SCWorx, Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2017

The change in the carrying amount of goodwill for the six months ended June 30, 2017 is:

Balance as of December 31, 2016	$	3,271,815
Goodwill Sucker Punch		160,763
Goodwill Fight Time Promotions		322,601
Goodwill National Fighting Championships		366,227
Goodwill Fight Club OC		518,710
Balance as of June 30, 2017	$	4,640,116

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

Identified intangible assets consist of the following:

		June 30, 2017						December 31, 2016
	Useful	Gross		Accumulated				Gross		Accumulated
Intangible assets	Life	Assets		Amortization		Net		Assets		Amortization		Net
Video library, intellectual property	5 years	$	3,546,241	$	528,578	$	3,017,663	$	3,512,741	$	181,824	$	3,330,917
Venue contracts	3 years		1,966,400		491,600		1,474,800		1,966,400		163,867		1,802,533
Ticketing software	3 years		360,559		90,140		270,419		360,559		30,047		330,512
Brand	3 years		993,867		83,591		910,276		325,000		8,749		316,251
Fighter contracts			1,525,584		254,264		1,271,320
Total intangible assets, gross		$	8,392,651	$	1,448,173	$	6,944,478	$	6,164,700	$	384,487	$	5,780,213

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

As of June 30, 2017, estimated amortization expense for the unamortized acquired intangible assets over the next five years and thereafter is as follows:

2017 (Remaining six months)	$	1,156,259
2018		2,311,385
2019		2,110,388
2020		803,383
2021		543,611
Thereafter		19,452
	$	6,944,478

Business Acquisition, Pro Forma Information [Table Text Block]

The combined pro forma net revenue and net loss of the Company as if Initial Business Units were acquired in January 1, 2016 are (in 000’s):

	Three Months Ended		Six Months Ended
	June 30, 2016		June 30, 2016
Revenue, Net	$	784	$	1,224
Net loss	$	(3,082)	$	(3,204)

Sucker Punch [Member]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

As consideration for the acquisition of SuckerPunch, the Company delivered the following amounts of cash and shares of common stock.

					Warrant		Consideration
	Cash		Shares		Grant		Paid
SuckerPunch	$	357,500		307,487		93,583	$	1,686,347

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table reflects the preliminary allocation of the purchase price for SuckerPunch to identifiable assets and preliminary pro forma intangible assets and goodwill:

	SuckerPunch
Cash	$
Accounts receivable, net
Intangible assets		1,525,584
Goodwill		160,763
Total identifiable assets	$	1,686,347
Total identifiable liabilities
Total purchase price	$	1,686,347

Fight Time Promotions, LLC [Member]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

As consideration for the acquisition of the MMA promotion business of Fight Time, the Company delivered the following amounts of cash and shares of common stock.

					Consideration
	Cash		Shares		Paid
Fight Time	$	84,000		74,667	$	371,468

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table reflects the preliminary allocation of the purchase price for the business of Fight Time to identifiable assets and preliminary pro forma intangible assets and goodwill:

	Fight Time
Cash	$
Accounts receivable
Intangible assets		48,867
Goodwill		322,601
Total identifiable assets	$	371,468
Total identifiable liabilities
Total purchase price	$	371,468

National Fighting Championships [Member]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

As consideration for the acquisition of the MMA promotion business of NFC, the Company delivered the following amounts of cash and shares of common stock.

					Consideration
	Cash		Shares		Paid
NFC	$	140,000		273,304	$	506,227

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table reflects the preliminary allocation of the purchase price for the business of NFC to identifiable assets and preliminary pro forma intangible assets and goodwill:

	NFC
Cash	$
Accounts receivable
Fixed assets		20,000
Intangible assets		120,000
Goodwill		366,227
Total identifiable assets	$	506,227
Total identifiable liabilities
Total purchase price	$	506,227

Fight Club OC [Member]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

As consideration for the acquisition of the MMA promotion business of Fight Club OC, the Company delivered the following amounts of cash and shares of common stock.

					Consideration
	Cash		Shares		Paid
Fight Club OC	$	207,900		693,000	$	1,018,710

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table reflects the preliminary allocation of the purchase price for the business of the Fight Club OC to identifiable assets, liabilities, and preliminary pro forma intangible assets and goodwill:

	Fight Club OC
Cash	$	159,000
Accounts receivable
Intangible assets		500,000
Goodwill		518,710
Total identifiable assets	$	1,177,710
Total identifiable liabilities		(159,000)
Total purchase price	$	1,018,710