SCWorx, Corp. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

Related Party Transactions	12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 4. Related Party Transactions The Company incurred interest expense of $23,720 to Mark Munro, a related party during the year ended December 31, 2019, which was accrued and converted to Series A Preferred Stock in 2019. During April, 2020, a company affiliated with a shareholder advanced $475,000 in cash to the supplier of test kits for their purchase. The amount due is recorded in shareholder advance. On July 24, 2020, the Company’s then Chief Executive Officer, Marc Schessel, transferred 20,000 of his personally held common shares to Mark Shefts, a Director as compensation for acting as a director. The company deemed this transfer to be in consideration for services and recorded a non-cash expense of $115,100 for the fair value of the shares transferred. Included in accounts payable at December 31, 2020 are amounts due to officers of the Company in the amount of $153,838. Included in accounts receivable at December 31, 2020 are amounts due from a former officer and director of the Company in the amount of $28,673.

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Note 4. Related Party Transactions

The Company incurred interest expense of $23,720 to Mark Munro, a related party during the year ended December 31, 2019, which was accrued and converted to Series A Preferred Stock in 2019.

During April, 2020, a company affiliated with a shareholder advanced $475,000 in cash to the supplier of test kits for their purchase. The amount due is recorded in shareholder advance.

On July 24, 2020, the Company’s then Chief Executive Officer, Marc Schessel, transferred 20,000 of his personally held common shares to Mark Shefts, a Director as compensation for acting as a director. The company deemed this transfer to be in consideration for services and recorded a non-cash expense of $115,100 for the fair value of the shares transferred.

Included in accounts payable at December 31, 2020 are amounts due to officers of the Company in the amount of $153,838.

Included in accounts receivable at December 31, 2020 are amounts due from a former officer and director of the Company in the amount of $28,673.