SCWorx (US:WORX)2024-10-10 21:24Financial Performance - Revenue for the three months ended March 31, 2024, was $812,099, a decrease of 18.6% from $997,449 in the same period of 2023[96] - Cost of revenues decreased to $603,465 for the three months ended March 31, 2024, down 12.5% from $689,462 in 2023[99] - Operating expenses significantly decreased by $320,314 to $387,090 for the three months ended March 31, 2024, compared to $707,404 in 2023[99] - Net loss for the three months ended March 31, 2024, was $178,659, improving from a net loss of $399,890 in the same period of 2023, representing a reduction of 55.4%[100] Cash Flow - Cash used in operating activities was approximately $59,000 for the three months ended March 31, 2024, compared to cash provided of approximately $19,000 in the same period of 2023[100] - Cash provided by financing activities was $7,647 for the three months ended March 31, 2024, contrasting with cash used of $19,090 in the same period of 2023[104] Going Concern - The company has raised substantial doubt about its ability to continue as a going concern due to insufficient capital resources to meet operating expenses and working capital requirements[105] Operational Challenges - The company experienced disruptions in operations and customer acquisition due to the COVID-19 pandemic, impacting growth prospects[94] Business Model - SCWorx's software solutions are delivered through a SaaS model, typically under three-to-five-year contracts, enhancing data interoperability for healthcare providers[93] Investment Activities - The company has not engaged in any investing activities during the three months ended March 31, 2024, and 2023[103]