SCWorx Corp. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Changes in Registrant's Certifying Accountant
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ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Amendment and Restatement of Outstanding Promissory Note
As previously reported, on April 12, 2024, SCWorx Corp. (the “Registrant”) issued a secured promissory note in the face amount of $330,000, in exchange for which it received cash in the amount of $300,000 (“Note”). In addition to the original issue discount of $30,000, the note bears interest at the rate of 5% per annum, is secured by all the Registrant’s assets and was due and payable May 10, 2024. On May 10, 2024, the Registrant and the holder of the Note amended and restated the Note to extend the maturity date until May 17, 2024.
Item 4.01. CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT
Dismissal of BF Borgers CPA PC
(a) Former independent registered public accounting firm
On May 3, 2024, the US Securities and Exchange Commission (“Commission”) entered an Order denying BF Borgers CPA PC (“BF Borgers”)the privilege of appearing or practicing before the Commission as an accountant. As a result, BF Borgers may not participate in or perform the audit or review of financial information included in Commission filings, issue audit reports included in Commission filings, provide consents with respect to audit reports, or otherwise appear or practice before the Commission. practicing before the SEC. As a result of the foregoing, On May 7, 2024, the board of directors of the SCWorx Corp. (the “Registrant” or “Company”) terminated BF Borgers as the Registrant’s independent registered public accounting firm. BF Borgers has audited the Registrant’s financial statements since 2021.
BF Borger’s report on the Company’s financial statements for the fiscal year ended December 31, 2022 did not contain an adverse opinion or disclaimer of opinion, nor was such report qualified or modified as to uncertainty, audit scope or accounting principle, except for an explanatory paragraph relating to a substantial doubt regarding the Company’s ability to continue as a going concern. During the fiscal year ended December 31, 2012, and through May 7, 2024, there were no disagreements with BF Borgers on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to BF Borgers’s satisfaction, would have caused BF Borgers to make reference to the subject matter of the disagreement in connection with its report.
During the fiscal year ended December 31, 2022, and through May 7, 2024, there were no “reportable events” as defined under Item 304(a)(1)(v) of Regulation S-K, except for material weaknesses in internal control over financial reporting.
Since BF Borgers is not currently permitted to appear or practice before the Commission, the Company is not including a letter from BF Borgers stating whether it agrees with the above disclosures.
The Company is currently searching for a new independent registered public accounting firm and expects this process to delay the timely filing of our upcoming March 31, 2024 periodic filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SCWorx Corp. | ||
| By: | /s/Timothy Hannibal | |
| Timothy Hannibal | ||
| CEO | ||
| Dated: May 13, 2024 | ||
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