10-Q Filing

SIDECHANNEL, INC. CIK: 1022505 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001493152-18-002353`
Period End Date	20171231
Filing Date	20180220
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	clok-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 32 Cash Flow Statement 48 Stockholders Equity 12

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscount`	$587.54K	USD	Point-in-time
Convertible notes payable, discount	`DebtInstrumentUnamortizedDiscount`	$303.32K	USD	Point-in-time
Series A Convertible Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Series A Convertible Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Series A Convertible Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$227.40K	USD	Point-in-time
Series A Convertible Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$86.31K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$344.14K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$155.73K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$155.73K	USD	Point-in-time
Series A Convertible Preferred Stock, shares issued	`PreferredStockSharesIssued`	10.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$227.40K	USD	Point-in-time
Series A Convertible Preferred Stock, shares issued	`PreferredStockSharesIssued`	10.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$12.22K	USD	Point-in-time
Series A Convertible Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	10.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$12.22K	USD	Point-in-time
Series A Convertible Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	10.00M	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$11.17K	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$9.79K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total Assets	`Assets`	$177.74K	USD	Point-in-time
Total Assets	`Assets`	$250.78K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	650.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	650.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	6.64M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.04M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.04M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	6.64M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$59.76K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$40.25K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$506.42K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$505.03K	USD	Point-in-time
Convertible notes payable, net of discount of $587,542 and $303,322 at December 31, 2017 and September 30, 2017, respectively	`ConvertibleNotesPayableCurrent`	$26.68K	USD	Point-in-time
Convertible notes payable, net of discount of $587,542 and $303,322 at December 31, 2017 and September 30, 2017, respectively	`ConvertibleNotesPayableCurrent`	$42.46K	USD	Point-in-time
Deferred revenue-current	`DeferredRevenueCurrent`	$308.41K	USD	Point-in-time
Deferred revenue-current	`DeferredRevenueCurrent`	$200.61K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$723.99K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$899.88K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.51M	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	-	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	$7.84K	USD	Point-in-time
Total Long-Term Liabilities	`LiabilitiesNoncurrent`	$7.84K	USD	Point-in-time
Total Long-Term Liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$907.72K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.51M	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A Convertible Preferred stock, $0.01 par value, 10,000,000 shares authorized; 10,000,000 issued and outstanding as of December 31, 2017 and September 30, 2017	`PreferredStockValue`	$100.00K	USD	Point-in-time
Series A Convertible Preferred stock, $0.01 par value, 10,000,000 shares authorized; 10,000,000 issued and outstanding as of December 31, 2017 and September 30, 2017	`PreferredStockValue`	$100.00K	USD	Point-in-time
Common stock, $0.01 par value, 650,000,000 shares authorized; 7,040,164 and 6,635,127 issued and outstanding as of December 31, 2017 and September 30, 2017, respectively	`CommonStockValue`	$70.40K	USD	Point-in-time
Common stock, $0.01 par value, 650,000,000 shares authorized; 7,040,164 and 6,635,127 issued and outstanding as of December 31, 2017 and September 30, 2017, respectively	`CommonStockValue`	$66.35K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$49.38M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$50.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-50.20M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-51.61M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.34M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-656.93K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$250.78K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$177.74K	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$115.64K	USD	1 Quarter
Revenues	`Revenues`	$112.50K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$30.30K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$30.30K	USD	1 Quarter
Gross Profit	`GrossProfit`	$82.20K	USD	1 Quarter
Gross Profit	`GrossProfit`	$85.34K	USD	1 Quarter
General and administrative (includes stock-based expense of $0 and $2,117,700 for 2017 and 2016, respectively)	`GeneralAndAdministrativeExpense`	$183.92K	USD	1 Quarter
General and administrative (includes stock-based expense of $0 and $2,117,700 for 2017 and 2016, respectively)	`GeneralAndAdministrativeExpense`	$2.43M	USD	1 Quarter
Sales and marketing (includes stock-based expense of $0 and $31,250 for 2017 and 2016, respectively)	`SellingAndMarketingExpense`	$22.97K	USD	1 Quarter
Sales and marketing (includes stock-based expense of $0 and $31,250 for 2017 and 2016, respectively)	`SellingAndMarketingExpense`	$98.37K	USD	1 Quarter
Research and development (includes stock-based expense of $10,000 and $476,550 for 2017 and 2016, respectively)	`ResearchAndDevelopmentExpense`	$599.96K	USD	1 Quarter
Research and development (includes stock-based expense of $10,000 and $476,550 for 2017 and 2016, respectively)	`ResearchAndDevelopmentExpense`	$114.85K	USD	1 Quarter
Settlement expense	`LitigationSettlementExpense`	-	USD	1 Quarter
Settlement expense	`LitigationSettlementExpense`	$106.25K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$3.24M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$321.74K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-236.40K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-3.15M	USD	1 Quarter
Loss on extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-358.04K	USD	1 Quarter
Loss on extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	$-486.75K	USD	1 Quarter
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	-	USD	1 Quarter
Change in fair value of derivatives	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	1 Quarter
Change in fair value of derivatives	`IncreaseDecreaseInDerivativeLiabilities`	$135.93K	USD	1 Quarter
Interest expense	`InterestExpense`	$196.04K	USD	1 Quarter
Interest expense	`InterestExpense`	$10.94K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.41M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-3.16M	USD	1 Quarter
Net Loss per Common Share - Basic and Diluted:	`EarningsPerShareBasicAndDiluted`	$-0.21	USD	1 Quarter
Net Loss per Common Share - Basic and Diluted:	`EarningsPerShareBasicAndDiluted`	$-0.56	USD	1 Quarter
Weighted Average Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.66M	shares	1 Quarter
Weighted Average Common Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.71M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.41M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.16M	USD	1 Quarter
Depreciation	`Depreciation`	$1.38K	USD	1 Quarter
Depreciation	`Depreciation`	$1.38K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$10.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.63M	USD	1 Quarter
Termination of software license	`TerminationOfSoftwareLicense`	$106.25K	USD	1 Quarter
Termination of software license	`TerminationOfSoftwareLicense`	-	USD	1 Quarter
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	$183.34K	USD	1 Quarter
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Loss on extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-358.04K	USD	1 Quarter
Loss on extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	$-486.75K	USD	1 Quarter
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	-	USD	1 Quarter
Change in fair value of derivatives	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	1 Quarter
Change in fair value of derivatives	`IncreaseDecreaseInDerivativeLiabilities`	$135.93K	USD	1 Quarter
Prepaid officer compensation	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Prepaid officer compensation	`IncreaseDecreaseInPrepaidExpense`	$7.46K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	-	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-115.64K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-112.50K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-18.12K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$68.30K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-371.47K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-487.78K	USD	1 Quarter
Purchase of fixed assets and software	`PaymentsToAcquireProductiveAssets`	$2.80K	USD	1 Quarter
Purchase of fixed assets and software	`PaymentsToAcquireProductiveAssets`	-	USD	1 Quarter
Deposit with others	`PaymentToDepositsWithOthers`	$373.00	USD	1 Quarter
Deposit with others	`PaymentToDepositsWithOthers`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.17K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Common stock issued for cash	`ProceedsFromIssuanceOfCommonStock`	$233.12K	USD	1 Quarter
Common stock issued for cash	`ProceedsFromIssuanceOfCommonStock`	$57.20K	USD	1 Quarter
Issuance of convertible note	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Issuance of convertible note	`ProceedsFromConvertibleDebt`	$242.60K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$299.80K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$233.12K	USD	1 Quarter
DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-257.83K	USD	1 Quarter
DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-71.67K	USD	1 Quarter
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$227.40K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$86.31K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$344.14K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$155.73K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$227.40K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$86.31K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$344.14K	USD	Point-in-time
CASH, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$155.73K	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-1.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$-656.93K	USD	Point-in-time
Common stock issued for cash	`StockIssuedDuringPeriodValueNewIssues`	$57.20K	USD	1 Quarter
Common stock issued for cash, shares	`StockIssuedDuringPeriodSharesNewIssues`	37,000.00	shares	1 Quarter
Common stock issued to officers and employees	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$10.00K	USD	1 Quarter
Convertible notes - issuance of common stock	`DebtConversionConvertedInstrumentAmount1`	$502.50K	USD	1 Quarter
Convertible note - issuance of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$90.34K	USD	1 Quarter
Convertible note - amendment of existing warrants	`AdjustmentsToAdditionalPaidInCapitalConvertibleNotesAmendmentOfExistingWarrants`	$74.04K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.41M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.16M	USD	1 Quarter
Balance	`StockholdersEquity`	$-1.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$-656.93K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.