10-K Filing

SIDECHANNEL, INC. CIK: 1022505 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001493152-20-000463`
Period End Date	20190930
Filing Date	20200110
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	clok-20190930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 35 Cash Flow Statement 61 Stockholders Equity 24

Balance Sheet 53 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 and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	1.00M	shares	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.06M	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	1.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$121.37K	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	1.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.96M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.06M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$12.22K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	681.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	681.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.57K	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$40.18K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	40.79M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	40.74M	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$20.05K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	40.79M	shares	Point-in-time
Total assets	`Assets`	$14.09M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	40.74M	shares	Point-in-time
Total assets	`Assets`	$8.01M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$52.04K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$650.68K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$72.49K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$142.29K	USD	Point-in-time
Deferred revenue-current	`DeferredRevenueCurrent`	$28.40K	USD	Point-in-time
Deferred revenue-current	`DeferredRevenueCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$124.53K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$821.37K	USD	Point-in-time
Total liabilities	`Liabilities`	$821.37K	USD	Point-in-time
Total liabilities	`Liabilities`	$124.53K	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A convertible preferred stock, $0.01 par value, 10,000,000 shares authorized; 1,000,000 and 1,000,000 issued and outstanding as of September 30, 2019 and 2018, respectively	`PreferredStockValue`	$10.00K	USD	Point-in-time
Series A convertible preferred stock, $0.01 par value, 10,000,000 shares authorized; 1,000,000 and 1,000,000 issued and outstanding as of September 30, 2019 and 2018, respectively	`PreferredStockValue`	$10.00K	USD	Point-in-time
Common stock, $0.01 par value, 681,000,000 shares authorized; 40,792,510 and 40,743,917 issued and outstanding as of September 30, 2019 and 2018, respectively	`CommonStockValue`	$407.44K	USD	Point-in-time
Common stock, $0.01 par value, 681,000,000 shares authorized; 40,792,510 and 40,743,917 issued and outstanding as of September 30, 2019 and 2018, respectively	`CommonStockValue`	$407.93K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.17M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-54.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-61.46M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-656.93K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$7.19M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.96M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.09M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$8.01M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$316.25K	USD	Annual
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$46.60K	USD	Annual
Cost of revenues	`CostOfRevenue`	-	USD	Annual
Cost of revenues	`CostOfRevenue`	$89.23K	USD	Annual
Gross profit	`GrossProfit`	$46.60K	USD	Annual
Gross profit	`GrossProfit`	$227.02K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.84M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$3.37M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$545.25K	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$1.77M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$873.11K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$1.74M	USD	Annual
Settlement expenses	`LitigationSettlementExpense`	$81.00K	USD	Annual
Settlement expenses	`LitigationSettlementExpense`	-	USD	Annual
Total operating expenses	`OperatingExpenses`	$6.89M	USD	Annual
Total operating expenses	`OperatingExpenses`	$3.34M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-6.84M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-3.12M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$525.00K	USD	Point-in-time
Loss on extinguishment of convertible notes	`GainsLossesOnExtinguishmentOfDebt`	$-317.27K	USD	Annual
Loss on extinguishment of convertible notes	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	$-486.75K	USD	Annual
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	-	USD	Annual
Change in fair value of embedded conversion features in convertible notes	`ChangeInFairValueOfEmbeddedConversionFeaturesInConvertibleNotes`	-	USD	Annual
Change in fair value of embedded conversion features in convertible notes	`ChangeInFairValueOfEmbeddedConversionFeaturesInConvertibleNotes`	$-8.54K	USD	Annual
Interest income (expense), net	`InterestIncomeExpenseNet`	$8.10K	USD	Annual
Interest income (expense), net	`InterestIncomeExpenseNet`	$-490.99K	USD	Annual
Total other expenses, net	`NonoperatingIncomeExpense`	$-1.30M	USD	Annual
Total other expenses, net	`NonoperatingIncomeExpense`	$8.10K	USD	Annual
Net loss	`NetIncomeLoss`	$-4.42M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.83M	USD	Annual
Net loss per common share - Basic and diluted:	`EarningsPerShareBasicAndDiluted`	$-0.20	USD	Annual
Net loss per common share - Basic and diluted:	`EarningsPerShareBasicAndDiluted`	$-0.17	USD	Annual
Weighted average common shares outstanding - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.50M	shares	Annual
Weighted average common shares outstanding - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	40.79M	shares	Annual

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Proceeds from offering cost	`ProceedsFromIssuanceInitialPublicOffering`	$2.36M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.42M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.83M	USD	Annual
Depreciation	`Depreciation`	$16.93K	USD	Annual
Depreciation	`Depreciation`	$5.55K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.47M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$57.16K	USD	Annual
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$40.00K	USD	Annual
Stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$15.00K	USD	Annual
Settlement expenses	`GainLossRelatedToLitigationSettlement`	-	USD	Annual
Settlement expenses	`GainLossRelatedToLitigationSettlement`	$-81.00K	USD	Annual
Loss on extinguishment of convertible notes	`GainsLossesOnExtinguishmentOfDebt`	$-317.27K	USD	Annual
Loss on extinguishment of convertible notes	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Termination of software license	`TerminationOfSoftwareLicense`	-	USD	Annual
Termination of software license	`TerminationOfSoftwareLicense`	-	USD	Annual
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	$-486.75K	USD	Annual
Excess fair value of derivatives in convertible note	`ExcessFairValueOfDerivativesInConvertibleNote`	-	USD	Annual
Change in fair value of embedded conversion features in convertible notes	`ChangeInFairValueOfEmbeddedConversionFeaturesInConvertibleNotes`	-	USD	Annual
Change in fair value of embedded conversion features in convertible notes	`ChangeInFairValueOfEmbeddedConversionFeaturesInConvertibleNotes`	$-8.54K	USD	Annual
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	$491.13K	USD	Annual
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	-	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	-	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$116.72K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-7.72K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$598.64K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$69.80K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-432.54K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-316.25K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$28.40K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.14M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.30M	USD	Annual
Purchase of fixed assets	`PaymentsToAcquireProductiveAssets`	$14.43K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquireProductiveAssets`	$37.06K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.43K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-37.06K	USD	Annual
Common stock issued for cash, net of offering costs of $2,356,662	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Common stock issued for cash, net of offering costs of $2,356,662	`ProceedsFromIssuanceOfCommonStock`	$16.63M	USD	Annual
Repayment of oversubscription	`RepaymentOfOversubscription`	$40.00K	USD	Annual
Repayment of oversubscription	`RepaymentOfOversubscription`	-	USD	Annual
Proceeds from convertible notes, net	`ProceedsFromConvertibleDebt`	$242.60K	USD	Annual
Proceeds from convertible notes, net	`ProceedsFromConvertibleDebt`	-	USD	Annual
Repayment of convertible notes	`RepaymentsOfConvertibleDebt`	-	USD	Annual
Repayment of convertible notes	`RepaymentsOfConvertibleDebt`	$725.00K	USD	Annual
Net cash used/provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-40.00K	USD	Annual
Net cash used/provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$16.14M	USD	Annual
INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$13.83M	USD	Annual
INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.22M	USD	Annual
CASH, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.84M	USD	Point-in-time
CASH, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$227.40K	USD	Point-in-time
CASH, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$14.06M	USD	Point-in-time
CASH, END OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.84M	USD	Point-in-time
CASH, END OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$227.40K	USD	Point-in-time
CASH, END OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$14.06M	USD	Point-in-time
Issuance of common stock with convertible notes	`StockIssued1`	-	USD	Annual
Issuance of common stock with convertible notes	`StockIssued1`	$502.50K	USD	Annual
Issuance of warrants with convertible note	`IssuanceOfWarrantsWithConvertibleNote`	-	USD	Annual
Issuance of warrants with convertible note	`IssuanceOfWarrantsWithConvertibleNote`	$90.34K	USD	Annual
Amendment of warrants issued with convertible note	`AmendmentOfWarrantsIssuedWithConvertibleNote`	$74.04K	USD	Annual
Amendment of warrants issued with convertible note	`AmendmentOfWarrantsIssuedWithConvertibleNote`	-	USD	Annual
Settlement of convertible note	`SettlementOfConvertibleNote`	$181.07K	USD	Annual
Settlement of convertible note	`SettlementOfConvertibleNote`	-	USD	Annual

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Proceeds from offering cost	`ProceedsFromIssuanceInitialPublicOffering`	$2.36M	USD	Annual
Balance	`StockholdersEquity`	$-656.93K	USD	Point-in-time
Balance	`StockholdersEquity`	$7.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.96M	USD	Point-in-time
Common stock issued for cash, net of offering costs of $2,356,662	`StockIssuedDuringPeriodValueNewIssues`	$16.63M	USD	Annual
Common stock issued to officers and employees	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$1.47M	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$40.00K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$15.00K	USD	Annual
Common stock issued for legal settlement	`CommonStockIssuedForLegalSettlement`	$81.00K	USD	Annual
Common stock issued for warrant exercise	`CommonStockIssuedForWarrantExercise`	-	USD	Annual
Convertible notes - issuance of common stock	`DebtConversionConvertedInstrumentAmount1`	$502.50K	USD	Annual
Convertible note - issuance of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$90.34K	USD	Annual
Convertible note - amendment of existing warrants	`AdjustmentsToAdditionalPaidInCapitalConvertibleNotesAmendmentOfExistingWarrants`	$74.04K	USD	Annual
Settlement of convertible note	`StockIssuedDuringPeriodSettlementOfConvertibleNote`	$181.07K	USD	Annual
Related party conversion of preferred stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Correction of shares outstanding	`CorrectionOfSharesOutstanding`	-	USD	Annual
Common stock issued to an employee	`CommonStockIssuedToEmployee`	$11.22K	USD	Annual
Stock option expense issued to directors and officers	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$45.94K	USD	Annual
Refund of oversubscription	`RefundOfOversubscription`	$-40.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-4.42M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.83M	USD	Annual
Balance	`StockholdersEquity`	$-656.93K	USD	Point-in-time
Balance	`StockholdersEquity`	$7.19M	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.