10-K Filing

SIDECHANNEL, INC. CIK: 1022505 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001493152-21-032215`
Period End Date	20210930
Filing Date	20211221
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 31 Cash Flow Statement 54 Stockholders Equity 12

Balance Sheet 68 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
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	1.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$5.78M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	1.00M	shares	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$180.00	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Deferred costs	`DeferredCostsCurrent`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$279.83K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$258.42K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	681.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$6.24M	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	82.93M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$200.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	27.51M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	96.34M	shares	Point-in-time
Operating lease ROU asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Operating lease ROU asset	`OperatingLeaseRightOfUseAsset`	$291.14K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	40.79M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	13.29M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	13.41M	shares	Point-in-time
Deferred costs	`DeferredCosts`	$510.00K	USD	Point-in-time
Deferred costs	`DeferredCosts`	-	USD	Point-in-time
Total assets	`Assets`	$6.75M	USD	Point-in-time
Total assets	`Assets`	$1.83M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$840.23K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.46M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$10.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$25.00K	USD	Point-in-time
Operating lease liability current portion	`OperatingLeaseLiabilityCurrent`	$132.61K	USD	Point-in-time
Operating lease liability current portion	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Paycheck protection program loan current portion	`PaycheckProtectionProgramLoanCurrent`	-	USD	Point-in-time
Paycheck protection program loan current portion	`PaycheckProtectionProgramLoanCurrent`	$216.90K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$15.42K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$28.40K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.22M	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`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$1.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.49M	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 September 30, 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 September 30, 2021 and September 30, 2020, respectively	`PreferredStockValue`	$10.00K	USD	Point-in-time
Common stock, $0.01 par value, 681,000,000 shares authorized; 82,927,311 and 27,505,196 shares outstanding; and 96,342,125 and 40,792,510 issued as of September 30, 2021 and September 30, 2020, respectively	`CommonStockValue`	$407.93K	USD	Point-in-time
Common stock, $0.01 par value, 681,000,000 shares authorized; 82,927,311 and 27,505,196 shares outstanding; and 96,342,125 and 40,792,510 issued as of September 30, 2021 and September 30, 2020, respectively	`CommonStockValue`	$963.42K	USD	Point-in-time
Treasury stock, at cost, 13,414,814 and 13,287,314 shares as of September 30, 2021 and September 30, 2020, respectively	`TreasuryStockValue`	$550.00K	USD	Point-in-time
Treasury stock, at cost, 13,414,814 and 13,287,314 shares as of September 30, 2021 and September 30, 2020, respectively	`TreasuryStockValue`	$590.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$76.42M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-71.53M	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-137.96K	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$5.27M	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$7.19M	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$1.83M	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$6.75M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$15.42K	USD	Annual
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$47.98K	USD	Annual
Cost of revenues	`CostOfRevenue`	-	USD	Annual
Cost of revenues	`CostOfRevenue`	-	USD	Annual
Gross profit	`GrossProfit`	$15.42K	USD	Annual
Gross profit	`GrossProfit`	$47.98K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$2.60M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$4.57M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$710.60K	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$96.12K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$616.75K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$1.69M	USD	Annual
Total operating expenses	`OperatingExpenses`	$3.31M	USD	Annual
Total operating expenses	`OperatingExpenses`	$6.97M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-6.93M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$525.00K	USD	Point-in-time
Operating loss	`OperatingIncomeLoss`	$-3.30M	USD	Annual
Loss on disposal of asset	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Loss on disposal of asset	`GainLossOnDispositionOfAssets1`	$-44.33K	USD	Annual
Paycheck Protection Program Forgiveness Income	`PaycheckProtectionProgramForgivenessIncome`	$192.05K	USD	Annual
Paycheck Protection Program Forgiveness Income	`PaycheckProtectionProgramForgivenessIncome`	-	USD	Annual
Interest expense	`InterestIncomeExpenseNonoperatingNet`	-	USD	Annual
Interest expense	`InterestIncomeExpenseNonoperatingNet`	$-1.00K	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$-44.33K	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$191.05K	USD	Annual
Net loss	`NetIncomeLoss`	$-6.97M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.10M	USD	Annual
Net loss per common share - Basic and diluted:	`EarningsPerShareBasicAndDiluted`	$-0.18	USD	Annual
Net loss per common share - Basic and diluted:	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	Annual
Weighted average common shares outstanding - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	54.86M	shares	Annual
Weighted average common shares outstanding - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	39.50M	shares	Annual

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.97M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.10M	USD	Annual
Depreciation	`Depreciation`	$18.24K	USD	Annual
Depreciation	`Depreciation`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$194.90K	USD	Annual
Impairment loss on ROU assets (gain on early termination of operating lease)	`OperatingLeaseImpairmentLoss`	$-441.60K	USD	Annual
Impairment loss on ROU assets (gain on early termination of operating lease)	`OperatingLeaseImpairmentLoss`	$382.96K	USD	Annual
Loss on disposal of asset	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Loss on disposal of asset	`GainLossOnDispositionOfAssets1`	$-44.33K	USD	Annual
PPP loan forgiveness income	`PaycheckProtectionProgramLoanForgiveness`	$-192.05K	USD	Annual
PPP loan forgiveness income	`PaycheckProtectionProgramLoanForgiveness`	-	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$322.91K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$511.41K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$151.74K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$618.95K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-132.29K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$15.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-15.42K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-12.98K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.63M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.65M	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.97K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-28.97K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$40.00K	USD	Annual
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$450.00K	USD	Annual
Proceeds from PPP loan	`ProceedsFromLoan`	-	USD	Annual
Proceeds from PPP loan	`ProceedsFromLoan`	$365.43K	USD	Annual
Repayment on PPP loan	`PaymentsForLoan`	-	USD	Annual
Repayment on PPP loan	`PaymentsForLoan`	$173.38K	USD	Annual
Purchase of preferred stock	`PaymentsForRepurchaseOfPreferredStockAndPreferenceStock`	$10.00K	USD	Annual
Purchase of preferred stock	`PaymentsForRepurchaseOfPreferredStockAndPreferenceStock`	-	USD	Annual
Proceeds from the issuance of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from the issuance of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	$8.56M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-84.57K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.33M	USD	Annual
INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.76M	USD	Annual
INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.70M	USD	Annual
CASH, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.08M	USD	Point-in-time
CASH, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.78M	USD	Point-in-time
CASH, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.84M	USD	Point-in-time
CASH, END OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.08M	USD	Point-in-time
CASH, END OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.78M	USD	Point-in-time
CASH, END OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.84M	USD	Point-in-time
Capitalization of ROU asset	`RightOfUseAssetInNonCashActivity`	$746.12K	USD	Annual
Capitalization of ROU asset	`RightOfUseAssetInNonCashActivity`	-	USD	Annual
ST operating lease liability recorded	`ShortTermOperatingLeaseLiabilityInNonCashActivity`	$61.26K	USD	Annual
ST operating lease liability recorded	`ShortTermOperatingLeaseLiabilityInNonCashActivity`	-	USD	Annual
LT operating lease liability recorded	`LongTermOperatingLeaseLiabilityInNonCashActivity`	$684.86K	USD	Annual
LT operating lease liability recorded	`LongTermOperatingLeaseLiabilityInNonCashActivity`	-	USD	Annual
Unpaid treasury stock	`UnpaidTreasuryStock`	$100.00K	USD	Annual
Unpaid treasury stock	`UnpaidTreasuryStock`	-	USD	Annual

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-137.96K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.27M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$7.19M	USD	Point-in-time
Stock option issued to directors and officers	`AdjustmentsToAdditionalPaidInCapitalOther`	$194.90K	USD	Annual
Treasury shares acquired	`TreasurySharesAcquired`	$-550.00K	USD	Annual
Preferred and treasury shares acquired	`TreasuryStockValueAcquiredCostMethod`	$50.00K	USD	Annual
Issuance of common stock for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$8.56M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.97M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.10M	USD	Annual
Ending balance, value	`StockholdersEquity`	$-137.96K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.27M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$7.19M	USD	Point-in-time

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