SideChannel, Inc. Files Q3 2024 10-Q Report
Ticker: SDCH · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1022505
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
SideChannel's Q3 10-Q is in. Check financials for latest performance.
AI Summary
SideChannel, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the third quarter of their fiscal year. Key financial data and operational details for this period are presented.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for SideChannel, Inc., crucial for assessing the company's current health and future prospects.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal risks or opportunities, but without specific negative disclosures, the risk level is moderate.
Key Numbers
- 0930 — Fiscal Year End (Indicates the end of the company's annual accounting period.)
- 2024-06-30 — Period End Date (The specific date through which financial information is reported in this 10-Q.)
- 2024-08-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- SideChannel, Inc. (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20240807 (date) — Filing date of the report
- CIPHERLOC Corp (company) — Former company name
- NATIONAL SCIENTIFIC CORP/AZ (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 7, 2024.
What is SideChannel, Inc.'s fiscal year end?
SideChannel, Inc.'s fiscal year ends on September 30 (0930).
What were the previous names of SideChannel, Inc.?
SideChannel, Inc. was formerly known as CIPHERLOC Corp and NATIONAL SCIENTIFIC CORP/AZ.
What is the company's primary business address?
The company's business address is 146 MAIN STREET, SUITE 405, WORCESTER, MA 01608.
Filing Stats: 4,687 words · 19 min read · ~16 pages · Grade level 14.8 · Accepted 2024-08-07 07:00:48
Filing Documents
- form10-q.htm (10-Q) — 903KB
- ex31-1.htm (EX-31.1) — 17KB
- ex31-2.htm (EX-31.2) — 17KB
- ex32-1.htm (EX-32.1) — 8KB
- ex32-2.htm (EX-32.2) — 8KB
- form10-q_001.jpg (GRAPHIC) — 89KB
- f10-q_001.jpg (GRAPHIC) — 185KB
- f10-q_002.jpg (GRAPHIC) — 120KB
- f10-q_003.jpg (GRAPHIC) — 118KB
- 0001493152-24-030485.txt ( ) — 5022KB
- sdch-20240630.xsd (EX-101.SCH) — 29KB
- sdch-20240630_cal.xml (EX-101.CAL) — 35KB
- sdch-20240630_def.xml (EX-101.DEF) — 103KB
- sdch-20240630_lab.xml (EX-101.LAB) — 275KB
- sdch-20240630_pre.xml (EX-101.PRE) — 216KB
- form10-q_htm.xml (XML) — 390KB
Business
Business combination related costs - 214 214 Total operating expenses 1,056 1,568 3,288 4,635 Operating loss ( 154 ) ( 694 ) ( 673 ) ( 2,159 ) Other income, net 8 15 29 22 Net loss before income tax expense ( 146 ) ( 679 ) ( 644 ) ( 2,137 ) Income tax expense - - 1 - Net loss after income tax expense $ ( 146 ) $ ( 679 ) $ ( 645 ) $ ( 2,137 ) Net loss per common share – basic and diluted $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) $ ( 0.01 ) Weighted average common shares outstanding – basic and diluted 225,032,119 189,435,933 220,770,171 162,367,526 See accompanying notes to unaudited consolidated financial statements. 4 SIDECHANNEL, INC. CONSOLIDATED (In thousands, except share data) (Unaudited) Preferred Shares Preferred Par Value Common Shares Common Par Value Additional Paid-in Capital Accumulated Deficit Total Equity Balance at September 30, 2023 - $ - 213,854,781 $ 214 $ 21,755 $ ( 18,939 ) $ 3,030 Shares issued for 2021 Investor Warrants - - 7,270,958 7 ( 7 ) - - Shares issued for services - - 257,085 - 8 - 8 Stock-based compensation - - 262,486 1 80 - 81 Net loss - - - - - ( 246 ) ( 246 ) Balance at December 31, 2023 - $ - 221,645,310 $ 222 $ 21,836 $ ( 19,185 ) $ 2,873 Shares issued for services - - 180,558 - 12 - 12 Stock-based compensation - - 2,529,937 2 131 - 133 Net loss - - - - - ( 253 ) ( 253 ) Balance at March 31, 2024 - $ - 224,355,805 $ 224 $ 21,979 $ ( 19,438 ) $ 2,765 Stock-based compensation - - 1,619,526 2 207 - 209 Net loss - - - - - ( 146 ) ( 146 ) Balance at June 30, 2024 - $ - 225,975,331 $ 226 $ 22,186 $ ( 19,584 ) $ 2,828 Preferred Shares Preferred Par Value Common Shares Common Par Value Additional Paid-in Capital Accumulated Deficit Total Equity Balance at September 30, 2022 100 $ - 148,724,056 $ 149 $ 21,180 $
Business
Business combination – contingent consideration - - 62,016,618 62 152 - 214 Balance at June 30, 2023 - $ - 212,765,780 $ 213 $ 21,702 $ ( 14,070 ) $ 7,845 Balance - 212,765,780 213 21,702 ( 14,070 ) 7,845 See accompanying notes to unaudited consolidated financial statements. 5 SIDECHANNEL, INC. CONSOLIDATED (In thousands) (Unaudited) 2024 2023 Nine Months Ended June 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ ( 645 ) $ ( 2,137 ) Adjustments to reconcile net loss to net cash flows used in operating activities: Depreciation and amortization 144 135 Stock-based compensation and payments for services, net 443 351
Business
Business combination costs - 214 Changes in operating assets and liabilities: Accounts receivable, net ( 31 ) ( 262 ) Prepaid expenses and other assets 113 158 Accounts payable and accrued liabilities ( 274 ) ( 247 ) Deferred revenue 367 228 Net cash provided by (used in) operating activities 117 ( 1,560 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of fixed assets ( 15 ) ( 24 ) Net cash used in investing activities ( 15 ) ( 24 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payment of note payable ( 50 ) - Net cash used in financing activities ( 50 ) - INCREASE (DECREASE) IN CASH 52 ( 1,584 ) CASH, BEGINNING OF PERIOD 1,053 3,030 CASH, END OF PERIOD $ 1,105 $ 1,446 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Stock-based compensation included in accounts payable and accrued liabilities $ - $ 21 Shares issued for services 20 31 Purchase of restricted stock units sold by employees to pay for taxes due on vested restricted stock units 118 - See accompanying notes to unaudited consolidated financial statements. 6 SIDECHANNEL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED JUNE 30, 2024 AND 2023 NOTE 1 – GENERAL INFORMATION Description of the Company SideChannel Inc. (OTCQB: SDCH) ("SideChannel", the "Company", "we", "us", or "our"), a Delaware corporation organized in 2021, is a cybersecurity advisory services and software company. Our headquarters are located at 146 Main Street, Suite 405, Worcester, MA, 01608. Our website is https://sidechannel.com . A history of the Company is disclosed in our Annual Report on Form 10-K for the year ended September 30, 2023 (the "2023 Form 10-K") filed on December 27, 2023, with the Securities and Exchange Commission ("SEC"). Our mission is to simplify cybersecurity for mid-market and emerging companies, a market we believe is underserved. Our products and services offer comprehensive cybersecurity and privac