SCWorx (US:WORX)2023-05-15 19:46Revenue and Financial Performance - Revenue for the three months ended March 31, 2023, was $997,449, a decrease of 3.25% from $1,030,949 in the same period of 2022[131]. - Net loss for the three months ended March 31, 2023, was $399,890, an improvement of 36.3% compared to a net loss of $626,546 in the same period of 2022[136]. - Cash provided by operating activities was approximately $19,346 for the three months ended March 31, 2023, compared to a cash outflow of $62,782 in the same period of 2022[137]. Cost Management - Cost of revenues decreased to $689,462 for the three months ended March 31, 2023, compared to $697,636 in 2022, reflecting normal business fluctuations[133]. - General and administrative expenses decreased by $391,577 to $707,877 for the three months ended March 31, 2023, primarily due to reductions in stock-based compensation and legal fees[134]. - Cash used in financing activities was $19,090 for the three months ended March 31, 2023, consisting of net repayments on notes payable[141]. Operational Challenges - The company experienced disruptions in operations due to the COVID-19 pandemic, impacting new customer acquisition and service utilization[130]. Business Model and Partnerships - SCWorx's software solutions are delivered through a SaaS model, typically under three-to-five-year contracts, enhancing data interoperability for healthcare providers[125]. - The company maintains its operations in the U.S. through a partnership with RackSpace for hosting and infrastructure services[127]. Investing Activities - The company did not have any investing activities during the three months ended March 31, 2023, and 2022[140].