10-Q Filing

SIDECHANNEL, INC. CIK: 1022505 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001493152-19-002079`
Period End Date	20181231
Filing Date	20190214
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	clok-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 30 Cash Flow Statement 46 Stockholders Equity 7

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
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
Series A convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$14.06M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	1.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$13.05M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	1.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$56.99K	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	1.00M	shares	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	1.00M	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.06M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.11M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	650.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$12.22K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$12.22K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	650.00M	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$35.99K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	40.76M	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$20.05K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	40.74M	shares	Point-in-time
Total assets	`Assets`	$14.09M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	40.76M	shares	Point-in-time
Total assets	`Assets`	$13.16M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	40.74M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$52.04K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$91.78K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$72.49K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$153.76K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$124.53K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$245.55K	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A convertible preferred stock, $0.01 par value, 10,000,000 shares authorized; 1,000,000 issued and outstanding as of December 31, 2018 and September 30, 2018	`PreferredStockValue`	$10.00K	USD	Point-in-time
Series A convertible preferred stock, $0.01 par value, 10,000,000 shares authorized; 1,000,000 issued and outstanding as of December 31, 2018 and September 30, 2018	`PreferredStockValue`	$10.00K	USD	Point-in-time
Common stock, $0.01 par value, 650,000,000 shares authorized; 40,763,917 and 40,743,917 issued and outstanding as of December 31, 2018 and September 30, 2018, respectively	`CommonStockValue`	$407.44K	USD	Point-in-time
Common stock, $0.01 par value, 650,000,000 shares authorized; 40,763,917 and 40,743,917 issued and outstanding as of December 31, 2018 and September 30, 2018, respectively	`CommonStockValue`	$407.64K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.17M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-54.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-55.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.91M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.96M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$13.16M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.09M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$115.64K	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$30.30K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	-	USD	1 Quarter
Gross profit	`GrossProfit`	$85.34K	USD	1 Quarter
Gross profit	`GrossProfit`	-	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$532.97K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$183.92K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$213.97K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$22.97K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$345.89K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$114.85K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.09M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$321.74K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.09M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-236.40K	USD	1 Quarter
Loss on extinguishment of convertible notes	`GainsLossesOnExtinguishmentOfDebt`	$-358.04K	USD	1 Quarter
Loss on extinguishment of convertible notes	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	-	USD	1 Quarter
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	$-486.75K	USD	1 Quarter
Change in fair value of embedded conversion features in convertible notes	`ChangeInFairValueOfEmbeddedConversionFeaturesInConvertibleNotes`	-	USD	1 Quarter
Change in fair value of embedded conversion features in convertible notes	`ChangeInFairValueOfEmbeddedConversionFeaturesInConvertibleNotes`	$-135.93K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$897.00	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-196.04K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.41M	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`	$-0.03	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	40.76M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.71M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.41M	USD	1 Quarter
Depreciation	`Depreciation`	$1.38K	USD	1 Quarter
Depreciation	`Depreciation`	$1.78K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$10.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$40.00K	USD	1 Quarter
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Loss on extinguishment of convertible notes	`GainsLossesOnExtinguishmentOfDebt`	$-358.04K	USD	1 Quarter
Loss on extinguishment of convertible notes	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	-	USD	1 Quarter
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	$-486.75K	USD	1 Quarter
Change in fair value of embedded conversion features in convertible notes	`ChangeInFairValueOfEmbeddedConversionFeaturesInConvertibleNotes`	-	USD	1 Quarter
Change in fair value of embedded conversion features in convertible notes	`ChangeInFairValueOfEmbeddedConversionFeaturesInConvertibleNotes`	$-135.93K	USD	1 Quarter
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	$183.34K	USD	1 Quarter
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$56.99K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$39.74K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-19.51K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$1.40K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$81.28K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-115.64K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-371.47K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-986.15K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquireProductiveAssets`	$17.72K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquireProductiveAssets`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.72K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Common stock issued for cash	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Common stock issued for cash	`ProceedsFromIssuanceOfCommonStock`	$57.20K	USD	1 Quarter
Proceeds from convertible note, net	`ProceedsFromConvertibleDebt`	$242.60K	USD	1 Quarter
Proceeds from convertible note, net	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$299.80K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-71.67K	USD	1 Quarter
DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.00M	USD	1 Quarter
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$14.06M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.05M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$155.73K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$227.40K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$14.06M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.05M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$155.73K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$227.40K	USD	Point-in-time

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$12.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.96M	USD	Point-in-time
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$40.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.41M	USD	1 Quarter
Balance	`StockholdersEquity`	$12.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.96M	USD	Point-in-time

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