97%
Gross Profit $346.7K $239.3K $293.6K
YoY Change -17.02% -18.5% -29.44%
Gross Profit Margin 38.09% 26.41% 29.75%
Selling, General & Admin $391.5K $1.100M $832.7K
YoY Change -42.07% 32.1% -39.57%
% of Gross Profit 112.92% 459.69% 283.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Operating Expenses $391.5K $1.090M $1.526M
YoY Change -42.07% -28.57% 10.75%
Operating Profit -$44.80K -$858.0K -$539.1K
YoY Change -82.63% 59.15% -43.95%
Interest Expense -$240.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$276.00 $139.6K
YoY Change -100.2%
Pretax Income -$2.569M -$858.3K -$399.5K
YoY Change 895.88% 114.82% -58.46%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.569M -$858.3K -$399.5K
YoY Change 895.88% 114.82% -58.46%
Net Earnings / Revenue -282.22% -94.72% -40.48%
Basic Earnings Per Share -$0.05 -$0.03
Diluted Earnings Per Share -$2.12 -$0.05 -$0.03
COMMON SHARES
Basic Shares Outstanding 1.211M shares 16.70M shares 11.74M shares
Diluted Shares Outstanding 16.90M shares 12.07M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.44K $70.00K $361.7K
YoY Change -63.34% -80.65% -9.93%
Cash & Equivalents $91.44K $72.43K $361.7K
Short-Term Investments
Other Short-Term Assets $39.53K $60.00K $323.0K
YoY Change -86.61% -81.43% 243.87%
Inventory
Prepaid Expenses
Receivables $304.8K $322.7K $231.9K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $435.8K $450.1K $916.6K
YoY Change -50.52% -50.89% -22.9%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -100.0%
Goodwill $5.842M $8.366M $8.366M
YoY Change -30.17% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.842M $8.366M $8.366M
YoY Change -30.17% 0.0% -0.03%
TOTAL ASSETS
Total Short-Term Assets $435.8K $450.1K $916.6K
Total Long-Term Assets $5.842M $8.366M $8.366M
Total Assets $6.278M $8.817M $9.283M
YoY Change -32.11% -5.03% -2.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.763M $23.47K $600.0K
YoY Change 193.87% -96.09% -75.96%
Accrued Expenses
YoY Change
Deferred Revenue $378.6K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.334M $2.557M $2.329M
YoY Change 0.5% 9.77% -29.78%
LONG-TERM LIABILITIES
Long-Term Debt $90.36K $100.0K $154.4K
YoY Change -38.84% -35.22% -64.39%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $90.36K $99.90K $154.4K
YoY Change -38.84% -35.29% -64.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.334M $2.557M $2.329M
Total Long-Term Liabilities $90.36K $99.90K $154.4K
Total Liabilities $2.425M $2.657M $2.484M
YoY Change -1.86% 6.97% -33.79%
SHAREHOLDERS EQUITY
Retained Earnings -$29.84M -$27.27M -$25.60M
YoY Change 15.4% 6.52%
Common Stock $1.232K $17.91K $13.01K
YoY Change -90.53% 37.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.853M $6.160M $6.799M
YoY Change
Total Liabilities & Shareholders Equity $6.278M $8.817M $9.283M
YoY Change -32.11% -5.03% -2.87%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$2.569M -$858.3K -$399.5K
YoY Change 895.88% 114.82% -58.46%
Depreciation, Depletion And Amortization $0.00
YoY Change -100.0%
Cash From Operating Activities -$106.2K -$370.0K -$386.8K
YoY Change -5.43% -4.35% 51.41%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $165.0K $0.00 $0.00
YoY Change
Cash From Investing Activities $165.0K $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 -36.86K 310.0K 725.1K
YoY Change -57.24% 16.01%
NET CHANGE
Cash From Operating Activities -106.2K -370.0K -386.8K
Cash From Investing Activities 165.0K 0.000 0.000
Cash From Financing Activities -36.86K 310.0K 725.1K
Net Change In Cash 21.98K -60.00K 338.2K
YoY Change -119.58% -117.74% -8.47%
FREE CASH FLOW
Cash From Operating Activities -$106.2K -$370.0K -$386.8K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Concentration Risk Credit Risk
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<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"> </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="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Revenue</td><td style="font-weight: bold"> </td><td> </td> <td colspan="6" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the nine months ended</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Accounts Receivable</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Customers</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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">12</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></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">10</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></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">14</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">22</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">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">6</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></tr> </table>
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
64000 usd
worx Gown
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87000 pure
CY2021 us-gaap Inventory Write Down
InventoryWriteDown
366840 usd
CY2023Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
391833 usd
CY2022Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
579833 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
391833 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
579833 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; 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>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4098867 shares
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
392 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
434 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1262 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
921 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
392 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
434 usd
us-gaap Lease Cost
LeaseCost
1262 usd
us-gaap Lease Cost
LeaseCost
921 usd
us-gaap Other Expenses
OtherExpenses
20000 usd
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45000000 shares
CY2023Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
14340 shares
CY2023Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.19
CY2023Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1410807 shares
CY2023Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
311220 usd
CY2023Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
823078 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.65
CY2020Q2 worx Equity Financing Committed Amount
EquityFinancingCommittedAmount
565000 usd
CY2020Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
169409 shares
CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4
CY2023Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
415000 shares
CY2023Q3 worx Equity Financing Current
EquityFinancingCurrent
125000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
25070 usd
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
222000 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
40547 usd
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
261370 usd
us-gaap Share Based Compensation
ShareBasedCompensation
336293 usd
us-gaap Share Based Compensation
ShareBasedCompensation
906919 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3269049 shares
CY2021Q3 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
100000 usd
CY2023Q3 worx Shareholder Advance
ShareholderAdvance
75717 usd
CY2022Q4 worx Shareholder Advance
ShareholderAdvance
100000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
183558 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
160085 usd
CY2023Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
23473 usd
worx Shareholders Retaining Percentage
ShareholdersRetainingPercentage
0.17 pure
worx Combined Percentage
CombinedPercentage
0.83 pure
us-gaap Subsequent Event Effect Of Change In Tax Status
SubsequentEventEffectOfChangeInTaxStatus
6000000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q3 us-gaap Common Stock Shares Subscriptions
CommonStockSharesSubscriptions
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CY2022Q3 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
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us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
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CY2023Q3 worx Gain On Forgiveness Of Ppp Loan
GainOnForgivenessOfPPPLoan
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worx Gain On Forgiveness Of Ppp Loan
GainOnForgivenessOfPPPLoan
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11616820 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12069412 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14592462 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16898117 shares
CY2023Q3 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
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worx Shares Issued For Settlement Of Class Action
SharesIssuedForSettlementOfClassAction
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us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
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worx Gain On Forgiveness Of Ppp Loan
GainOnForgivenessOfPPPLoan
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worx Change In Inventory Value
ChangeInInventoryValue
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
usd
worx Payments Of Shareholder Advance
PaymentsOfShareholderAdvance
usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
worx Commitment Shares Issued In Conjunction With Capital Raise Amount
CommitmentSharesIssuedInConjunctionWithCapitalRaiseAmount
usd
worx Share Issued For Settlement Of Class Action
ShareIssuedForSettlementOfClassAction
usd
us-gaap Stock Issued1
StockIssued1
usd
CY2023Q3 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
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001674227

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