SideChannel, Inc. Files Q1 Fiscal 2025 10-Q
Ticker: SDCH · Form: 10-Q · Filed: Feb 5, 2025 · CIK: 1022505
Sentiment: neutral
Topics: 10-q, quarterly-report, financials
TL;DR
SideChannel (CHNL) filed its Q1 FY25 10-Q. Check financials.
AI Summary
SideChannel, Inc. filed its 10-Q for the period ending December 31, 2024. The filing covers the first quarter of their fiscal year 2025. The company, formerly known as CIPHERLOC Corp and NATIONAL SCIENTIFIC CORP/AZ, is based in Worcester, MA, and operates in computer processing and data preparation services.
Why It Matters
This filing provides investors with an update on SideChannel, Inc.'s financial performance and position for the first quarter of fiscal year 2025, crucial for understanding the company's ongoing operations and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly filing and does not contain immediate red flags or significant new risks.
Key Players & Entities
- SideChannel, Inc. (company) — Filer of the 10-Q
- CIPHERLOC Corp (company) — Former name of SideChannel, Inc.
- NATIONAL SCIENTIFIC CORP/AZ (company) — Former name of SideChannel, Inc.
- Worcester, MA (location) — Business address of SideChannel, Inc.
- 20241231 (date) — End of the reporting period
- 20250205 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended December 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on February 5, 2025.
What is SideChannel, Inc.'s primary business sector?
SideChannel, Inc. operates in the SERVICES-COMPUTER PROCESSING & DATA PREPARATION sector, with SIC code 7374.
What were SideChannel, Inc.'s former names?
SideChannel, Inc. was formerly known as CIPHERLOC Corp and NATIONAL SCIENTIFIC CORP/AZ.
Where is SideChannel, Inc. located?
SideChannel, Inc. is located at 146 Main Street, Suite 405, Worcester, MA 01608.
Filing Stats: 4,572 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2025-02-05 07:00:40
Key Financial Figures
- $0.001 — ) of the Act: Common Stock, par value $0.001 (Title of Class) Indicate by check
Filing Documents
- form10-q.htm (10-Q) — 539KB
- ex31-1.htm (EX-31.1) — 16KB
- ex31-2.htm (EX-31.2) — 16KB
- ex32-1.htm (EX-32.1) — 7KB
- ex32-2.htm (EX-32.2) — 7KB
- form10-q_001.jpg (GRAPHIC) — 15KB
- form10-q_002.jpg (GRAPHIC) — 42KB
- form10-q_003.jpg (GRAPHIC) — 36KB
- form10-q_004.jpg (GRAPHIC) — 37KB
- 0001493152-25-004944.txt ( ) — 3760KB
- sdch-20241231.xsd (EX-101.SCH) — 30KB
- sdch-20241231_cal.xml (EX-101.CAL) — 36KB
- sdch-20241231_def.xml (EX-101.DEF) — 114KB
- sdch-20241231_lab.xml (EX-101.LAB) — 234KB
- sdch-20241231_pre.xml (EX-101.PRE) — 193KB
- form10-q_htm.xml (XML) — 410KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 3 Condensed Consolidated Balance Sheets as of December 31, 2024 (Unaudited), and September 30, 2024 3 Unaudited Condensed Consolidated Statements of Operations for the three months ended December 31, 2024 and 2023 4 Unaudited Condensed Consolidated Statement of Stockholders' Equity for the three months ended December 31, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended December 31, 2024 and 2023 6
Notes to Financial Statements
Notes to Financial Statements 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.
Controls and Procedures
Controls and Procedures 24
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 26 Item 1A.
Risk Factors
Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5 Other Information 26 Item 6. Exhibits 27 2 PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS SIDECHANNEL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) December 31, 2024 September 30, 2024 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 1,120 $ 1,045 Short-term investments 250 250 Accounts receivable, net 585 732 Deferred costs 105 150 Prepaid expenses and other current assets 289 385 Total current assets 2,349 2,562 Fixed assets 29 33 Goodwill 1,356 1,356 Total assets $ 3,734 $ 3,951 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities $ 590 $ 729 Deferred revenue 519 515 Income taxes payable 5 3 Total current liabilities 1,114 1,247 Total liabilities 1,114 1,247 Commitments and contingencies (Note 14) - - Common stock, $ 0.001 par value, 681,000,000 shares authorized; 226,331,731 and 225,975,331 shares issued and outstanding as of December 31, 2024, and September 30, 2024, respectively. 226 226 Additional paid-in capital 22,432 22,321 Accumulated deficit ( 20,038 ) ( 19,843 ) Total stockholders' equity 2,620 2,704 Total liabilities and stockholders' equity $ 3,734 $ 3,951 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 SIDECHANNEL, INC. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except share and per share data) (Unaudited) Three Months Ended December 31, 2024 2023 Revenues $ 1,908 $ 1,736 Cost of revenues 1,034 891 Gross profit 874 845 Operating expenses General and administrative 660 709 Selling and marketing 267 269 Research and developme