$SDCH
SideChannel, Inc.

2024 Q1 Form 10-Q Financial Statement

#000149315224005198 Filed on February 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q3
Revenue $1.927M $1.736M $1.659M
YoY Change 19.17% 12.29% -65.35%
Cost Of Revenue $1.059M $891.0K $803.0K
YoY Change 20.34% 30.84% -67.46%
Gross Profit $868.0K $845.0K $856.0K
YoY Change 17.77% -2.31% -63.11%
Gross Profit Margin 45.04% 48.68% 51.6%
Selling, General & Admin $1.005M $978.0K $985.0K
YoY Change -29.57% -26.85% -288.46%
% of Gross Profit 115.78% 115.74% 115.07%
Research & Development $123.0K $126.0K $186.0K
YoY Change -26.79% -6.67% -165.53%
% of Gross Profit 14.17% 14.91% 21.73%
Depreciation & Amortization $2.000K
YoY Change -95.65%
% of Gross Profit 0.23%
Operating Expenses $1.128M $1.104M $1.171M
YoY Change -29.28% -25.0% -245.2%
Operating Profit -$260.0K -$259.0K -$315.0K
YoY Change -69.7% -57.33% -110.07%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $8.000K $13.00K $7.000K
YoY Change 300.0% 160.0% -46.15%
Pretax Income -$252.0K -$246.0K -$5.248M
YoY Change -70.56% -59.14% -40.01%
Income Tax $1.000K -$379.0K
% Of Pretax Income
Net Earnings -$253.0K -$246.0K -$4.869M
YoY Change -70.44% -59.14% -45.56%
Net Earnings / Revenue -13.13% -14.17% -293.49%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$0.02
COMMON SHARES
Basic Shares Outstanding 222.0M shares 214.6M shares 213.6M shares
Diluted Shares Outstanding 222.8M shares 214.6M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $851.0K $819.0K $1.053M
YoY Change -55.26% -67.92% -65.25%
Cash & Equivalents $851.0K $800.0K $1.100M
Short-Term Investments
Other Short-Term Assets $626.0K $458.0K $561.0K
YoY Change 35.21% 0.88% 12.2%
Inventory
Prepaid Expenses $446.0K $278.0K $381.0K
Receivables $910.0K $868.0K $834.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.387M $2.145M $2.448M
YoY Change -26.8% -40.03% -40.9%
LONG-TERM ASSETS
Property, Plant & Equipment $24.00K $27.00K $30.00K
YoY Change
Goodwill $1.356M $1.356M $1.356M
YoY Change 0.0% 0.0% -3.14%
Intangibles $0.00
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $60.00K $105.0K $150.0K
YoY Change -75.0% -63.16% -54.55%
Total Long-Term Assets $1.440M $1.488M $1.536M
YoY Change -77.97% -77.39% -76.82%
TOTAL ASSETS
Total Short-Term Assets $2.387M $2.145M $2.448M
Total Long-Term Assets $1.440M $1.488M $1.536M
Total Assets $3.827M $3.633M $3.984M
YoY Change -60.94% -64.24% -63.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $498.0K $511.0K $613.0K
YoY Change -34.9% -26.79% -22.01%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $50.00K
YoY Change -100.0% -100.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.062M $760.0K $954.0K
YoY Change -23.15% -25.27% -17.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.062M $760.0K $954.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.062M $760.0K $954.0K
YoY Change -33.33% -38.11% -30.47%
SHAREHOLDERS EQUITY
Retained Earnings -$19.44M -$19.19M -$18.94M
YoY Change 45.16% 53.05% 58.71%
Common Stock $224.0K $222.0K $214.0K
YoY Change 49.33% 48.99% 43.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.765M $2.873M $3.030M
YoY Change
Total Liabilities & Shareholders Equity $3.827M $3.633M $3.984M
YoY Change -60.94% -64.24% -63.0%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$253.0K -$246.0K -$4.869M
YoY Change -70.44% -59.14% -45.56%
Depreciation, Depletion And Amortization $2.000K
YoY Change -95.65%
Cash From Operating Activities $32.00K -$184.0K -$385.0K
YoY Change -104.92% -61.43% -121.4%
INVESTING ACTIVITIES
Capital Expenditures $8.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$8.000K
YoY Change -100.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -$50.00K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 32.00K -$184.0K -385.0K
Cash From Investing Activities 0.000 -8.000K
Cash From Financing Activities 0.000 -$50.00K 0.000
Net Change In Cash 32.00K -$234.0K -393.0K
YoY Change -104.92% -50.94% -108.06%
FREE CASH FLOW
Cash From Operating Activities $32.00K -$184.0K -$385.0K
Capital Expenditures $8.000K
Free Cash Flow -$393.0K
YoY Change

Facts In Submission

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CY2023Q4 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z1Zs8orlIEPl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_868_zacRT8Q6o51j">Reclassifications</span></span></i></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Certain prior year amounts have been reclassified to be comparable with the current year’s presentation.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
CY2023Q4 SDCH Percentage Of Accounts Receivable
PercentageOfAccountsReceivable
0.03 pure
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
10000 usd
CY2021Q4 us-gaap Area Of Land
AreaOfLand
500 sqft
CY2021Q4 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
option to renew annually for three (3) twelve (12) month periods through December 2025
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
948 usd
CY2021Q4 SDCH Expected Operating Lease Payments
ExpectedOperatingLeasePayments
967 usd
CY2023Q4 us-gaap Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
Potentially dilutive securities of approximately 50.3 million shares were excluded from diluted EPS in the three months ended December 31, 2023, as we had a net loss
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
800000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1100000 usd
CY2023Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
238000 usd
CY2023Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
280000 usd
CY2023Q4 SDCH Contract With Customer Liability Revenue Deferred
ContractWithCustomerLiabilityRevenueDeferred
128000 usd
CY2023Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
170000 usd
CY2023Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
238000 usd
CY2023Q4 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd
CY2023Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.05
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.05
CY2023Q4 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
93000 usd
CY2023Q4 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
8000 shares
CY2023Q4 SDCH Amortisation Of Outstanding Equity
AmortisationOfOutstandingEquity
85000 usd
CY2023Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
545000 usd
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y
CY2023Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5000 usd
CY2022Q4 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
115000 usd
CY2022Q4 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
18000 shares
CY2022Q4 SDCH Amortisation Of Outstanding Equity
AmortisationOfOutstandingEquity
97000 usd
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
221645310 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
681000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
213854781 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
17415437 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.18
CY2023Q4 SDCH Bid Price
BidPrice
0.36
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
43200000 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
69281000 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.39
CY2023 SDCH Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y3M21D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
17415000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.18
CY2023Q4 SDCH Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Non Options Outstanding Weighted Average Remaining Contractual Terms Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageRemainingContractualTermsGranted
P5Y
CY2023Q4 SDCH Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Tendered
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsTendered
43538000 shares

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