10-Q Filing

SIDECHANNEL, INC. CIK: 1022505 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001493152-21-011823`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	clok-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 44 Cash Flow Statement 48 Stockholders Equity 25

Balance Sheet 67 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`	1.00M	shares	Point-in-time
Series A convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	1.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$5.63M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$95.61K	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
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$258.42K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.72M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.34M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	681.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$20.27K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	681.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$200.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	63.14M	shares	Point-in-time
Operating lease ROU asset	`OperatingLeaseRightOfUseAsset`	$229.77K	USD	Point-in-time
Operating lease ROU asset	`OperatingLeaseRightOfUseAsset`	$291.14K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	27.51M	shares	Point-in-time
Total assets	`Assets`	$5.97M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	76.55M	shares	Point-in-time
Total assets	`Assets`	$1.83M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	40.79M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	13.41M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	13.29M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$840.23K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.22M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$218.75K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$10.00K	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$135.19K	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$132.61K	USD	Point-in-time
Paycheck protection program loan - current portion	`PaycheckProtectionProgramLoanCurrent`	$216.90K	USD	Point-in-time
Paycheck protection program loan - current portion	`PaycheckProtectionProgramLoanCurrent`	$365.43K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$15.42K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.94M	USD	Point-in-time
Paycheck protection program loan - long term	`PaycheckProtectionProgramLoanLongTerm`	-	USD	Point-in-time
Paycheck protection program loan - long term	`PaycheckProtectionProgramLoanLongTerm`	$148.53K	USD	Point-in-time
Operating lease liability - long-term portion	`OperatingLeaseLiabilityNoncurrent`	$603.68K	USD	Point-in-time
Operating lease liability - long-term portion	`OperatingLeaseLiabilityNoncurrent`	$536.17K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.47M	USD	Point-in-time
Series A convertible preferred stock, $0.01 par value, 10,000,000 shares authorized; nil and 1,000,000 shares issued and outstanding as of March 31, 2021 and September 30, 2020, respectively	`PreferredStockValue`	-	USD	Point-in-time
Series A convertible preferred stock, $0.01 par value, 10,000,000 shares authorized; nil and 1,000,000 shares issued and outstanding as of March 31, 2021 and September 30, 2020, respectively	`PreferredStockValue`	$10.00K	USD	Point-in-time
Common stock, $0.01 par value, 681,000,000 shares authorized; 63,135,638 and 27,505,196 shares outstanding; and 76,550,452 and 40,792,510 issued as of March 31, 2021 and September 30, 2020, respectively	`CommonStockValue`	$765.50K	USD	Point-in-time
Common stock, $0.01 par value, 681,000,000 shares authorized; 63,135,638 and 27,505,196 shares outstanding; and 76,550,452 and 40,792,510 issued as of March 31, 2021 and September 30, 2020, respectively	`CommonStockValue`	$407.93K	USD	Point-in-time
Treasury stock, at cost 13,414,814 and 13,287,314 shares as of March 31, 2021 and September 30, 2020, respectively	`TreasuryStockValue`	$590.00K	USD	Point-in-time
Treasury stock, at cost 13,414,814 and 13,287,314 shares as of March 31, 2021 and September 30, 2020, respectively	`TreasuryStockValue`	$550.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$73.64M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-70.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.43M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-137.96K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-946.67K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$1.95M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$5.13M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$7.19M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$3.50M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$1.83M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$5.97M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$30.48K	USD	2 Qtrs
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$15.42K	USD	2 Qtrs
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$11.73K	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.67K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	-	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	-	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	-	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	-	USD	2 Qtrs
Gross profit	`GrossProfit`	$6.67K	USD	1 Quarter
Gross profit	`GrossProfit`	$15.42K	USD	2 Qtrs
Gross profit	`GrossProfit`	$11.73K	USD	1 Quarter
Gross profit	`GrossProfit`	$30.48K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.28M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.55M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$889.17K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.98M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$31.25K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$587.40K	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$331.36K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$56.25K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$296.88K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.34M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$772.58K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$175.08K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.90M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$5.21M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$3.08M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.10M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.18M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.09M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.89M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-3.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.18M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.89M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.07M	USD	1 Quarter
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	2 Qtrs
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	2 Qtrs
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.57M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	40.79M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	40.78M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.77M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.18M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.89M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.07M	USD	1 Quarter
Depreciation	`Depreciation`	-	USD	2 Qtrs
Depreciation	`Depreciation`	$12.30K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$90.85K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$79.66K	USD	2 Qtrs
Impairment loss	`OperatingLeaseImpairmentLoss`	-	USD	2 Qtrs
Impairment loss	`OperatingLeaseImpairmentLoss`	$447.02K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-342.54K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$36.19K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$435.08K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$374.09K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$208.75K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$42.10K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-15.42K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-5.48K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-898.95K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.19M	USD	2 Qtrs
Purchases of fixed assets	`PaymentsToAcquireProductiveAssets`	-	USD	2 Qtrs
Purchases of fixed assets	`PaymentsToAcquireProductiveAssets`	$28.97K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-28.97K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$40.00K	USD	2 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$150.00K	USD	2 Qtrs
Purchase of preferred stock	`PaymentsForRepurchaseOfPreferredStockAndPreferenceStock`	-	USD	2 Qtrs
Purchase of preferred stock	`PaymentsForRepurchaseOfPreferredStockAndPreferenceStock`	$10.00K	USD	2 Qtrs
Proceeds from the issuance of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	$5.50M	USD	2 Qtrs
Proceeds from the issuance of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Net cash provided by (used in) in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.45M	USD	2 Qtrs
Net cash provided by (used in) in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-150.00K	USD	2 Qtrs
INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.55M	USD	2 Qtrs
INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.37M	USD	2 Qtrs
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.47M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.08M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.84M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.63M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.47M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.08M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.84M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.63M	USD	Point-in-time
Capitalization of ROU asset	`RightOfUseAssetInNonCashActivity`	-	USD	2 Qtrs
Capitalization of ROU asset	`RightOfUseAssetInNonCashActivity`	$929.94K	USD	2 Qtrs
ST operating lease liability recorded	`ShortTermOperatingLeaseLiabilityInNonCashActivity`	-	USD	2 Qtrs
ST operating lease liability recorded	`ShortTermOperatingLeaseLiabilityInNonCashActivity`	$180.89K	USD	2 Qtrs
LT operating lease liability recorded	`LongTermOperatingLeaseLiabilityInNonCashActivity`	-	USD	2 Qtrs
LT operating lease liability recorded	`LongTermOperatingLeaseLiabilityInNonCashActivity`	$749.05K	USD	2 Qtrs

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-137.96K	USD	Point-in-time
Balance	`StockholdersEquity`	$-946.67K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.13M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.50M	USD	Point-in-time
Options issued to directors & employees	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$39.27K	USD	1 Quarter
Options issued to directors & employees	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$90.85K	USD	2 Qtrs
Options issued to directors & employees	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$38.63K	USD	1 Quarter
Options issued to directors & employees	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$79.66K	USD	2 Qtrs
Purchase of treasury stock	`PurchaseOfTreasuryStock`	$-150.00K	USD	1 Quarter
Purchase of treasury stock	`PurchaseOfTreasuryStock`	$-150.00K	USD	2 Qtrs
Preferred and treasury shares acquired	`TreasuryStockValueAcquiredCostMethod`	$50.00K	USD	2 Qtrs
Issuance of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$5.50M	USD	2 Qtrs
Issuance of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$5.50M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.18M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.89M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.07M	USD	1 Quarter
Balance	`StockholdersEquity`	$-137.96K	USD	Point-in-time
Balance	`StockholdersEquity`	$-946.67K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.13M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.50M	USD	Point-in-time

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