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SCWorx Corp. (WORX-0.55%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Revenue for the three months ended September 30, 2024 was $759,724, a decrease from $906,099 in the same period of 2023, primarily due to the expiration and non-renewal of certain customer contracts.
Cost of revenues decreased to $627,148 from $666,808, mainly due to staffing reductions.
Operating expenses were reduced to $526,074 from $1,097,273, attributed to decreases in legal and professional fees, a one-time legal settlement accrual, and stock-based compensation.
Other expenses increased to $31,465 from $276, primarily due to interest expense from new convertible notes.
The company reported a net loss of $424,963, compared to a net loss of $858,258 in the prior year.
For the nine months ended September 30, 2024, revenue was $2,313,850, down from $2,894,647, with cost of revenues at $1,726,314, a decrease from $1,972,300.
Operating expenses for the nine-month period were $1,466,637, down from $2,328,209, with a net loss of $940,935 compared to $1,412,070 in 2023.
The company highlighted liquidity concerns, noting that existing resources may not be sufficient to meet operating expenses and working capital requirements over the next year.
SCWorx is evaluating options including reducing operating expenses and securing additional financing.
The filing details ongoing legal proceedings, including settlements and judgments related to marketing and consulting agreements and other legal claims.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SCWorx Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.