10-Q Filing

SIDECHANNEL, INC. CIK: 1022505 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001493152-22-022846`
Period End Date	20220630
Filing Date	20220815
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 47 Income Statement 52 Cash Flow Statement 52 Stockholders Equity 29

Balance Sheet 47 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.59M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	88.45M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	82.93M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	96.34M	shares	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$180.00K	USD	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$180.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	101.86M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$28.19K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	13.41M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	13.41M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$279.83K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.24M	USD	Point-in-time
Deferred costs	`DeferredCosts`	$510.00K	USD	Point-in-time
Deferred costs	`DeferredCosts`	$375.00K	USD	Point-in-time
Total assets	`Assets`	$4.17M	USD	Point-in-time
Total assets	`Assets`	$6.75M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$611.72K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.46M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$25.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$175.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$786.72K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$786.72K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.49M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value, 681,000,000 shares authorized; 88,445,832 and 82,927,311 shares outstanding; and 101,860,646 and 96,342,125 issued as of June 30, 2022, and September 30, 2021, respectively	`CommonStockValue`	$96.34K	USD	Point-in-time
Common stock, $0.001 par value, 681,000,000 shares authorized; 88,445,832 and 82,927,311 shares outstanding; and 101,860,646 and 96,342,125 issued as of June 30, 2022, and September 30, 2021, respectively	`CommonStockValue`	$101.86K	USD	Point-in-time
Treasury stock, at cost, 13,414,814 and 13,414,814 shares as of June 30, 2022 and September 30, 2021, respectively	`TreasuryStockValue`	$590.00K	USD	Point-in-time
Treasury stock, at cost, 13,414,814 and 13,414,814 shares as of June 30, 2022 and September 30, 2021, respectively	`TreasuryStockValue`	$590.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$78.24M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$77.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-74.36M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-71.53M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.50M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.70M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$6.30M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-137.96K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$5.27M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$3.39M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$4.17M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$6.75M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$449.00	USD	3 Qtrs
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$198.00	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	-	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$15.42K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	-	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	-	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	-	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	-	USD	3 Qtrs
Gross profit	`GrossProfit`	$449.00	USD	3 Qtrs
Gross profit	`GrossProfit`	$15.42K	USD	3 Qtrs
Gross profit	`GrossProfit`	$198.00	USD	1 Quarter
Gross profit	`GrossProfit`	-	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.18M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.75M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$197.53K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.11M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$56.25K	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$82.55K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	-	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$188.32K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$169.10K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$465.97K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$191.26K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$461.82K	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$1.38M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.83M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$366.63K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.27M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.83M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-366.63K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.26M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.38M	USD	1 Quarter
Miscellaneous income	`OtherNonoperatingIncome`	-	USD	3 Qtrs
Miscellaneous income	`OtherNonoperatingIncome`	$192.05K	USD	3 Qtrs
Miscellaneous income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Miscellaneous income	`OtherNonoperatingIncome`	$192.05K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNonoperatingNet`	$-1.00K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNonoperatingNet`	$-1.00K	USD	3 Qtrs
Interest expense	`InterestIncomeExpenseNonoperatingNet`	-	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNonoperatingNet`	-	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.83M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-175.58K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.06M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.38M	USD	1 Quarter
Net loss per common share basic and diluted	`EarningsPerShareBasic`	$-0.03	USD	3 Qtrs
Net loss per common share basic and diluted	`EarningsPerShareBasic`	$-0.05	USD	3 Qtrs
Net loss per common share basic and diluted	`EarningsPerShareBasic`	-	USD	1 Quarter
Net loss per common share basic and diluted	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	45.41M	shares	3 Qtrs
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	81.08M	shares	1 Quarter
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	85.24M	shares	3 Qtrs
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	87.82M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.83M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-175.58K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.06M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.38M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	-	USD	3 Qtrs
Amortization	`AdjustmentForAmortization`	$135.00K	USD	3 Qtrs
PPP loan forgiveness	`PaycheckProtectionProgramLoanForgiveness`	-	USD	3 Qtrs
PPP loan forgiveness	`PaycheckProtectionProgramLoanForgiveness`	$-192.05K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$84.31K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$-4.40K	USD	3 Qtrs
Impairment loss on ROU assets (gain on early termination of operating lease)	`OperatingLeaseImpairmentLoss`	$-441.60K	USD	3 Qtrs
Impairment loss on ROU assets (gain on early termination of operating lease)	`OperatingLeaseImpairmentLoss`	-	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-450.26K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-251.65K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-315.84K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-8.01K	USD	3 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$175.00K	USD	3 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$16.91K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-15.42K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.20M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.57M	USD	3 Qtrs
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Purchases of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$40.00K	USD	3 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	3 Qtrs
Proceeds from PPA loan	`ProceedsFromNotesPayable`	-	USD	3 Qtrs
Proceeds from PPA loan	`ProceedsFromNotesPayable`	-	USD	3 Qtrs
Repayment PPA loan	`RepaymentsOfNotesPayable`	-	USD	3 Qtrs
Repayment PPA loan	`RepaymentsOfNotesPayable`	$173.38K	USD	3 Qtrs
Purchase of preferred stock	`PaymentsForRepurchaseOfPreferredStockAndPreferenceStock`	-	USD	3 Qtrs
Purchase of preferred stock	`PaymentsForRepurchaseOfPreferredStockAndPreferenceStock`	$10.00K	USD	3 Qtrs
Proceeds from the issuance of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Proceeds from the issuance of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	$8.56M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.33M	USD	3 Qtrs
INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.77M	USD	3 Qtrs
INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.20M	USD	3 Qtrs
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.78M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.08M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.85M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.59M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.78M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.08M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.85M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.59M	USD	Point-in-time
Shares issued for services, previously in accrued expenses	`SharesIssuedForServicesPreviouslyInAccruedExpenses`	$854.00K	USD	3 Qtrs
Shares issued for services, previously in accrued expenses	`SharesIssuedForServicesPreviouslyInAccruedExpenses`	-	USD	3 Qtrs
Shares issued for legal settlement expenses	`StockIssued1`	-	USD	3 Qtrs
Shares issued for legal settlement expenses	`StockIssued1`	$14.00K	USD	3 Qtrs

Stockholders Equity 29 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$3.50M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$4.70M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$6.30M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-137.96K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.27M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$3.39M	USD	Point-in-time
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-4.40K	USD	3 Qtrs
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-84.06K	USD	1 Quarter
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$84.31K	USD	3 Qtrs
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$32.74K	USD	1 Quarter
Shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$854.00K	USD	3 Qtrs
Shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$20.00K	USD	1 Quarter
Shares issued for RSU vesting	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Shares issued for RSU vesting	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	3 Qtrs
Shares issued for legal settlement	`StockIssuedDuringPeriodValueOther`	$14.00K	USD	1 Quarter
Shares issued for legal settlement	`StockIssuedDuringPeriodValueOther`	$14.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.83M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-175.58K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.06M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.38M	USD	1 Quarter
Preferred and treasury shares acquired	`TreasuryStockValueAcquiredCostMethod`	$50.00K	USD	3 Qtrs
Issuance of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$3.06M	USD	1 Quarter
Issuance of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$8.56M	USD	3 Qtrs
Ending balance, value	`StockholdersEquity`	$3.50M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$4.70M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$6.30M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-137.96K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.27M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$3.39M	USD	Point-in-time

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