$WORX
SCWorx Corp.

2024 Q4 Form 10-Q Financial Statement

#000121390024086944 Filed on October 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q1 2023 Q4
Revenue $812.1K $910.3K
YoY Change -18.58% -11.44%
Cost Of Revenue $603.5K $563.6K
YoY Change -12.47% -7.61%
Gross Profit $208.6K $346.7K
YoY Change -32.26% -17.02%
Gross Profit Margin 25.69% 38.09%
Selling, General & Admin $387.1K $391.5K
YoY Change -45.32% -42.07%
% of Gross Profit 185.54% 112.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $387.1K $391.5K
YoY Change -45.32% -42.07%
Operating Profit -$178.5K -$44.80K
YoY Change -55.37% -82.63%
Interest Expense -$200.00 -$240.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$203.00
YoY Change
Pretax Income -$178.7K -$2.569M
YoY Change -55.32% 895.88%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$178.7K -$2.569M
YoY Change -55.32% 895.88%
Net Earnings / Revenue -22.0% -282.22%
Basic Earnings Per Share -$0.14
Diluted Earnings Per Share -$0.14 -$2.12
COMMON SHARES
Basic Shares Outstanding 1.599M shares 1.241M shares 1.211M shares
Diluted Shares Outstanding 1.241M shares

Balance Sheet

Concept 2024 Q4 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.60K $91.44K
YoY Change -84.14% -63.34%
Cash & Equivalents $39.60K $91.44K
Short-Term Investments
Other Short-Term Assets $70.13K $39.53K
YoY Change -77.81% -86.61%
Inventory
Prepaid Expenses
Receivables $391.1K $304.8K
Other Receivables $0.00 $0.00
Total Short-Term Assets $500.8K $435.8K
YoY Change -44.98% -50.52%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $5.842M $5.842M
YoY Change -30.17% -30.17%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.842M $5.842M
YoY Change -30.17% -30.17%
TOTAL ASSETS
Total Short-Term Assets $500.8K $435.8K
Total Long-Term Assets $5.842M $5.842M
Total Assets $6.343M $6.278M
YoY Change -31.62% -32.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.01K $1.763M
YoY Change -82.44% 193.87%
Accrued Expenses
YoY Change
Deferred Revenue $410.3K $378.6K
YoY Change
Short-Term Debt $71.00K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.639M $2.334M
YoY Change 0.59% 0.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $90.36K
YoY Change -100.0% -38.84%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $90.36K
YoY Change -38.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.639M $2.334M
Total Long-Term Liabilities $90.36K
Total Liabilities $2.639M $2.425M
YoY Change -4.11% -1.86%
SHAREHOLDERS EQUITY
Retained Earnings -$30.02M -$29.84M
YoY Change 14.32% 15.4%
Common Stock $1.255K $1.232K
YoY Change -90.36% -90.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.704M $3.853M
YoY Change
Total Liabilities & Shareholders Equity $6.343M $6.278M
YoY Change -31.62% -32.11%

Cashflow Statement

Concept 2024 Q4 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$178.7K -$2.569M
YoY Change -55.32% 895.88%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$59.48K -$106.2K
YoY Change -407.46% -5.43%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $165.0K
YoY Change
Cash From Investing Activities $165.0K
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 $7.647K -36.86K
YoY Change -140.06%
NET CHANGE
Cash From Operating Activities -$59.48K -106.2K
Cash From Investing Activities 165.0K
Cash From Financing Activities $7.647K -36.86K
Net Change In Cash -$51.84K 21.98K
YoY Change -20348.05% -119.58%
FREE CASH FLOW
Cash From Operating Activities -$59.48K -$106.2K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Reclassifications</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain balances in previously issued consolidated financial statements have been reclassified to be consistent with the current period presentation. The reclassification had no impact on total financial position, net loss, or stockholders’ equity.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Concentration of Credit and Other Risks</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and accounts receivable. 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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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:</span></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"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Revenue</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the three 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="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">March 31,</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">March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </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">2024</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">2024</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></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">14</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">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">5</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></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">12</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">34</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29</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">18</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</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">11</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">9</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><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">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"><div style="-sec-ix-hidden: hidden-fact-40">-</div></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"><div style="-sec-ix-hidden: hidden-fact-41">-</div></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></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">5</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">3</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> </table>
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
410333 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
378583 usd
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
410333 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
176430 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
293520 shares
CY2024Q1 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>
CY2024Q1 us-gaap Loans Payable Current
LoansPayableCurrent
70998 usd
CY2023Q4 us-gaap Long Term Loans Payable
LongTermLoansPayable
90359 usd
CY2024Q1 us-gaap Payments For Rent
PaymentsForRent
250 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
935 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
435 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
935 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
435 usd
CY2023Q4 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
461856 usd
CY2023 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
502000 usd
CY2024Q1 worx Loss Contingency Payments Of Plaintiffs
LossContingencyPaymentsOfPlaintiffs
20000 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45000000 shares
CY2024Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
29485 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
147873 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
176430 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
293520 shares
CY2021Q3 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
100000 usd
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
67622 usd
CY2024Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
123474 usd
CY2024Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
123474 usd
CY2024Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
96466 usd
CY2024Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
27008 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
4846158 shares
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
usd
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
usd
CY2023Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
usd
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
CY2023Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
CY2023Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
378583 usd
CY2024Q1 us-gaap Contract With Customer Asset Purchase
ContractWithCustomerAssetPurchase
usd
CY2023 us-gaap Contract With Customer Asset Purchase
ContractWithCustomerAssetPurchase
usd
CY2024Q1 dei Amendment Flag
AmendmentFlag
false
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001674227

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