Revenue Performance - Revenue for the three months ended September 30, 2023 was $906,099, a decrease of 8.2% from $986,949 in the same period of 2022[143] - Revenue for the nine months ended September 30, 2023 was $2,894,647, a decrease of 3.8% from $3,010,322 in the same period of 2022[149] Cost of Revenues - Cost of revenues decreased to $666,808 for the three months ended September 30, 2023, down 3.8% from $693,353 in the prior year[144] - Cost of revenues for the nine months ended September 30, 2023 was $1,972,300, down 2.1% from $2,014,537 in the prior year[150] General and Administrative Expenses - General and administrative expenses increased by $264,558 to $1,097,273 for the three months ended September 30, 2023, primarily due to a one-time legal judgment of $461,856[145] - General and administrative expenses decreased by $536,199 to $2,328,209 for the nine months ended September 30, 2023, mainly due to decreases in stock-based compensation and other expenses[151] Net Loss - Net loss for the three months ended September 30, 2023 was $858,258, compared to a net loss of $399,523 for the same period in 2022, representing a 114.8% increase in losses[147] - Net loss for the nine months ended September 30, 2023 was $1,412,070, an improvement of 11.1% compared to a net loss of $1,589,432 for the same period in 2022[153] Cash Flow from Operating Activities - Net cash used in operating activities was $701,282 for the nine months ended September 30, 2023, compared to $434,399 in the prior year[155] - Cash used in operating activities was approximately $701,000 for the nine months ended September 30, 2023, primarily due to a net loss of approximately $1,412,000[156] - Cash used in operating activities for the nine months ended September 30, 2022, was approximately $434,000, with a net loss of approximately $1,589,000[157] Cash Flow from Financing Activities - Cash provided by financing activities was approximately $524,000 for the nine months ended September 30, 2023, including proceeds from the sale of common stock of approximately $573,000[159] - Cash provided by financing activities for the nine months ended September 30, 2022, was $725,050, consisting of net proceeds from a common stock placement[161] Other Financial Information - There were no investing activities reported for the nine months ended September 30, 2023, and 2022[158] - As of September 30, 2023, and December 31, 2022, the company did not have any off-balance sheet arrangements[162] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[163] Impact of COVID-19 - The company experienced disruptions in operations and customer acquisition due to the COVID-19 pandemic, impacting growth prospects[140]
SCWorx (WORX) - 2023 Q3 - Quarterly Report