10-Q Filing

SIDECHANNEL, INC. CIK: 1022505 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-015867`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 48 Cash Flow Statement 47 Stockholders Equity 24

Balance Sheet 71 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
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	100.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.03M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.90M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	100.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$612.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$896.00K	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	100.00	shares	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	100.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$180.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$180.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$320.00K	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 and other current assets	`PrepaidExpenseCurrent`	$283.00K	USD	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`	$3.26M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	149.57M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	148.72M	shares	Point-in-time
Fixed assets	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Fixed assets	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	149.57M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	62.02M	shares	Point-in-time
Goodwill	`Goodwill`	$1.36M	USD	Point-in-time
Goodwill	`Goodwill`	$1.36M	USD	Point-in-time
Intangibles	`IntangibleAssetsNetExcludingGoodwill`	$4.94M	USD	Point-in-time
Intangibles	`IntangibleAssetsNetExcludingGoodwill`	$4.94M	USD	Point-in-time
Deferred costs	`DeferredCosts`	$240.00K	USD	Point-in-time
Deferred costs	`DeferredCosts`	$330.00K	USD	Point-in-time
Total assets	`Assets`	$9.80M	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`	$765.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$372.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$130.00K	USD	Point-in-time
Promissory note payable	`NotesPayableCurrent`	$50.00K	USD	Point-in-time
Promissory note payable	`NotesPayableCurrent`	$50.00K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$195.00K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$195.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.38M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.16M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$211.00K	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`	$1.59M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	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 March 31, 2023 and September 30, 2022	`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 March 31, 2023 and September 30, 2022	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 681,000,000 shares authorized; 149,571,281 and 148,724,056 shares issued and outstanding; March 31, 2023 and September 30, 2022	`CommonStockValue`	$150.00K	USD	Point-in-time
Common stock, $0.001 par value, 681,000,000 shares authorized; 149,571,281 and 148,724,056 shares issued and outstanding; March 31, 2023 and September 30, 2022	`CommonStockValue`	$149.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$21.45M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$21.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.39M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$194.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$555.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$8.93M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$8.20M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$427.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.40M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$9.80M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$10.77M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$3.16M	USD	2 Qtrs
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.28M	USD	2 Qtrs
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.24M	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.62M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$607.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$880.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$1.56M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$1.08M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.60M	USD	2 Qtrs
Gross profit	`GrossProfit`	$628.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.20M	USD	2 Qtrs
Gross profit	`GrossProfit`	$737.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$990.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$233.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$438.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.02M	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$744.00K	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$437.00K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$80.00K	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$37.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$303.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$168.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$518.00K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$270.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.07M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.59M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-858.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$358.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-1.47M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$682.00K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncome`	$7.00K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncome`	$2.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$3.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$7.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-602.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$689.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-1.46M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-856.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$328.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$361.00K	USD	1 Quarter
Net income (loss) per common share basic and diluted	`EarningsPerShareBasic`	$-0.01	USD	2 Qtrs
Net income (loss) per common share basic and diluted	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net income (loss) per common share basic and diluted	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net income (loss) per common share basic and diluted	`EarningsPerShareBasic`	$0.01	USD	2 Qtrs
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	62.02M	shares	1 Quarter
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	62.02M	shares	2 Qtrs
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	148.83M	shares	2 Qtrs
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	148.93M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-602.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$689.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-1.46M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-856.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$328.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$361.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$90.00K	USD	2 Qtrs
Amortization	`AdjustmentForAmortization`	-	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$245.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$129.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-8.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$284.00K	USD	2 Qtrs
Unbilled revenue	`IncreaseDecreaseInUnbilledRevenue`	-	USD	2 Qtrs
Unbilled revenue	`IncreaseDecreaseInUnbilledRevenue`	$140.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-37.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	-	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$269.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	-	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$242.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-124.00K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$702.00K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.13M	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Equity redemption	`EquityRedemptionsRelatedToFinancingActivies`	$50.00K	USD	2 Qtrs
Equity redemption	`EquityRedemptionsRelatedToFinancingActivies`	-	USD	2 Qtrs
Equity distribution	`EquityDistributionsRelatedToFinancingActivies`	$461.00K	USD	2 Qtrs
Equity distribution	`EquityDistributionsRelatedToFinancingActivies`	-	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-511.00K	USD	2 Qtrs
(DECREASE) INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$191.00K	USD	2 Qtrs
(DECREASE) INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.13M	USD	2 Qtrs
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.03M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$539.00K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$348.00K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.90M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.03M	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$539.00K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$348.00K	USD	Point-in-time
CASH, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.90M	USD	Point-in-time
Equity redemption with notes payable	`EquityRedemptionWithNotePayable`	-	USD	2 Qtrs
Equity redemption with notes payable	`EquityRedemptionWithNotePayable`	$50.00K	USD	2 Qtrs
Stock-based compensation included in accounts payable and accrued liabilities	`StockBasedCompensationIncludedInAccountsPayableAndAccruedLiabilities`	-	USD	2 Qtrs
Stock-based compensation included in accounts payable and accrued liabilities	`StockBasedCompensationIncludedInAccountsPayableAndAccruedLiabilities`	$21.00K	USD	2 Qtrs

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$194.00K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$555.00K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$8.93M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$8.20M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$427.00K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$9.40M	USD	Point-in-time
Shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$18.00K	USD	1 Quarter
Shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$13.00K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$117.00K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$118.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-602.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$689.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-1.46M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-856.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$328.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$361.00K	USD	1 Quarter
Equity redemptions	`EquityRedemptions`	$-100.00K	USD	1 Quarter
Equity distributions	`EquityDistributions`	$-461.00K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$194.00K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$555.00K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$8.93M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$8.20M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$427.00K	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.