$SDCH
SideChannel, Inc.

2022 Q3 Form 10-Q Financial Statement

#000149315222022846 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $4.789M $198.00 $250.00
YoY Change
Cost Of Revenue $2.468M
YoY Change
Gross Profit $2.321M $198.00 $250.00
YoY Change
Gross Profit Margin 48.46% 100.0% 100.0%
Selling, General & Admin -$522.7K $1.190M $659.4K
YoY Change -158.77% 502.37%
% of Gross Profit -22.52% 600938.38% 263756.0%
Research & Development -$283.8K $191.3K $140.9K
YoY Change -288.25% 13.1%
% of Gross Profit -12.23% 96594.95% 56368.0%
Depreciation & Amortization $46.00K $45.00K $45.00K
YoY Change
% of Gross Profit 1.98% 22727.27% 18000.0%
Operating Expenses -$806.5K $1.381M $800.3K
YoY Change -177.54% 276.7%
Operating Profit $3.127M -$1.381M -$800.1K
YoY Change -400.64% 276.65%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $13.00K $2.000K
YoY Change
Pretax Income -$8.748M -$1.381M -$800.1K
YoY Change 741.05% 686.49%
Income Tax $195.0K $195.0K
% Of Pretax Income
Net Earnings -$8.943M -$1.381M -$800.1K
YoY Change 759.79% 686.49%
Net Earnings / Revenue -186.76% -697433.33% -320024.0%
Basic Earnings Per Share -$0.02 $0.01
Diluted Earnings Per Share -$0.12 -$15.72K -$9.413K
COMMON SHARES
Basic Shares Outstanding 148.4M shares 87.82M shares 62.02M shares
Diluted Shares Outstanding 62.02M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.030M $3.589M $4.390M
YoY Change -47.61% -47.6%
Cash & Equivalents $3.030M $3.589M $4.390M
Short-Term Investments
Other Short-Term Assets $500.0K $208.2K $323.2K
YoY Change 8.74% 2448.23%
Inventory
Prepaid Expenses $320.0K $28.19K
Receivables $612.0K
Other Receivables $0.00
Total Short-Term Assets $4.142M $3.797M $4.713M
YoY Change -33.66% -44.62%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $1.400M
YoY Change
Intangibles $4.940M
YoY Change
Long-Term Investments
YoY Change
Other Assets $330.0K $375.0K $420.0K
YoY Change
Total Long-Term Assets $6.626M $375.0K $420.0K
YoY Change 1199.22%
TOTAL ASSETS
Total Short-Term Assets $4.142M $3.797M $4.713M
Total Long-Term Assets $6.626M $375.0K $420.0K
Total Assets $10.77M $4.172M $5.133M
YoY Change 59.44% -39.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $786.0K $611.7K $433.7K
YoY Change -46.26% 15.87%
Accrued Expenses $175.0K $0.00
YoY Change 550.32%
Deferred Revenue
YoY Change
Short-Term Debt $50.00K $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.161M $786.7K $433.7K
YoY Change -21.96% 41.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.161M $786.7K $433.7K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.372M $786.7K $433.7K
YoY Change -7.78% 41.79%
SHAREHOLDERS EQUITY
Retained Earnings -$11.93M -$74.36M
YoY Change -83.32%
Common Stock $149.0K $101.9K
YoY Change 54.66%
Preferred Stock
YoY Change
Treasury Stock (at cost) $590.0K
YoY Change
Treasury Stock Shares 13.41M shares
Shareholders Equity $9.396M $3.385M $4.700M
YoY Change
Total Liabilities & Shareholders Equity $10.77M $4.172M $5.133M
YoY Change 59.44% -39.15%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$8.943M -$1.381M -$800.1K
YoY Change 759.79% 686.49%
Depreciation, Depletion And Amortization $46.00K $45.00K $45.00K
YoY Change
Cash From Operating Activities $1.799M -$801.1K -$681.5K
YoY Change -269.0% -68.78%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $3.589M
YoY Change
Cash From Investing Activities $3.589M $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -511.0K 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 1.799M -801.1K -681.5K
Cash From Investing Activities 3.589M 0.000 0.000
Cash From Financing Activities -511.0K 0.000 0.000
Net Change In Cash 4.877M -801.1K -681.5K
YoY Change -558.15% -113.89%
FREE CASH FLOW
Cash From Operating Activities $1.799M -$801.1K -$681.5K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$801.1K -$681.5K
YoY Change -68.78%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84D_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zizXuKUQocWb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reclassification</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The common stock and additional paid in capital line items on the balance sheet have been reclassified to be comparable to the current period’s presentation. The reclassification reflects the difference in the par value of the Company’s common stock when it was a Texas corporation, prior to September 30, 2021, and the par value of the Company’s common stock after it became a Delaware corporation, on September 30, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
449 usd
CY2021Q4 us-gaap Payments For Rent
PaymentsForRent
500 usd
CY2022Q2 us-gaap Payments For Rent
PaymentsForRent
1500 usd
us-gaap Payments For Rent
PaymentsForRent
3641 usd
CY2021Q2 us-gaap Payments For Rent
PaymentsForRent
170265 usd
us-gaap Payments For Rent
PaymentsForRent
306453 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
681000000 shares
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
88445832 shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
84305 usd
CY2021Q2 us-gaap Gross Profit
GrossProfit
usd

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