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SCWorx Corp. (WORX-6.68%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in revenue to $2,989,599 from $3,804,943 in the previous year, attributed to the expiration and non-renewal of customer contracts.
Cost of revenues decreased to $2,243,614 from $2,535,865, primarily due to reduced labor costs.
Operating expenses were reduced to $2,005,411 from $2,719,740, with notable decreases in stock compensation and salaries, partially offset by increased accounting and legal fees.
The company recorded a net loss of $1,136,225, an improvement from the previous year's net loss of $3,981,144.
SCWorx reported a working capital deficit of $1,333,171 and an accumulated deficit of $30,976,066 as of December 31, 2024.
The company raised $1,500,000 in a financing transaction in January 2025, issuing convertible notes and warrants.
SCWorx continues to focus on providing data content and services for healthcare providers, with a single operating segment in the United States.
The company identified material weaknesses in internal controls related to segregation of duties and is working on remediation efforts.
SCWorx's auditors have expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses and working capital deficits.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SCWorx Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.