secwatch.observer — SEC 8-K summary
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Issuer:     SCWorx Corp. (WORX)
CIK:        0001674227
Form:       8-K
Filed at:   2024-05-14T23:59:59+00:00
Accession:  0001213900-24-042522
Event type: regulatory
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 4.01
LLM model:  deepseek-v4-flash:cloud@v2

SCWorx dismisses auditor BF Borgers after SEC bars them; extends promissory note maturity by one week
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- On May 7, 2024, board terminated BF Borgers as auditor after SEC barred them from practicing on May 3, 2024.
- BF Borgers had audited SCWorx since 2021; no disagreements but material weaknesses in internal controls noted.
- Company expects delay in filing March 31, 2024 quarterly report while searching for new auditor.
- Amended and restated $330,000 promissory note (with $30k OID) to extend maturity from May 10 to May 17, 2024.
- Note bears 5% interest, secured by all assets; original cash received was $300,000.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1674227/000121390024042522/0001213900-24-042522-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1674227/000121390024042522/ea0205918-8k_scworx.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-042522

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