Tue, Sep 24, 10:01 AM (88 days ago)
SCWorx Corp. reported a revenue decline of 5.7% for the fiscal year ending December 31, 2023, totaling $3,804,943 compared to $4,038,188 in 2022. The company experienced a net loss of $3,981,144, up from a loss of $1,847,406 the previous year, contributing to an accumulated deficit of $29,839,841. Operating expenses decreased by $817,337 to $2,719,740, primarily due to reduced stock compensation and legal fees. However, significant losses were attributed to a $2,524,034 goodwill impairment. The company faces substantial doubt regarding its ability to continue as a going concern, with a working capital deficit of $1,898,625. SCWorx has relied on equity financing, raising $572,906 through stock placements in 2023, and is actively seeking additional funding to address liquidity issues. Strategically, SCWorx aims to enhance its software solutions for healthcare data interoperability, although competition remains intense. Risks include dependency on a limited customer base and the potential for future operational disruptions. The recent reverse stock split (1-for-15) aims to bolster share value on the Nasdaq Capital Market. Future outlook hinges on securing capital and improving revenue streams.