WORXHIGH SIGNALOPERATIONAL10-K

WORX appears to have undergone a fundamental business transformation, relocating from Tampa to Massachusetts while completely removing all healthcare IT business descriptions from its filing.

The complete elimination of healthcare technology business descriptions, combined with a relocation and downsizing to just 9 employees, suggests either a major pivot away from the healthcare IT sector or potential winding down of core operations. This represents a fundamental change in the company's business model and strategic direction that investors need to understand.

Comparing 2026-03-31 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

The company shows mixed operational results with improved gross profit of $920K and reduced operating losses, while interest expense dropped substantially to $24K from $259K. However, cash position weakened significantly to $91K from $249K, and operating cash flow deteriorated meaningfully. The balance sheet strengthened through a large reduction in total liabilities to $744K and increased stockholders equity to $7.2M, though inventory declined sharply to $157K, possibly reflecting business model changes or liquidation activities.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
-90.8%
$259K→$24K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Inventory
Balance Sheet
-84.3%
$998K→$157K

Inventory drawn down 84.3% — strong sell-through or deliberate destocking; watch for supply constraints.

Cash & Equivalents
Balance Sheet
-63.3%
$249K→$91K

Cash declined 63.3% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Liabilities
Balance Sheet
-59.9%
$1.9M→$744K

Liabilities reduced 59.9% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-59.5%
$1.8M→$744K

Current liabilities reduced — improved short-term financial position and working capital health.

Stockholders Equity
Balance Sheet
+59.3%
$4.5M→$7.2M

Equity base grew 59.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
-42.4%
-$1.1M→-$1.5M

Operating cash flow fell 42.4% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Assets
Balance Sheet
+24.4%
$6.3M→$7.9M

Asset base grew 24.4% — expansion through organic growth, acquisitions, or capital deployment.

Operating Income
P&L
+23.9%
-$1.3M→-$959K

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Gross Profit
P&L
+23.3%
$746K→$920K

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-31
ADDED
Our principal executive offices are located at 35 Village Road, Suite 100, Middleton, MA 01949.
Employees As of December 31, 2025, we had 9 employees, of which 3 were management and finance and the rest in operations.
For the year ended December 31, 2025, our revenues were $2,877,629, and we had a net loss of $4,444,109.
At December 31, 2025, we had an accumulated deficit of $35,420,175.
We incurred losses from operations of $958,719 for the year ended December 31, 2025 and $1,259,426 for the year ended December 31, 2024.
Our total revenues declined approximately $112,000 (4%) to $2,877,629 in the year ended December 31, 2025 as compared to $2,989,599 in the year ended December 31, 2024.
Risks Related to Our Business There could be doubt about our ability to continue as a going concern.
As of December 31, 2025, there were an aggregate of 54,055,187 shares issuable under the warrant agreements.
We may not be able to maintain the minimum $1.00 bid price per share of our Common Stock, as required by the Nasdaq Stock Market, which could force us to implement a reverse stock split of our Common Stock.
On October 8, 2025, the Company received written notification from the Listing Qualifications Department of Nasdaq, granting the Company s request for a 180-day extension to regain compliance with the Bid Price Rule.
REMOVED
Our principal executive offices are located at 100 S Ashley Dr, Suite 100 Tampa, FL 33602.
SCWorx has developed and markets health care information technology solutions and associated services that improve healthcare processes and information flow within hospitals and other healthcare facilities.
SCWorx s software enables a healthcare provider to simplify and organize its data ( data normalization ), allows the data to be utilized across multiple internal software applications ( interoperability ) and provides the basis for sophisticated data analytics ( big data ).
Customers use our software to achieve multiple operational benefits, such as supply chain cost reductions, decreased accounts receivables aging, accelerated and completed patient billing in less than 72 hours, contract optimization, increased supply chain management and total cost visibility via dynamic AI connections that automatically structures, repairs, synchronizes and maintains purchasing ( MMIS ), Clinical ( EMR ) and finance ( CDM ) systems.
SCWorx s customers include some of the most prestigious healthcare organizations in the United States.
SCWorx offers an advanced software solution for the management of health care providers foundational business applications, empowering its customers to significantly reduce costs, drive better clinical outcomes and enhance their revenue.
SCWorx supports the interrelationship between the three core healthcare provider systems: Supply Chain, Financial and Clinical.
This solution integrates common keys within distinct and variable databases that allows the repaired foundational data to move seamlessly from one application to another enabling our customers to drive supply chain cost reductions, optimize contracts, increase supply chain management ( SCM ), cost visibility, control rebates and contract administration fees.
Employees As of December 31, 2024, we had 7 employees, of which 2 were management and finance and the rest in operations.
For the year ended December 31, 2023, our revenues were $3,804,943, and we had a net loss of $3,981,144.
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