10-K Filing

SIDECHANNEL, INC. CIK: 1022505 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001493152-22-036042`
Period End Date	20220930
Filing Date	20221220
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 35 Cash Flow Statement 46 Stockholders Equity 16

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Series A convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Series A convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	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`	$3.03M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	100.00	shares	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	100.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$348.00K	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	100.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$612.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$178.00K	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	100.00	shares	Point-in-time
Deferred costs	`DeferredCostsCurrent`	-	USD	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$180.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	681.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1,000.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$306.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$320.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	59.90M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$4.14M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	148.72M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$832.00K	USD	Point-in-time
Fixed assets	`PropertyPlantAndEquipmentNet`	$1.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	59.90M	shares	Point-in-time
Fixed assets	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	148.72M	shares	Point-in-time
Goodwill	`Goodwill`	$1.36M	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Intangibles	`IntangibleAssetsNetExcludingGoodwill`	$4.94M	USD	Point-in-time
Intangibles	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Deferred costs	`DeferredCosts`	-	USD	Point-in-time
Deferred costs	`DeferredCosts`	$330.00K	USD	Point-in-time
Total assets	`Assets`	$833.00K	USD	Point-in-time
Total assets	`Assets`	$10.77M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$786.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$212.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$296.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$194.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$130.00K	USD	Point-in-time
Promissory note payable	`NotesPayableCurrent`	-	USD	Point-in-time
Promissory note payable	`NotesPayableCurrent`	$50.00K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	-	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$195.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$406.00K	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	-	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$211.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$406.00K	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A convertible preferred stock, $0.001 par value, 10,000,000 shares authorized; 100 and 100 shares issued and outstanding as of September 30, 2022 and 2021, respectively	`PreferredStockValue`	-	USD	Point-in-time
Series A convertible preferred stock, $0.001 par value, 10,000,000 shares authorized; 100 and 100 shares issued and outstanding as of September 30, 2022 and 2021, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 681,000,000 shares authorized; 148,724,056 and 59,900,000 shares issued and outstanding; September 30, 2022 and 2021, respectively	`CommonStockValue`	$60.00K	USD	Point-in-time
Common stock, $0.001 par value, 681,000,000 shares authorized; 148,724,056 and 59,900,000 shares issued and outstanding; September 30, 2022 and 2021, respectively	`CommonStockValue`	$149.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$21.18M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$344.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.93M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$427.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$214.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.40M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$833.00K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$10.77M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.80M	USD	Annual
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$4.79M	USD	Annual
Cost of revenues	`CostOfRevenue`	$1.54M	USD	Annual
Cost of revenues	`CostOfRevenue`	$2.47M	USD	Annual
Gross profit	`GrossProfit`	$1.26M	USD	Annual
Gross profit	`GrossProfit`	$2.32M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$656.00K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.48M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$96.00K	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$367.00K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	-	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$178.00K	USD	Annual
Acquisition costs	`AcquisitionCosts`	-	USD	Annual
Acquisition costs	`AcquisitionCosts`	$6.19M	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	$5.70M	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	-	USD	Annual
Total operating expenses	`OperatingExpenses`	$752.00K	USD	Annual
Total operating expenses	`OperatingExpenses`	$13.91M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$-11.59M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$510.00K	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$525.00K	USD	Point-in-time
Other income	`OtherNonoperatingIncome`	$3.00K	USD	Annual
Other income	`OtherNonoperatingIncome`	$13.00K	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$3.00K	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$13.00K	USD	Annual
Net income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$513.00K	USD	Annual
Net income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.58M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$195.00K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net income (loss) after income tax expense	`NetIncomeLoss`	$-11.78M	USD	Annual
Net income (loss) after income tax expense	`NetIncomeLoss`	$513.00K	USD	Annual
Net income (loss) per common share Basic and diluted:	`EarningsPerShareBasic`	$-0.14	USD	Annual
Net income (loss) per common share Basic and diluted:	`EarningsPerShareBasic`	$0.01	USD	Annual
Weighted average common shares outstanding Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	59.90M	shares	Annual
Weighted average common shares outstanding Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	82.00M	shares	Annual

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-11.78M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$513.00K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.00K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$46.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$73.00K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$27.00K	USD	Annual
Acquisition costs	`BusinessCombinationAcquisitionRelatedCosts`	-	USD	Annual
Acquisition costs	`BusinessCombinationAcquisitionRelatedCosts`	$6.06M	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	$5.70M	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$461.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-15.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$238.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-18.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-14.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-65.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-102.00K	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$157.00K	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-396.00K	USD	Annual
Cash and cash equivalents acquired in connection with the Business Combination	`CashAndCashEquivalentsAcquiredInConnectionWithBusinessCombination`	-	USD	Annual
Cash and cash equivalents acquired in connection with the Business Combination	`CashAndCashEquivalentsAcquiredInConnectionWithBusinessCombination`	$3.59M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$3.59M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Equity redemptions	`EquityRedemptionsRelatedToFinancingActivies`	$50.00K	USD	Annual
Equity redemptions	`EquityRedemptionsRelatedToFinancingActivies`	$90.00K	USD	Annual
Equity distributions	`EquityDistributionsRelatedToFinancingActivies`	$461.00K	USD	Annual
Equity distributions	`EquityDistributionsRelatedToFinancingActivies`	$210.00K	USD	Annual
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-511.00K	USD	Annual
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-300.00K	USD	Annual
INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.68M	USD	Annual
INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-143.00K	USD	Annual
CASH, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$491.00K	USD	Point-in-time
CASH, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$348.00K	USD	Point-in-time
CASH, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.03M	USD	Point-in-time
CASH, END OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$491.00K	USD	Point-in-time
CASH, END OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$348.00K	USD	Point-in-time
CASH, END OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.03M	USD	Point-in-time
Shares issued for services	`SharesIssuedForServicesNonCashInvestingAndFinancingActivities`	-	USD	Annual
Shares issued for services	`SharesIssuedForServicesNonCashInvestingAndFinancingActivities`	$43.00K	USD	Annual
Equity redemption with note payable	`EquityRedemptionWithNotePayable`	-	USD	Annual
Equity redemption with note payable	`EquityRedemptionWithNotePayable`	$50.00K	USD	Annual
Assets acquired and liabilities assumed	`AssetsAcquiredAndLiabilitiesAssumed`	-	USD	Annual
Assets acquired and liabilities assumed	`AssetsAcquiredAndLiabilitiesAssumed`	$11.58M	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$427.00K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$214.00K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$9.40M	USD	Point-in-time
Equity distributions	`EquityDistributions`	$-461.00K	USD	Annual
Equity distributions	`EquityDistributions`	$-210.00K	USD	Annual
Equity redemptions	`EquityRedemptions`	$-90.00K	USD	Annual
Equity redemptions	`EquityRedemptions`	$-100.00K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-11.78M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$513.00K	USD	Annual
Shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$73.00K	USD	Annual
Shares issued for vesting of RSUs	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Acquisition costs contingent consideration	`AdjustmentsToAdditionalPaidInCapitalOther`	$6.06M	USD	Annual
Cipherloc Business Combination	`BusinessCombinationValue`	$15.17M	USD	Annual
Ending balance, value	`StockholdersEquity`	$427.00K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$214.00K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$9.40M	USD	Point-in-time

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