$SDCH
SideChannel Inc

2024 Q2 Form 10-Q Financial Statement

#000149315224018014 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $1.846M $1.927M $1.617M
YoY Change 5.49% 19.17% 646700.0%
Cost Of Revenue $944.0K $1.059M $880.0K
YoY Change 7.76% 20.34%
Gross Profit $902.0K $868.0K $737.0K
YoY Change 3.2% 17.77% 294700.0%
Gross Profit Margin 48.86% 45.04% 45.58%
Selling, General & Admin $915.0K $1.005M $1.427M
YoY Change -22.06% -29.57% 116.41%
% of Gross Profit 101.44% 115.78% 193.62%
Research & Development $141.0K $123.0K $168.0K
YoY Change -21.67% -26.79% 19.22%
% of Gross Profit 15.63% 14.17% 22.8%
Depreciation & Amortization $45.00K
YoY Change 0.0%
% of Gross Profit 6.11%
Operating Expenses $1.056M $1.128M $1.595M
YoY Change -32.65% -29.28% 99.3%
Operating Profit -$154.0K -$260.0K -$858.0K
YoY Change -77.81% -69.7% 7.24%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $8.000K $8.000K $2.000K
YoY Change -46.67% 300.0%
Pretax Income -$146.0K -$252.0K -$856.0K
YoY Change -78.5% -70.56% 6.99%
Income Tax $1.000K
% Of Pretax Income
Net Earnings -$146.0K -$253.0K -$856.0K
YoY Change -78.5% -70.44% 6.99%
Net Earnings / Revenue -7.91% -13.13% -52.94%
Basic Earnings Per Share $0.00 $0.00 -$0.01
Diluted Earnings Per Share $0.00 $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 224.4M shares 222.0M shares 148.9M shares
Diluted Shares Outstanding 225.0M shares 222.8M shares 148.9M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $851.0K $1.902M
YoY Change -55.26% -56.67%
Cash & Equivalents $1.105M $851.0K $1.902M
Short-Term Investments
Other Short-Term Assets $626.0K $463.0K
YoY Change 35.21% 43.25%
Inventory
Prepaid Expenses $446.0K $283.0K
Receivables $865.0K $910.0K $896.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.418M $2.387M $3.261M
YoY Change -9.17% -26.8% -30.81%
LONG-TERM ASSETS
Property, Plant & Equipment $36.00K $24.00K
YoY Change 50.0%
Goodwill $1.356M $1.356M $1.356M
YoY Change 0.0% 0.0%
Intangibles $4.940M
YoY Change
Long-Term Investments
YoY Change
Other Assets $60.00K $240.0K
YoY Change -75.0% -42.86%
Total Long-Term Assets $1.407M $1.440M $6.536M
YoY Change -78.4% -77.97% 1456.19%
TOTAL ASSETS
Total Short-Term Assets $2.418M $2.387M $3.261M
Total Long-Term Assets $1.407M $1.440M $6.536M
Total Assets $3.825M $3.827M $9.797M
YoY Change -58.32% -60.94% 90.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $498.0K $765.0K
YoY Change -34.9% 76.39%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $50.00K
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $997.0K $1.062M $1.382M
YoY Change -11.06% -23.15% 218.65%
LONG-TERM LIABILITIES
Long-Term Debt $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 $997.0K $1.062M $1.382M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $997.0K $1.062M $1.593M
YoY Change -25.15% -33.33% 267.3%
SHAREHOLDERS EQUITY
Retained Earnings -$19.58M -$19.44M -$13.39M
YoY Change 39.19% 45.16%
Common Stock $226.0K $224.0K $150.0K
YoY Change 6.1% 49.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.828M $2.765M $8.204M
YoY Change
Total Liabilities & Shareholders Equity $3.825M $3.827M $9.797M
YoY Change -58.32% -60.94% 90.85%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$146.0K -$253.0K -$856.0K
YoY Change -78.5% -70.44% 6.99%
Depreciation, Depletion And Amortization $45.00K
YoY Change 0.0%
Cash From Operating Activities $32.00K -$651.0K
YoY Change -104.92% -4.48%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $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 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 32.00K -651.0K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 0.000
Net Change In Cash 32.00K -651.0K
YoY Change -104.92% -4.48%
FREE CASH FLOW
Cash From Operating Activities $32.00K -$651.0K
Capital Expenditures $0.00
Free Cash Flow -$651.0K
YoY Change -4.48%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
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<p id="xdx_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zdr94SDHTT7f" 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_860_zLvYxOuldWB8">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"><i> </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">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>
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SDCH New Accounting Pronouncements Not Yet Adopted
NewAccountingPronouncementsNotYetAdopted
<p id="xdx_84D_ecustom--NewAccountingPronouncementsNotYetAdopted_zd0NBl03gnG5" 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_869_zkhM0ReuRQa4">Recently Issued Accounting Standards Not Yet Adopted</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; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” which provides guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment and contains other disclosure requirements. The purpose of the guidance is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The guidance is effective for fiscal years beginning December 15, 2023, and interim periods within fiscal years beginning December 15, 2024. For us, annual reporting requirements will be effective for our fiscal year 2025 beginning on October 1, 2024 and interim reporting requirements will be effective beginning with our fourth quarter of fiscal year 2025. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” which updates income tax disclosure requirements primarily by requiring specific categories and greater disaggregation within the rate reconciliation table and disaggregation of income taxes paid, net of refunds, by jurisdiction. All entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The guidance is effective for fiscal years beginning after December 15, 2024, which for us is our fiscal year 2026 beginning on October 1, 2025. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company does not believe that any recently issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying consolidated financial statements.</span></p>
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
967 usd
CY2024Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
564000 usd
CY2023Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
280000 usd
CY2023Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
280000 usd
SDCH Contract With Customer Liability Revenue Deferred
ContractWithCustomerLiabilityRevenueDeferred
741000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
457000 usd
CY2024Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
564000 usd
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
224355805 shares
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
681000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
213854781 shares
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
437643 shares
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
20000 usd
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
CY2024Q1 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
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P3Y3M21D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
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17415000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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SDCH Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Non Options Outstanding Weighted Average Remaining Contractual Terms Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageRemainingContractualTermsGranted
P4Y9M
SDCH Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Tendered
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsTendered
43538000 shares
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0.36
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P2Y3M
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43158000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.33
SDCH Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y4M20D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.05
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.14
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
300000 usd
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
20000 usd
CY2024Q1 SDCH Amortization Of Outstanding Equity
AmortizationOfOutstandingEquity
280000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
757000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y4M24D
SDCH Purchase Of Rsus Sold By Employees To Pay For Taxes Due On Vested Rsus
PurchaseOfRsusSoldByEmployeesToPayForTaxesDueOnVestedRsus
66000 usd
us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
214000 usd
CY2024Q1 SDCH Amortization Of Outstanding Equity
AmortizationOfOutstandingEquity
280000 usd
SDCH Purchase Of Rsus Sold By Employees To Pay For Taxes Due On Vested Rsus
PurchaseOfRsusSoldByEmployeesToPayForTaxesDueOnVestedRsus
66000 usd
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
266000 usd
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
31000 shares
CY2023Q1 SDCH Amortization Of Outstanding Equity
AmortizationOfOutstandingEquity
235000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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