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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
(Mark
one)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended March 31, 2024
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ___________ to ___________
Commission
File No. 000-28745
SideChannel,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
86-0837077
|
State
of Incorporation |
|
IRS
Employer Identification Number |
146
Main Street, Suite 405, Worcester, MA 01608
(Address
of principal executive offices) (Zip Code)
(508) 925-0114
(Registrant’s
telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None.
Securities
registered pursuant to Section 12(g) of the Act:
Title
of Each Class |
|
Trading
Symbol |
|
Name
of Each Exchange on Which Registered |
Common
Stock, par value $0.001 per share |
|
SDCH |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has
been subject to such filing requirements for the past 90 days: Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of May 6, 2024, the registrant had 224,355,805
shares of common stock outstanding.
SIDECHANNEL,
INC.
TABLE
OF CONTENTS
PART
I
FINANCIAL
INFORMATION
ITEM
1. FINANCIAL STATEMENTS
SIDECHANNEL,
INC.
CONSOLIDATED
BALANCE SHEETS
(In
thousands, except share and per share data)
| |
31-Mar-24 | | |
30-Sep-23 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 851 | | |
$ | 1,053 | |
Accounts receivable, net | |
| 910 | | |
| 834 | |
Deferred costs | |
| 180 | | |
| 180 | |
Prepaid expenses and other current assets | |
| 446 | | |
| 381 | |
Total current assets | |
| 2,387 | | |
| 2,448 | |
| |
| | | |
| | |
Fixed assets | |
| 24 | | |
| 30 | |
Goodwill | |
| 1,356 | | |
| 1,356 | |
Deferred costs | |
| 60 | | |
| 150 | |
Total assets | |
$ | 3,827 | | |
$ | 3,984 | |
| |
| | | |
| | |
LIABILITIES & STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 498 | | |
$ | 613 | |
Deferred revenue | |
| 564 | | |
| 280 | |
Promissory note payable | |
| - | | |
| 50 | |
Income taxes payable | |
| - | | |
| 11 | |
Total current liabilities | |
| 1,062 | | |
| 954 | |
| |
| | | |
| | |
Other Liabilities | |
| - | | |
| - | |
Total liabilities | |
| 1,062 | | |
| 954 | |
| |
| | | |
| | |
Commitments and contingencies (Note 10) | |
| - | | |
| - | |
| |
| | | |
| | |
Common stock, $0.001 par value, 681,000,000 shares authorized; 224,355,805 and 213,854,781 shares issued and outstanding as of Mar 31, 2024 and Sep 30, 2023 | |
| 224 | | |
| 214 | |
Additional paid-in capital | |
| 21,979 | | |
| 21,755 | |
Accumulated Deficit | |
| (19,438 | ) | |
| (18,939 | ) |
Total stockholders’ equity | |
| 2,765 | | |
| 3,030 | |
Total liabilities and stockholders’ equity | |
$ | 3,827 | | |
$ | 3,984 | |
Note:
The consolidated balance sheet at September 30, 2023, has been derived from the audited consolidated financial statements at
that date but does not include all of the information and footnotes required by the United States generally accepted accounting principles
for complete financial statements.
See
accompanying notes to unaudited consolidated financial statements.
SIDECHANNEL,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In
thousands, except share and per share data)
(Unaudited)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
March 31, | | |
March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues | |
$ | 1,927 | | |
$ | 1,617 | | |
$ | 3,663 | | |
$ | 3,163 | |
Cost of revenues | |
| 1,059 | | |
| 880 | | |
| 1,950 | | |
| 1,561 | |
Gross profit | |
| 868 | | |
| 737 | | |
| 1,713 | | |
| 1,602 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 849 | | |
| 990 | | |
| 1,558 | | |
$ | 2,020 | |
Selling and marketing | |
| 156 | | |
| 437 | | |
| 425 | | |
| 744 | |
Research and development | |
| 123 | | |
| 168 | | |
| 249 | | |
| 303 | |
Total operating expenses | |
| 1,128 | | |
| 1,595 | | |
| 2,232 | | |
| 3,067 | |
Operating income (loss) | |
| (260 | ) | |
| (858 | ) | |
| (519 | ) | |
| (1,465 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income, net | |
| 8 | | |
| 2 | | |
| 21 | | |
| 7 | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| 1 | | |
| | | |
| 1 | | |
| | |
Net income (loss) after income tax expense | |
| (253 | ) | |
| (856 | ) | |
| (499 | ) | |
| (1,458 | ) |
Net income (loss) per common share – basic and diluted | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.00 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding – basic and diluted | |
| 222,773,052 | | |
| 148,928,663 | | |
| 218,653,945 | | |
| 148,830,224 | |
See
accompanying notes to unaudited consolidated financial statements.
SIDECHANNEL,
INC.
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY
(In
thousands, except share and per share data)
(Unaudited)
| |
Shares | | |
Par
Value | | |
Shares | | |
Par
Value | | |
Paid-in
Capital | | |
Accumulated
Deficit | | |
Stockholders’
Equity | |
| |
For
the Six Months Ended March 31, 2024 | |
| |
Preferred
Stock | | |
Common
Stock | | |
Additional | | |
| | |
| |
| |
Shares | | |
Par
Value | | |
Shares | | |
Par
Value | | |
Paid-in
Capital | | |
Accumulated
Deficit | | |
Stockholders’
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 expense | |
| — | | |
| — | | |
| 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 | |
| |
For the Six Months Ended March 31, 2023 | |
| |
Preferred Stock | | |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance at September 30, 2022 | |
| 100 | | |
$ | — | | |
| 148,724,056 | | |
$ | 149 | | |
$ | 21,180 | | |
$ | (11,933 | ) | |
$ | 9,396 | |
Shares issued for services | |
| — | | |
| — | | |
| 180,557 | | |
| | | |
| 18 | | |
| | | |
| 18 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 118 | | |
| — | | |
| 118 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (602 | ) | |
| (602 | ) |
Balance at December 31, 2022 | |
| 100 | | |
$ | — | | |
| 148,904,613 | | |
$ | 149 | | |
$ | 21,316 | | |
$ | (12,535 | ) | |
$ | 8,930 | |
Balance | |
| 100 | | |
$ | — | | |
| 148,904,613 | | |
$ | 149 | | |
$ | 21,316 | | |
$ | (12,535 | ) | |
$ | 8,930 | |
Shares issued for services | |
| — | | |
| — | | |
| 166,668 | | |
| — | | |
| 13 | | |
| — | | |
| 13 | |
Stock-based compensation | |
| — | | |
| — | | |
| 500,000 | | |
| 1 | | |
| 116 | | |
| — | | |
| 117 | |
Stock-based compensation expense | |
| — | | |
| — | | |
| 500,000 | | |
| 1 | | |
| 116 | | |
| — | | |
| 117 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (856 | ) | |
| (856 | ) |
Balance at March 31, 2023 | |
| 100 | | |
$ | — | | |
| 149,571,281 | | |
$ | 150 | | |
$ | 21,445 | | |
$ | (13,391 | ) | |
$ | 8,204 | |
Balance | |
| 100 | | |
$ | — | | |
| 149,571,281 | | |
$ | 150 | | |
$ | 21,445 | | |
$ | (13,391 | ) | |
$ | 8,204 | |
See
accompanying notes to unaudited consolidated financial statements.
SIDECHANNEL,
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
| |
2024 | | |
2023 | |
| |
Six Months Ended
March 31, | |
| |
2024 | | |
2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (499 | ) | |
$ | (1,458 | ) |
Adjustments to reconcile net (loss) income to net cash flows used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 96 | | |
| 90 | |
Stock-based compensation and shares issued for services, net | |
| 234 | | |
| 245 | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable, net | |
| (76 | ) | |
| (284 | ) |
Prepaid expenses and other assets | |
| (65 | ) | |
| 37 | |
Accounts payable and accrued liabilities | |
| (115 | ) | |
| - | |
Income taxes payable | |
| (11 | ) | |
| - | |
Deferred revenue | |
| 284 | | |
| 242 | |
Net cash used in operating activities | |
| (152 | ) | |
| (1,128 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Purchase of fixed assets | |
| - | | |
| - | |
Net cash used in investing activities | |
| - | | |
| - | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Payment of note payable | |
| (50 | ) | |
| - | |
Net cash used in financing activities | |
| (50 | ) | |
| - | |
| |
| | | |
| | |
(DECREASE) INCREASE IN CASH | |
| (202 | ) | |
| (1,128 | ) |
CASH, BEGINNING OF PERIOD | |
| 1,053 | | |
| 3,030 | |
CASH, END OF PERIOD | |
$ | 851 | | |
$ | 1,902 | |
| |
| | | |
| | |
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 (“RSUs”) sold by employees to pay for taxes due on vested RSUs | |
| 66 | | |
| - | |
See
accompanying notes to unaudited consolidated financial statements.
SIDECHANNEL,
INC.
NOTES
TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX MONTHS ENDED MARCH 31, 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 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 make cybersecurity simple and accessible for mid-market and emerging companies, a market we that we believe is currently
underserved. We believe that our cybersecurity product and service offerings provide cybersecurity and privacy risk management solutions
for our customers. We anticipate that our target customers will continue to need cost-effective security solutions. We intend to provide
more tech-enabled services to address the needs of our customers, including virtual Chief Information Security Officer (“vCISO”),
zero trust, third-party risk management, due diligence, privacy, threat intelligence, and managed end-point security solutions.
We
are offering proprietary software called Enclave which simplifies important cybersecurity tasks called “asset inventory”
and “microsegmentation.” Enclave seamlessly combines access control, microsegmentation, encryption and other secure networking
concepts to create a comprehensive solution. It allows IT professionals to easily segment the enterprise network, place the right staff
in those segments and direct traffic.
Business
Combination
On
July 1, 2022 we, then known as Cipherloc Corporation (“Cipherloc”), a Delaware corporation, completed an acquisition (“Business
Combination”) of all the outstanding equity securities of SideChannel, Inc., a Massachusetts corporation, pursuant to an Equity
Securities Purchase Agreement dated May 16, 2022 (the “Purchase Agreement”). On September 9, 2022, SideChannel, Inc. the
acquired Massachusetts corporation and a subsidiary of the registrant, changed its name to SCS, Inc. (the “Subsidiary” or
“SCS”) and Cipherloc Corporation, the Delaware parent company of the subsidiary has changed its name to SideChannel, Inc.
The Business Combination was accounted for as a reverse acquisition (“reverse merger”) in accordance with GAAP. Under this
method of accounting, SCS was deemed to be the accounting acquirer for financial reporting purposes.
As
part of the Business Combination, the former stockholders of SCS (the “Sellers”) exchanged all of their equity securities
in SCS for a total of 59,900,000 shares of the Company’s common stock (the “First Tranche Shares”), and 100 shares
of the Company’s newly designated Series A Preferred Stock, $0.001 par value (the “Series A Preferred Stock”). The
In addition the Sellers were entitled to receive up to an additional 59,900,000 shares of the Company’s common stock (the “Second
Tranche Shares” and together with the First Tranche Shares and the Series A Preferred Stock, the “Shares”) at such
time that the operations of SCS, as a subsidiary of the Company, achieved at least $5.5 million in revenue (the “Milestone”)
for any twelve-month period occurring after the Closing Date and before the 48-month anniversary of the execution of the Purchase Agreement.
The number of the Second Tranche Shares could have been reduced or increased, based upon whether SCS working capital as of the Closing
Date is less than or more than zero (“Closing Working Capital Adjustment”). The number of the Second Tranche Shares was also
subject to adjustment based upon any successful indemnification claims made by the parties pursuant to the Purchase Agreement. The Closing
Working Capital Adjustment increased the Second Tranche Shares by 2,116,618 shares of common stock. The 100 shares of Series A Preferred
Stock were converted to common stock on May 4, 2023.
The Shares are subject to a Lock-Up/Leak-Out Agreement, pursuant to which, subject to certain exceptions, the Sellers may not directly or indirectly offer to sell, or otherwise transfer, any of the Shares for twenty-four months after the Closing Date without the prior written consent of the Company. Notwithstanding the foregoing, pursuant to the Lock-Up/Leak-Out Agreement, each of the Sellers may sell up to 20% of their Shares beginning twelve (12) months after the Closing Date, and the remaining 80% of their shares of Common Stock beginning twenty-four (24) months after the Closing Date.
NOTE
2 – Summary of Significant Accounting Policies
We
have not made changes to the Significant Accounting Policies disclosed in our 2023 Form 10-K for the year ended September 30, 2023
filed on December 27, 2023, with the SEC.
Basis
of Presentation
The
accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting
principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial
statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included.
Operating
results for the three and six months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the
year ending September 30, 2024. These unaudited consolidated financial statements should be read in conjunction with the consolidated
financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023. Certain
prior period amounts have been reclassified to conform to the current year presentation or adjusted due to rounding and have had no impact
on net income or stockholders’ equity.
Reclassifications
Certain
prior year amounts have been reclassified to be comparable with the current year’s presentation.
Segment
Information
We
manage our operations as a single operating segment for the purposes of assessing performance and making operating decisions.
Critical
Accounting Estimates
In
the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal
recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim
periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore,
these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes
included in our 2023 Form 10-K. The same accounting policies have been followed in these unaudited interim consolidated financial
statements as those applied in the preparation of our consolidated audited financial statements for the year ended September 30, 2023.
The
preparation of financial statements in conformity with U.S.
GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates. Certain of our accounts, including goodwill, identifiable intangibles,
and deferred tax assets and liabilities, including related valuation allowances, are based upon estimates. We base our estimates on historical
experience and on appropriate and customary assumptions that we believe to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Some of these accounting estimates and assumptions are particularly sensitive because of their significance to our consolidated financial
statements and because of the possibility that future events affecting them may differ markedly from what had been assumed when the financial
statements were prepared.
As
of March 31, 2024, there have been no significant changes to the accounting estimates that we have deemed critical. Our critical accounting
estimates are more fully described in our 2023 Form 10-K.
Revenue
Recognition
We
recognize revenue in accordance with the guidance in ASC Topic 606 (Revenue from Contracts with Customers). We recognize revenue for
the sale of products or services when our performance obligations under the terms of a contract with a customer are satisfied and control
of the product or service has been transferred to the customer. Generally, this occurs when we deliver a product or perform a service.
In certain cases, recognition of revenue is deferred until the product or service is received by the customer or at some other point
in the future when we have determined that we have satisfied our performance obligations under the contract. Our contracts with customers
may include a combination of products and services, which are generally capable of being distinct and accounted for as separate performance
obligations.
We
do not have any material variable consideration arrangements, or any material payment terms with our customers other than standard payment
terms which generally range from net 15 to net 90 days.
Nature
of Products and Services
We
identify, develop, and deploy cybersecurity and privacy risk management solutions for our clients and customers in North America. We
categorize our products and services as either vCISO Services or Cybersecurity Software and Services. In addition to Enclave, our proprietary
software product, we also sell third-party software and services through a network of strategic partnerships.
Types
of Contracts with Customers
Our
contracts with customers are generally structured as annual subscription agreements or project specific statements of work. Our annual
subscription agreements include a minimum number of service hours purchased during the subscription time period. Payment terms and any
other customer-specific acceptance criteria are also specified in the contracts and statements of work.
Contract
Balances
We
record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in
current assets on our balance sheet. To the extent that we do not recognize revenue at the same time as we invoice, we record a liability
for deferred revenue. In certain instances, we also receive customer deposits in advance of invoicing and recording of accounts receivable.
Deferred revenue and customer deposits are included in current liabilities on our consolidated balance sheets.
We
maintain an allowance for doubtful accounts (“allowance”) equal to 3% of the ending quarterly accounts receivable balance.
The allowance is rounded up to the nearest $10,000.
Costs
to Obtain a Contract with a Customer
The
only costs we incur associated with obtaining contracts with customers are marketing costs incurred with third-party service providers
and sales commissions that we pay to our employees, contractors, or third-party sales representatives. Commissions are calculated based
on set percentages of the revenue value of each product or service sold. Commissions are considered earned by our internal sales personnel
at the time we recognize revenue for a particular transaction. Commissions are considered earned by third-party sales representatives
at the time that revenue is recognized for a particular transaction. We record commission expense in our consolidated statements of operations
at the time the commission is earned. Commissions earned but not yet paid are included in current liabilities on our balance sheets.
Net
Loss Per Share
Basic
loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding
during the reporting period. The weighted average number of shares is calculated by taking the number of shares outstanding and weighting
them by the amount of time that they were outstanding. Diluted earnings per share reflects the potential dilution that could occur if
stock options, warrants, and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of
common stock that could share in our earnings. Diluted loss per share is the same as basic loss per share during periods where net losses
are incurred since the inclusion of the potential common stock equivalents would be anti-dilutive as a result of the net loss.
Accounting
Pronouncements
We
did not adopt new accounting pronouncements during the six months ended March 31, 2024.
Recently
Issued Accounting Standards Not Yet Adopted
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.
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.
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.
NOTE
3 – LEASES
On
December 10, 2021, we entered into a lease for approximately 500 square feet of office space at 146 Main Street in Worcester, Massachusetts,
with the option to renew annually for three (3) twelve (12) month periods through December 2025. The annual renewal date is January 1st.
Our current lease payment is $967 per month. The lease allows for a two percent (2%) increase effective at the beginning of each renewal
period.
Operating
lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows.
We
have made an accounting policy election not to apply the recognition requirements of ASC Topic 842 (Leases) to short-term leases (leases
with a term of one year or less at the commencement date of the lease). Lease expense for short-term lease payments is recognized on
a straight-line basis over the lease term. Following the guidance of ASC Topic 842, we are not required to record ROU assets and operating
lease liabilities.
NOTE
4 – DEFERRED REVENUE
Deferred
Revenue is comprised of payments received from our clients and customers for products or services in advance of receiving the product
or service. This primarily occurs for annual software and service contracts including Enclave. While software contracts can be initiated
at any time of year, most of our annual agreements renew in our quarter ended March 31.
A
payment received from a client in advance of receiving the product or service will be deferred and increase the balance of Deferred Revenue.
We recognize the revenue for the product or service when it is delivered to the client according to ASC Topic 606. The recognition of
revenue for a product or service paid for in advance by our clients will decrease the balance of Deferred Revenue.
Deferred
revenue was $564,000 at March 31, 2024 and $280,000 at September 30, 2023. The deferred revenue is expected to be earned within 12 months
of the balance sheet date.
Changes
in deferred revenue for the six months ended March 31, 2024 were as follows:
SCHEDULE OF CHANGES IN DEFERRED REVENUE
Deferred Revenue (In thousands) | |
| |
Balance at September 30, 2023 | |
$ | 280 | |
Deferral of revenue | |
| 741 | |
Recognition of revenue | |
| (457 | ) |
Balance at March 31, 2024 | |
$ | 564 | |
NOTE
5 – DEBT
Pursuant
to a Membership Interest Redemption Agreement, dated November 3, 2021, by and between us and Akash Desai (“Desai Redemption Agreement”),
we promised to pay Mr. Desai $100,000, without interest, in exchange for Mr. Desai’s right, title, and interest in us while we
operated as an LLC. Mr. Desai was paid $50,000 at the execution of the Desai Redemption Agreement and the remaining $50,000 balance was
paid in December 2023.
NOTE
6 - STOCKHOLDERS’ EQUITY
Common
Stock
As
of March 31, 2024, we had 224,355,805 shares of common stock outstanding and were authorized to issue 681,000,000 shares of common stock
at a par value of $0.001.
We
had 213,854,781 shares of common stock outstanding as of September 30, 2023.
Common
Stock Issued for Cash
We
did not issue shares of common stock for cash during the six months ended March 31, 2024.
Common
Stock Issued for Business Combinations
We
did not issue shares for mergers or acquisitions related activity during the six months ended March 31, 2024.
Common
Stock Issued for Services
Total
shares of common stock issued for services during the six months ended March 31, 2024 is 437,643 with a total fair value of $20,000.
Our
Board of Directors (“Board”) had elected to have each of its members receive one-half of such member’s quarterly
compensation in the form of shares of the Company’s common stock instead of cash. We also use stock as a form of compensation
for independent contractors who provide professional services to us in sales, marketing, or administration. On February 15, 2024,
and March 28, 2024, the Company issued 20,834
and 159,724
shares of common stock, respectively, as compensation to the non-executive members of our Board for a fair value of $12,000
for the services rendered during the second quarter of fiscal year 2024. For the six months ended March 31, 2024 we have issued 347,226
shares of common stock as compensation for a value of $17,000.
For
the six months ended March 31, 2024 we have issued 90,417 shares of common stock to an independent contractor with a fair value of $3,000.
Common
Stock Issued Under Equity Incentive Plan
We
issued 2,792,423 shares of common stock for 4,039,824 Restricted Stock Units (“RSUs”) that vested during the six months ended March 31, 2024. The number
of RSUs sold by these employees to fund payroll taxes for the six months ended March 31, 2024 was 1,247,401.
Common
Stock Issued Under Tender Offer
On
December 26, 2023 we closed a tender offer to exchange approximately 55.5 million 2021 Investor Warrants for shares of common stock and
new warrants (“November 2023 Warrant Exchange”). The November 2023 Warrant Exchange had 43,538,501 2021 Investor warrants
tendered (78.4% of the outstanding 2021 Investor Warrants) resulting in the issuance of 7,270,958 shares of common stock and 17,415,437
new warrants (“New Warrants”). The New Warrants include these terms:
|
● |
Each
(1) New Warrant can subscribe for and purchase one (1) share of common stock from the Company at an exercise price of eighteen cents
($0.18) on or before December 29, 2028. |
|
● |
The
New Warrant can be exercised on a cash or cashless basis. |
|
● |
The
New Warrants will automatically convert if the common stock trades at a bid price equal to or greater than thirty-six cents ($0.36)
for thirty (30) consecutive trading days. New Warrant holders will be notified if the automatic conversion is triggered and will
be provided with twenty (20) trading days to deliver a notice of exercise to the Company. |
|
● |
The
New Warrants will be adjusted for stock dividends and stock splits should such an event occur during the term of the New Warrant. |
The
weighted average warrant fair value of the 2021 Investor Warrants successfully tendered, as determined using the Black-Scholes option
valuation model, was in excess of the value of the consideration paid by the Company to the 2021 Investor Warrant holders who successfully
tendered their warrants during the November 2023 Warrant Exchange. We did not recognize a gain as a result of the November 2023 Warrant
Exchange.
The
assumptions used to estimate the weighted average warrant fair value for the successfully tendered 2021 Investor Warrants include:
|
● |
We
estimated volatility based primarily on historical monthly price changes of the Company’s stock equal to the expected life
of the warrant. |
|
● |
The
risk-free interest rate was based on the U.S. Treasury yield in effect at the time of grant. |
|
● |
The
expected warrant term was the number of years the Company estimates the warrants will be outstanding prior to exercise based on expected
historical exercise patterns. |
After
the November 2023 Warrant Exchange, we had a total of 43.2 million warrants outstanding comprised of 5.4 million from 2018 issued to
placement agents, 8.4 million from 2021 issued to placement agents, 12.0 million remaining 2021 investor warrants, and 17.4 million new
warrants issued on December 26, 2023.
Preferred
Stock
As
of March 31, 2024, we had zero (0) shares of preferred stock outstanding.
Warrants
The
following table summarizes warrant activity for the six months ended March 31, 2024:
SCHEDULE OF WARRANT ACTIVITY
Outstanding Warrants (In thousands, except prices and remaining lives) | |
Number of
Warrants | | |
Weighted
Average
Exercise
Price | | |
Weighted
Average
Remaining
Life | |
Outstanding at September 30, 2023 | |
| 69,281 | | |
$ | 0.39 | | |
| 3.31 | |
Granted through November 2023 Warrant Exchange | |
| 17,415 | | |
| 0.18 | | |
| 4.75 | |
Tendered during November 2023 Warrant Exchange | |
| (43,538 | ) | |
| (0.36 | ) | |
| (2.25 | ) |
Canceled/Forfeited | |
| — | | |
| — | | |
| — | |
Outstanding at March 31, 2024 | |
| 43,158 | | |
$ | 0.33 | | |
| 4.39 | |
NOTE
7 – RELATED PARTY TRANSACTIONS
Brian
Haugli, our Chief Executive Officer and our stockholder in the Company, is also a principal shareholder of RealCISO Inc. (“RealCISO”).
On September 22, 2020, SideChannel assigned to RealCISO Inc. certain contracts and intellectual property. We are a reseller of the RealCISO
software. We receive revenue from our customers for the use of RealCISO software and pays licensing fees to RealCISO for such use. We
paid $20,160 to RealCISO in the six months ending March 31, 2024. We paid $36,000 to RealCISO during the six months ended March 31, 2023.
We
received $76,500 from RealCISO for software development services that we provided RealCISO during the six months ending March 31, 2024.
On
October 13, 2023, the Association of the US Army (“AUSA”) signed an agreement for a cybersecurity risk assessment for
$24,425.
On February 15, 2024, the President of AUSA, Retired U.S. Army General Robert Brown, joined our Board. The final payment of $6,106
for the agreement for the assessment was invoiced and paid during March 2024.
Nick
Hnatiw, our Chief Technology Officer and Director, has an amount payable to the Company in relation to the payroll taxes paid by the Company on
his behalf for RSUs that vested during calendar year 2022. The balance due from Mr. Hnatiw is $2,551
and is recorded in prepaid and other current assets as of March 31, 2024.
No
other related party transactions occurred during the six months ending March 31, 2024.
NOTE
8 – CUSTOMER CONCENTRATION RISK
No
client individually accounted for over 10% of our revenue during the three months or six months ended March 31, 2024; no client individually
accounted for over 10% of our revenue during the three months or six months ended March 31, 2023.
NOTE
9 – STOCK BASED COMPENSATION
We
grant equity compensation awards to directors, employees, and contractors under the 2021 Omnibus Equity Compensation Plan. We have granted RSUs with service-based vesting conditions with vesting typically occurring over a 3-year period.
The following table summarizes the activity of our RSUs granted under our Equity Incentive Plan during the six months
ended March 31, 2024, and March 31, 2023.
SCHEDULE OF RESTRICTED STOCK UNITS VESTING
Outstanding Equity Compensation Grants (In thousands) | |
Number of
RSU’s | |
Outstanding Grants at September 30, 2023 | |
| 8,637 | |
Granted | |
| 8,250 | |
Vested | |
| (4,040 | ) |
Canceled/Forfeited | |
| (1,703 | ) |
Outstanding Grants at March 31, 2024 | |
| 11,144 | |
| |
| | |
Outstanding Grants at September 30, 2022 | |
| 4,309 | |
Granted | |
| 2,933 | |
Vested | |
| (500 | ) |
Canceled/Forfeited | |
| — | |
Outstanding Grants at March 31, 2023 | |
| 6,742 | |
The
weighted average grant-date fair value was $0.05 per share for all awards granted during the six months ended March 31, 2024 and $0.14 per share for all awards granted during the six months ended March
31, 2023.
The
Company recognizes compensation cost for unvested share-based awards on a straight-line basis over the requisite service period.
Total stock-based compensation is included in general and administrative expense, selling and marketing expense, and research and
development expense in our accompanying Consolidated Statements of Operations.
Our
total stock-based compensation expense for the six months ended March 31, 2024 was $300,000 comprised of $20,000 for shares issued for
services and $280,000 for the amortization of outstanding equity compensation grants. The unamortized stock compensation expense at March
31, 2024, is $757,000, and the remaining weighted average term to vesting is 2.4 years.
Some
employees opted to sell RSUs back to the Company at the fair market value on the vesting date to fund their portion of payroll taxes
due on the taxable income generated by the vested RSUs. For the six months ended March 31, 2024, we have purchased RSUs with a vesting
date value of $66,000. Our Statement of Stockholders Equity reflects the net increase of $214,000 as of March 31, 2024 or $280,000 of
total stock-based compensation expense less the $66,000 of RSUs purchased.
We
incurred stock-based compensation expense of $266,000 for the six months ended March 31, 2023 which is comprised of $31,000 for shares
issued for services and $235,000 for the amortization of outstanding equity compensation grants.
NOTE
10 – COMMITMENTS AND CONTINGENCIES
In
April 2020, Eric Marquez, the former Secretary/Treasurer and Chief Financial Officer of Cipherloc Corporation, and certain other plaintiffs,
filed a lawsuit against Cipherloc Corporation and Michael De La Garza, Cipherloc’s former Chief Executive Officer and President,
in the 20th Judicial District for Hays County, Texas (Cause No. 20-0818). The lawsuit alleges causes of action for fraud against
Mr. De La Garza (for misrepresentations allegedly made by Mr. De La Garza); breach of contract, for alleged breaches of Mr. Marquez’s
alleged oral employment agreement, which Mr. Marquez claims required Cipherloc pay him cash and shares of stock; unjust enrichment; quantum
meruit; and rescission of certain stock purchases made by certain of the plaintiffs, as well as declaratory relief and fraud. Damages
sought exceed $1,000,000. We believe we have made all required payments and delivered the stock to the plaintiffs. The case is currently
being defended by us. We believe we have meritorious defenses to the allegations, and we intend to continue to vigorously defend against
the litigation.
We
are not currently involved in any additional litigation that we believe could have a material adverse effect on our financial condition
or results of operations.
NOTE
11 – SUBSEQUENT EVENTS
On
April 15, 2024, we filed a Form 8-K with the SEC for the following resolutions passed with unanimous vote by our Board:
|
1. |
The
Board eliminated two of the Committees of the Board of Directors including: |
|
|
|
|
|
The
Compensation Committee comprised of the following directors: Robert Brown, Deborah MacConnel, and Kevin Powers |
|
|
|
|
|
The
Nomination and Corporate Governance Committee comprised of the following directors: James Hansen, Brian Haugli, Deborah MacConnel,
Kevin Powers, and Hugh Regan, Jr. |
|
|
|
|
2. |
The
Board eliminated all cash compensation paid to its directors. |
|
|
|
|
3. |
The
Board eliminated all stock compensation paid to its directors. No agreements have been entered for this arrangement
but are forthcoming. |
|
|
|
|
4. |
The
Board has determined to implement an equity incentive plan for its directors. |
|
|
|
|
5. |
The
Board determined to compensate Director Hugh Regan, Jr. at a rate of $7,500 per quarter for services provided as chair of the
Audit Committee. No agreements have been entered for this arrangement but are forthcoming. |
FORWARD
LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q, including estimates, projections, statements relating to our business plans, objectives and expected operating
results, and the assumptions upon which those statements are based, contains “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,”
“may,” “should,” “will,” “would,” “will be,” “will continue,”
“will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions
that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements.
A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking
statements is included in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended
September 30, 2023 and elsewhere in this Form 10-Q. We undertake no obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events, or otherwise.
These
forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements
to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.
Although
we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate;
therefore, we cannot assure you that the forward-looking statements included in this Quarterly Report on Form 10-Q will prove to be accurate.
In light of the significant uncertainties inherent in our forward-looking statements, the inclusion of such information should not be
regarded as a representation by us or any other person that our objectives and plans will be achieved. Some of these and other risks
and uncertainties that could cause actual results to differ materially from such forward-looking statements are more fully described
in our 2023 Annual Report on Form 10-K, elsewhere in this Quarterly Report on Form 10-Q, or those discussed in other documents we filed
with the SEC. Except as may be required by applicable law, we undertake no obligation to publicly update or advise of any change in any
forward-looking statement, whether as a result of new information, future events, or otherwise. In making these statements, we disclaim
any obligation to address or update each factor in future filings with the SEC or communications regarding our business or results, and
we do not undertake to address how any of these factors may have caused changes to discussions or information contained in previous filings
or communications. In addition, any of the matters discussed above may have affected our past results and may affect future results,
so that our actual results may differ materially from those expressed in this Quarterly Report on Form 10-Q and in prior or subsequent
communications.
This
information should be read in conjunction with the interim unaudited financial statements and the notes thereto included in this Report,
and the audited financial statements and notes thereto and “Part II. Other Information - Item 7. Management’s Discussion
and Analysis of Financial Condition and Results of Operations”, contained in our 2023 Form 10-K.
We
are not aware of any misstatements regarding any third-party information presented in this Report; however, their estimates, in particular,
as they relate to projections, involve numerous assumptions, are subject to risks and uncertainties, and are subject to change based
on various factors, including those discussed under, and incorporated by reference in, the section entitled “Item 1A. Risk
Factors” of this Report. These and other factors could cause our future performance to differ materially from our assumptions
and estimates. Some market and other data included herein, as well as the data of competitors as they relate to SideChannel (as defined
herein), is also based on our good faith estimates.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following information should be read in conjunction with the unaudited consolidated financial statements and the accompanying
notes included in Part I, Item 1 of this Report.
Unless
the context requires otherwise, references to the “Company,” “we,” “us,” “our,” “SideChannel,”
and “SideChannel, Inc.” refer specifically to SideChannel, Inc. and its consolidated subsidiaries.
In
addition, unless the context otherwise requires and for the purposes of this report only:
● |
“Exchange
Act” refers to the Securities Exchange Act of 1934, as amended; |
|
|
● |
“SEC”
or the “Commission” refers to the United States Securities and Exchange Commission; and |
|
|
● |
“Securities
Act” refers to the Securities Act of 1933, as amended. |
All
references to years relate to the fiscal year ended September 30 of the particular year.
Business
Overview
Our
efforts are focused on protecting and enabling the critical business functions of our clients and customers through comprehensive cybersecurity
programs. This specifically includes:
|
● |
Embedding
virtual Chief Information Security Officers (“vCISOs”) as a fractional resource into the leadership teams of our clients, |
|
● |
Deploying
a proprietary SaaS platform called Enclave that simplifies the segmentation of digital networks, |
|
● |
Assessing,
identifying, and mitigating cybersecurity and privacy risks through tech-enabled security engineering processes, and |
|
● |
Reselling
third-party cybersecurity services and software when appropriate. |
We
internally report our revenue using two categories. The first, “vCISO Services,” captures the revenue the Chief Information
Security Officer services that we provide to our clients on a “virtual” or outsourced basis, thus the acronym “vCISO.”
Services delivered by SideChannel through our team of vCISOs include assessing the cybersecurity risk profile, implementing policies
and programs to mitigate risks, and managing the day-to-day tasks to ensure compliance with the adopted cybersecurity framework. Most
of our clients use our vCISO services.
vCISO
engagements typically include a fixed monthly subscription fee with durations longer than twelve (12) months. Hourly rates for vCISO
time and material projects range from $350 to $425. Each of our vCISOs is generally embedded into the C-suite executive teams of two
(2) to four (4) of our clients.
Our
second revenue category encompasses an array of Cybersecurity Software and Services that our clients deem necessary to protect their
digital assets. These augment our vCISO offering and include a full range of other cybersecurity products and services delivered through
a team of security engineers along with a network of third-party service providers and value-added resellers (“VARs”). Commercial
relationships with third-party service providers and VARs provide SideChannel with additional internal capabilities to mitigate cybersecurity
risks. We earn licensing revenue from software contracts and commissions from third-party service provider partnerships which are included
in this revenue category.
Our
growth strategy focuses on these three initiatives:
1.
Securing new vCISO clients,
2.
Adding new Cybersecurity Software and Services offerings, and
3.
Increasing adoption of Cybersecurity Software, including Enclave and Services offerings at vCISO clients
We
are offering proprietary software called Enclave which simplifies important cybersecurity tasks including “asset inventory”,
“vulnerability management”, and “microsegmentation.” Enclave seamlessly combines access control, microsegmentation,
encryption and other secure networking concepts to create a novel solution for simplifying the deployment and management of these cybersecurity
controls. It allows IT professionals to easily segment the enterprise network, place the right staff in those segments and direct traffic.
Enclave revenue is currently included within the Cybersecurity Software and Services category.
Revenue
Category Performance for the Six Months Ended March 31, 2024 and 2023
The
revenue metrics discussed in this section are for the six months ended March 31, 2024, versus the same period in fiscal year 2023. The
following table contains the revenue by category.
(in thousands) | |
2024 | | |
2023 | | |
| | |
| |
| |
| | |
% of Total | | |
| | |
% of Total | | |
$ Change | | |
% Change | |
Revenue | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
vCISO Services | |
$ | 2,236 | | |
| 61.0 | % | |
$ | 1,952 | | |
| 61.7 | % | |
$ | 284 | | |
| 14.5 | % |
Cybersecurity Software & Services | |
| 1,427 | | |
| 39.0 | % | |
| 1,211 | | |
| 38.3 | % | |
| 216 | | |
| 17.8 | % |
Total | |
$ | 3,663 | | |
| | | |
$ | 3,163 | | |
| | | |
$ | 500 | | |
| 15.8 | % |
The
growth in vCISO Services reflects both growth in clients served and an increase in revenue per client. Cybersecurity Software & Services
revenue grew from 2023 to 2024 because of an increase in the use of these services by existing clients and because of an expansion of
the services and software offered.
We
also monitor new and retained revenue. The revenue earned from clients during our first twelve months of working with them is classified
as new; while the revenue earned with clients after our first twelve months of working with them is classified as retained. The following
table provides details on our new and retained revenue for the six months ended March 31, 2024 and 2023.
(in thousands) | |
2024 | | |
2023 | | |
| | |
| |
| |
| | |
% of Total | | |
| | |
% of Total | | |
$ Change | | |
% Change | |
Revenue | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
vCISO | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
New | |
$ | 702 | | |
| 31.4 | % | |
$ | 1,192 | | |
| 61.1 | % | |
$ | (490 | ) | |
| (41.1 | )% |
Retained | |
| 1,534 | | |
| 68.6 | % | |
| 760 | | |
| 38.9 | % | |
| 774 | | |
| 101.8 | % |
Total | |
$ | 2,236 | | |
| | | |
$ | 1,952 | | |
| | | |
$ | 284 | | |
| 14.5 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cybersecurity Software & Services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
New | |
$ | 587 | | |
| 41.1 | % | |
$ | 403 | | |
| 33.3 | % | |
$ | 184 | | |
| 45.7 | % |
Retained | |
| 840 | | |
| 58.9 | % | |
| 808 | | |
| 66.7 | % | |
| 32 | | |
| 4.0 | % |
Total | |
$ | 1,427 | | |
| | | |
$ | 1,211 | | |
| | | |
$ | 216 | | |
| 17.8 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Revenue | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
New | |
$ | 1,289 | | |
| 35.2 | % | |
$ | 1,595 | | |
| 50.4 | % | |
$ | (306 | ) | |
| (19.2 | )% |
Retained | |
| 2,374 | | |
| 64.8 | % | |
| 1,568 | | |
| 49.6 | % | |
| 806 | | |
| 51.4 | % |
Total | |
$ | 3,663 | | |
| | | |
$ | 3,163 | | |
| | | |
$ | 500 | | |
| 15.8 | % |
We
initiated fewer new vCISO Services engagements during the six months ended March 31. 2024 than we did during the six months ended March
31, 2023. We attribute the decrease to ineffective lead generation campaigns launched during the last half of fiscal year 2023. We had
more success at securing Cybersecurity Software and Services work in new engagements during the six months ended March 31, 2024 than
we did during the prior year.
Further,
we consider trailing twelve revenue retention a key performance indicator. Revenue retention is calculated by dividing retained revenue
in the measurement period by the total revenue for the previous twelve-month time frame. The following table shows the revenue retention
by category for the twelve months ended March 31, 2024 and September 30, 2023.
| |
Trailing Twelve Months Ended | |
| |
March 31, 2024 | | |
September 30, 2023 | |
| |
| | |
| |
vCISO Services | |
| 74.5 | % | |
| 60.8 | % |
Cybersecurity Software & Services | |
| 74.8 | % | |
| 89.4 | % |
Total | |
| 74.6 | % | |
| 71.0 | % |
Increase in Cash from December 31, 2023 to March 31, 2024
In
May 2023, we announced our intention to accelerate the attainment of positive cash flow from operations by making significant
reductions in operating expenses. For the three months ended March 31, 2024, our operating expenses are $467,000 lower than the
prior year. For the six months ended March 31, 2024, our operating expenses are $837,000 lower than the prior year. On a percentage
basis these decreases equate to a 29.3% reduction for the three month period and a 27.2% reduction for the six month period. We
expect decreases compared to the prior year to occur in the remaining two quarters of this fiscal year.
These
reductions have had the desired impact. Our cash balance grew slightly, $32,000, from December 31, 2023 to March 31, 2024. Our revenue
growth is also contributing to our improved profitability and cash flow. If revenue continues to grow on a year-over-year basis and we
maintain our operating expenses in line with current revenues, then we may experience further improvements in profitability and cash
flow.
RESULTS
OF OPERATIONS
Three
Months Ended March 31, 2024, Compared to the Three Months Ended March 31, 2023
Selected
consolidated financial data for the three months ended March 31, 2024 and 2023 are as follows:
| |
Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
Revenues | |
$ | 1,927 | | |
$ | 1,617 | |
Cost of revenues | |
| 1,059 | | |
| 880 | |
Gross profit | |
| 868 | | |
| 737 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
General and administrative | |
| 849 | | |
| 990 | |
Selling and marketing | |
| 156 | | |
| 437 | |
Research and development | |
| 123 | | |
| 168 | |
Total operating expenses | |
| 1,128 | | |
| 1,595 | |
Operating loss | |
$ | (260 | ) | |
$ | (858 | ) |
Revenue.
Our revenue was $1.9 million for the quarter ended March 31, 2024, compared to $1.6 million for the three-month comparable prior
period; an increase of $310,000 or 19.5%. The factors driving this revenue increase include improved revenue retention and a growth in
both consulting engagements and sales of third-party services.
Gross
Margins. Our gross margin was 45.0% for the quarter ended March 31, 2024, compared 45.6% for the quarter ended March 31, 2023. The
decline in our gross margin was the result of less effective utilization of our service delivery employees and an increase in sales of
third-party software and services, which have a lower margin.
Operating
Expenses. We initiated expense reductions beginning in May 2023 that were fully implemented by March 2024. These reductions impacted
all areas of our company. These reductions resulted in a $467,000 or 29.3% decrease in total operating expenses for the three months
ended March 31, 2024, compared to the three months ended to March 31, 2023. The changes for each operating expense area are discussed
below. The expense reductions were intended to increase the likelihood of achieving positive cash flow from operating activities during
fiscal year 2024.
|
● |
General
and Administrative Expenses. Our general and administrative expense was $849,000 for the three months ended March 31, 2024, compared
to $990,000 for the prior comparable period, a decrease of $141,000 or 14.2%. The decrease was achieved by reducing executive positions
and eliminating investor relations costs. |
|
● |
Selling
and Marketing Expenses. Our sales and marketing expense was $156,000 for the three months ended March 31, 2024, compared to $437,000
for the prior comparable period, a decrease of $281,000 or 64.3%. The decrease was driven by a reduction in staff and third-party
service provider costs. |
|
● |
Research
and Development Expenses. Our research and development expense was $123,000 for the three months ended March 31, 2024, compared
to $168,000 for the prior comparable period, a decrease of $45,000 or 26.8%. The decrease is the result of a staff reduction as well
as some expenses being reallocated to cost of goods sold following the launch of Enclave. |
Six
Months Ended March 31, 2024, Compared to the Six Months Ended March 31, 2023
Selected
consolidated financial data for the six months ended March 31, 2024 and 2023 are as follows:
| |
Six Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
Revenues | |
$ | 3,663 | | |
$ | 3,163 | |
Cost of revenues | |
| 1,950 | | |
| 1,561 | |
Gross profit | |
| 1,713 | | |
| 1,602 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
General and administrative | |
| 1,558 | | |
| 2,020 | |
Selling and marketing | |
| 425 | | |
| 744 | |
Research and development | |
| 249 | | |
| 303 | |
Total operating expenses | |
| 2,232 | | |
| 3,067 | |
Operating loss | |
$ | (519 | ) | |
$ | (1,465 | ) |
Revenue.
Our revenue was $3.7 million for the six months ended March 31, 2024, compared to $3.2 million for the six-month comparable prior
period; an increase of $500,000 or 15.8%. The factors driving this revenue increase include improved revenue retention and growth in
vCISO engagements.
Gross
Margins. Our gross margin was 46.8% for the six months ended March 31, 2024, compared to 50.6% for the six months ended March 31,
2023. The decline in our gross margin was the result of less effective utilization of our service delivery employees and an increase
in sales of third-party software and services, which have a lower margin.
Operating
Expenses. We initiated expense reductions beginning in May 2023 that were fully implemented by March 2024. These reductions impacted
all areas of our company. These reductions resulted in a $835,000 or 27.2% decrease in total operating expenses for the six months ended
March 31, 2024 compared to the six months ended March 31, 2023. The changes for each operating expense area are discussed below. The
expense reductions were intended to increase the likelihood of achieving positive cash flow from operating activities during fiscal year
2024.
|
● |
General
and Administrative Expenses. Our general and administrative expense was $1.6 million for the six months ended March 31, 2024,
compared to $2.0 million for the prior comparable period, a decrease of $462,000 or 22.9%. The decrease was achieved by reducing
executive positions and eliminating investor relations costs. |
|
● |
Selling
and Marketing Expenses. Our sales and marketing expense was $425,000 for the six months ended March 31, 2024, compared to $744,000
for the prior comparable period, a decrease of $319,000 or 42.9%. The decrease was driven by a reduction in staff and third-party
service provider costs. |
|
● |
Research
and Development Expenses. Our research and development expense was $249,000 for the six months ended March 31, 2024, compared
to $303,000 for the prior comparable period, a decrease of $54,000 or 17.8%. The decrease is the result of a staff reduction as well
as some expenses being reallocated to cost of goods sold as Enclave has been launched. |
LIQUIDITY
AND CAPITAL RESOURCES
We
had an accumulated deficit of $19.4 million as of March 31, 2024. Our accumulated deficit has been primarily driven by three non-recurring
expenses totaling $16.8 million: $6.2 million for acquisition costs, including $6.1 million related to the contingent consideration from
the Business Combination; $5.7 million impairment of goodwill recorded as a result of the Business Combination, and $4.9 million impairment
of intangible assets.
On March 31, 2024, we had cash of $851,000. We maintain our cash in accounts held by reputable financial institutions which, at times,
may exceed federally insured limits guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC insures these
deposits up to $250,000. As of March 31, 2024, approximately $601,000 of the Company’s cash balance was uninsured. The Company
has not experienced any losses of cash in any of these financial institutions.
We
had working capital of $1.3 million as of March 31, 2024, compared to working capital of $1.5 million as of September 30, 2023. The decline
in working capital is primarily attributed to the use of cash to fund operating losses during the last six months.
We expect to incur continued operating losses until we generate revenues sufficient to cover our expected ongoing
obligations and expenses. We intend to manage our business such that our
current cash reserves will allow us to reach sustainable, positive cash flow from our operations, but we cannot assure if and when that
will be achieved. We don’t currently have any credit facilities available to us. We believe that our existing cash balance is sufficient
to fund our operations through at least June 30, 2025.
Cash
Flows
The
following table summarizes selected items in our Consolidated Statements of Cash Flows for the six months ended March 31:
(In thousands) | |
2024 | | |
2023 | |
Net cash provided by (used in): | |
| | | |
| | |
Operating activities | |
$ | (152 | ) | |
$ | (1,128 | ) |
Investing activities | |
| - | | |
| - | |
Financing activities | |
| (50 | ) | |
| - | |
Operating
Activities
We
receive cash each month from revenue generated from our clients. We use this cash and a portion of our cash reserves to pay for our monthly
expenses. Material cash requirements include personnel costs and the expenses associated with being a public reporting company.
We
used $152,000 of cash for operating activities during the six months ended March 31, 2024 and recorded a net loss of $499,000. During
the same period, our non-cash charges totaled $330,000 comprised of $234,000 in stock-based compensation expense net of cash used to
purchase RSUs from employees to cover income taxes due on vested RSU’s and $96,000 in amortization and depreciation. The change
in our net operating assets and liabilities was primarily due to a $126,000 decrease in accounts payable and accrued liabilities primarily
because of payments made on our directors and officers insurance note payable and a $284,000 increase in our deferred revenue balance.
Investing
Activities
There
were no cash activities in investing for this reporting period.
Financing
Activities
We
paid a $50,000 note payable to Mr. Akash Desai in December 2023. The note payable was related to a December 2021 agreement for the redemption
of Mr. Desai’s interest in SideChannel LLC. The December 2023 payment completed our obligations to Mr. Desai.
We
did not have any off-balance sheet arrangements, as defined under applicable SEC rules, during the periods presented, nor do we currently
have any such arrangements.
Liquidity
There
have been no material updates to our expectations for our short-term and long-term liquidity and operating capital requirements since
our 2023 Form 10-K.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Pursuant
to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as
it is a “smaller reporting company,” as defined by Rule 229.10(f)(1) of the SEC.
ITEM
4. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
As
required by Rule 13a-15(b) of the Exchange Act, we have evaluated, under the supervision and with the participation of our management,
including our principal executive officer and principal financial officer, the effectiveness of our disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Our
disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in
reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer
and principal financial officer, as appropriate to allow timely decisions regarding required disclosure, and is recorded, processed,
summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon that evaluation, our principal
executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of the
end of the period covered by this quarterly report, at the reasonable assurance level.
The
material weaknesses identified, and the related remediation plan are more fully described in our 2023 Form 10-K. The material weaknesses,
summarized in the table below, related to the fact that we did not design and maintain accounting policies, procedures and controls to
ensure complete, accurate and timely financial reporting in accordance with U.S. GAAP:
|
● |
We
did not design and maintain formal accounting policies, procedures and controls to achieve complete, accurate and timely financial
accounting, reporting and disclosures, including controls over the preparation and review of account reconciliations, journal entries
and classification of certain costs; |
|
● |
We
had not developed and effectively communicated to our employees our accounting policies and procedures, which resulted in inconsistent
practices. Since these entity level programs have a pervasive effect across the organization, management has determined that these
circumstances constitute a material weakness; |
|
● |
We
do not have sufficient, qualified finance and accounting staff with the appropriate U.S. GAAP technical accounting expertise to identify,
evaluate and account for accounting and financial reporting, and effectively design and implement systems and processes that allow
for the timely production of accurate financial information in accordance with internal financial reporting timelines. As a result,
we did not design and maintain formal accounting policies, processes and controls related to complex transactions necessary for an
effective financial reporting process; and |
|
● |
As
a high-growth, smaller reporting company that became responsible for listed financial reporting on July 1, 2022, we have a limited
staff and budget available to adequately test and monitor the effectiveness of certain internal controls. |
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting during our last fiscal quarter ended March 31, 2024, that have materially
affected or are reasonably likely to materially affect, our internal control over financial reporting, including any corrective actions
regarding significant deficiencies and material weaknesses.
Limitations
on Effectiveness of Controls and Procedures
In
designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how
well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design
of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply
its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
PART
II
OTHER
INFORMATION
ITEM
1. LEGAL PROCEEDINGS
From
time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our
business.
Such
current litigation or other legal proceedings are described in and incorporated by reference in this “Part II - Item 1. Legal Proceedings”
of this Form 10-Q from, “Part I - Item 1. Financial Statements” in the notes to financial statements in “Litigation”
in Note 10 - Commitments and Contingencies. We believe that the resolution of currently pending matters will not individually or in the
aggregate have a material adverse effect on our financial condition or results of operations. Our assessment of current litigation or
other legal claims could change in light of the discovery of facts not presently known to us, or by decisions of judges, juries, or other
finders of fact, that are not in accord with management’s evaluation of the possible liability or outcome of such litigation or
claims.
Additionally,
the outcome of litigation is inherently uncertain. If one or more legal matters are resolved against us in a reporting period for amounts
in excess of management’s expectations, our financial condition and operating results for that reporting period could be materially
adversely affected.
ITEM
1A. RISK FACTORS
As
of March 31, 2024, our executive officers and directors owned 49.7% of the total issued and outstanding shares. These individuals
acting as a group have significant influence over corporate actions requiring a shareholder vote including the selection of our
directors, who in turn approve all executive officers, authorizing change-in-control transactions, amendments to our Articles of
Incorporation, and other matters.
There
have been no further material changes from the risk factors previously disclosed in Part I, Item 1A “Risk Factors” of our
2023 Form 10-K, which are hereby incorporated by reference.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Sales
of Securities
There
were no sales of unregistered securities during the six months ended March 31, 2024, and from the period from September 30, 2023, to
the filing date of this Report.
Common
Stock Issued for Services
Common
stock issued for services during the six months ended March 31, 2024 is 437,643 shares with a total fair value of $20,000.
Common
Stock Issued Under Equity Incentive Plan
We
issued 2,792,423 shares of common stock for 4,039,824 RSU’s that vested during the six months ended March 31, 2024. The number
of RSUs sold by these employees to fund payroll taxes for the six months ended March 31, 2024 was 1,247,401.
Common
Stock Issued Under Tender Offer
On
December 26, 2023 we closed a tender offer to exchange approximately 55.5 million 2021 Investor Warrants for shares of common stock and
new warrants (“November 2023 Warrant Exchange”). The November 2023 Warrant Exchange had 43,538,501 2021 Investor warrants
tendered (78.4% of the outstanding 2021 Investor Warrants) resulting in the issuance of 7,270,958 shares of common stock and 17,415,437
new warrants (“New Warrants”). The New Warrants include these terms:
|
● |
Each
(1) New Warrant can subscribe for and purchase one (1) share of common stock from the Company at an exercise price of eighteen cents
($0.18) on or before December 29, 2028. |
|
● |
The
New Warrant can be exercised on a cash or cashless basis. |
|
● |
The
New Warrants will automatically convert if the common stock trades at a bid price equal to or greater than thirty-six cents ($0.36)
for thirty (30) consecutive trading days. New Warrant holders will be notified if the automatic conversion is triggered and will
be provided with twenty (20) trading days to deliver a notice of exercise to the Company. |
|
● |
The
New Warrants will be adjusted for stock dividends and stock splits should such an event occur during the term of the New Warrant. |
Purchases
of Equity Securities by the Issuer and Affiliated Purchasers
There
were no purchases of equity securities by the issuer or affiliated purchasers during the six months ended March 31, 2024, and from the
period from September 30, 2023, to the filing date of this Report.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION
(a) None.
(b) During
the quarter ended March 31, 2024, no director or officer of the Company adopted or terminated a contract, instruction or written plan
for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or
a non-Rule 10b5-1 trading arrangement.
ITEM
6. EXHIBITS
The following exhibits are filed with this Form 10-Q.
|
|
|
|
Incorporated
by Reference |
|
|
Exhibit
No. |
|
Description |
|
Form |
|
File
No. |
|
Exhibit |
|
Filing
Date |
|
Filed/Furnished
Herewith |
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1 |
|
Form 10-K for the year ended September 30, 2023 filed on December 27, 2023 |
|
10-K |
|
|
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|
December
27, 2023 |
|
|
31.1* |
|
Certification
of Principal Executive Officer Pursuant to the Securities Exchange Act of 1934, Rules 13a-14 and 15d-14, as adopted pursuant to Section
302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
|
|
|
|
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X |
31.2* |
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Certification
of Principal Financial Officer Pursuant to the Securities Exchange Act of 1934, Rules 13a-14 and 15d-14, as adopted pursuant to Section
302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
|
|
|
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X |
32.1** |
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Certification
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
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|
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X |
32.2** |
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Certification
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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X |
* |
Filed
electronically herewith. |
** |
Furnished
electronically herewith, not filed. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
SIDECHANNEL,
INC. |
|
|
|
Date:
May 7, 2024 |
By:
|
/s/
Brian Haugli |
|
|
Brian
Haugli |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
SIDECHANNEL,
INC. |
|
|
|
Date:
May 7, 2024 |
By:
|
/s/
Ryan Polk |
|
|
Ryan
Polk |
|
|
Chief
Financial Officer |
|
|
(Principal
Accounting/Financial Officer) |
Exhibit
31.1
Certification
Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002
I,
Brian Haugli, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of SIDECHANNEL, INC.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, considering the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
May 7, 2024 |
By: |
/s/
Brian Haugli |
|
Name: |
Brian
Haugli |
|
Title: |
Chief
Executive Officer
(Principal
Executive Officer) |
Exhibit
31.2
Certification
Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002
I,
Ryan Polk, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of SIDECHANNEL, INC.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, considering the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
May 7, 2024 |
By: |
/s/
Ryan Polk |
|
Name: |
Ryan
Polk |
|
Title: |
Chief
Financial Officer
(Principal
Financial/Accounting Officer) |
Exhibit
32.1
CERTIFICATIONS
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002
(Subsections
(A) and (B) of Section 1350, Chapter 63 of Title 18, United States Code)
Pursuant
to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code),
I, Brian Haugli, Principal Executive Officer of SideChannel, Inc., a Delaware corporation (the “Company”), hereby
certify, to my knowledge, that:
The
Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Form 10-Q”) of the Company fully complies
with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and information contained in the Form 10-Q fairly
presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods
indicated.
Date:
May 7, 2024 |
By: |
/s/
Brian Haugli |
|
Name: |
Brian
Haugli |
|
Title: |
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
A
signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company
and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
CERTIFICATIONS
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002
(Subsections
(A) and (B) of Section 1350, Chapter 63 of Title 18, United States Code)
Pursuant
to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code),
I, Ryan Polk, Principal Financial Officer of SideChannel, Inc., a Delaware corporation (the “Company”), hereby certify,
to my knowledge, that:
The
Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Form 10-Q”) of the Company fully complies
with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and information contained in the Form 10-Q fairly
presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods
indicated.
Date:
May 7, 2024 |
By: |
/s/
Ryan Polk |
|
Name: |
Ryan
Polk |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Financial/Accounting Officer) |
A
signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company
and furnished to the Securities and Exchange Commission or its staff upon request.
v3.24.1.u1
Cover - shares
|
6 Months Ended |
|
Mar. 31, 2024 |
May 06, 2024 |
Cover [Abstract] |
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Document Type |
10-Q
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Amendment Flag |
false
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true
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false
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|
Document Period End Date |
Mar. 31, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--09-30
|
|
Entity File Number |
000-28745
|
|
Entity Registrant Name |
SideChannel,
Inc.
|
|
Entity Central Index Key |
0001022505
|
|
Entity Tax Identification Number |
86-0837077
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
146
Main Street
|
|
Entity Address, Address Line Two |
Suite 405
|
|
Entity Address, City or Town |
Worcester
|
|
Entity Address, State or Province |
MA
|
|
Entity Address, Postal Zip Code |
01608
|
|
City Area Code |
(508)
|
|
Local Phone Number |
925-0114
|
|
Title of 12(b) Security |
Common
Stock, par value $0.001 per share
|
|
Trading Symbol |
SDCH
|
|
Entity Current Reporting Status |
Yes
|
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Entity Interactive Data Current |
Yes
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|
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v3.24.1.u1
Consolidated Balance Sheets - USD ($) $ in Thousands |
Mar. 31, 2024 |
Sep. 30, 2023 |
Current assets |
|
|
Cash |
$ 851
|
$ 1,053
|
Accounts receivable, net |
910
|
834
|
Deferred costs |
180
|
180
|
Prepaid expenses and other current assets |
446
|
381
|
Total current assets |
2,387
|
2,448
|
Fixed assets |
24
|
30
|
Goodwill |
1,356
|
1,356
|
Deferred costs |
60
|
150
|
Total assets |
3,827
|
3,984
|
Current liabilities |
|
|
Accounts payable and accrued liabilities |
498
|
613
|
Deferred revenue |
564
|
280
|
Promissory note payable |
|
50
|
Income taxes payable |
|
11
|
Total current liabilities |
1,062
|
954
|
Other Liabilities |
|
|
Total liabilities |
1,062
|
954
|
Commitments and contingencies (Note 10) |
|
|
Common stock, $0.001 par value, 681,000,000 shares authorized; 224,355,805 and 213,854,781 shares issued and outstanding as of Mar 31, 2024 and Sep 30, 2023 |
224
|
214
|
Additional paid-in capital |
21,979
|
21,755
|
Accumulated Deficit |
(19,438)
|
(18,939)
|
Total stockholders’ equity |
2,765
|
3,030
|
Total liabilities and stockholders’ equity |
$ 3,827
|
$ 3,984
|
X |
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v3.24.1.u1
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
681,000,000
|
681,000,000
|
Common stock, shares issued |
224,355,805
|
213,854,781
|
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224,355,805
|
213,854,781
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.1.u1
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 1,927
|
$ 1,617
|
$ 3,663
|
$ 3,163
|
Cost of revenues |
1,059
|
880
|
1,950
|
1,561
|
Gross profit |
868
|
737
|
1,713
|
1,602
|
Operating expenses |
|
|
|
|
General and administrative |
849
|
990
|
1,558
|
2,020
|
Selling and marketing |
156
|
437
|
425
|
744
|
Research and development |
123
|
168
|
249
|
303
|
Total operating expenses |
1,128
|
1,595
|
2,232
|
3,067
|
Operating income (loss) |
(260)
|
(858)
|
(519)
|
(1,465)
|
Other income, net |
8
|
2
|
21
|
7
|
Net income (loss) before income tax expense |
(252)
|
(856)
|
(498)
|
(1,458)
|
Income tax expense |
1
|
|
1
|
|
Net income (loss) after income tax expense |
$ (253)
|
$ (856)
|
$ (499)
|
$ (1,458)
|
Net income (loss) per common share - basic |
$ (0.00)
|
$ (0.01)
|
$ (0.00)
|
$ (0.01)
|
Net income (loss) per common share - diluted |
$ (0.00)
|
$ (0.01)
|
$ (0.00)
|
$ (0.01)
|
Weighted average common shares outstanding - basic |
222,773,052
|
148,928,663
|
218,653,945
|
148,830,224
|
Weighted average common shares outstanding - diluted |
222,773,052
|
148,928,663
|
218,653,945
|
148,830,224
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.1.u1
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Sep. 30, 2022 |
|
$ 149
|
$ 21,180
|
$ (11,933)
|
$ 9,396
|
Balance, shares at Sep. 30, 2022 |
100
|
148,724,056
|
|
|
|
Shares issued for services |
|
|
18
|
|
18
|
Shares issued for services, shares |
|
180,557
|
|
|
|
Stock-based compensation expense |
|
|
118
|
|
118
|
Net loss |
|
|
|
(602)
|
(602)
|
Balance at Dec. 31, 2022 |
|
$ 149
|
21,316
|
(12,535)
|
8,930
|
Balance, shares at Dec. 31, 2022 |
100
|
148,904,613
|
|
|
|
Balance at Sep. 30, 2022 |
|
$ 149
|
21,180
|
(11,933)
|
$ 9,396
|
Balance, shares at Sep. 30, 2022 |
100
|
148,724,056
|
|
|
|
Shares issued for services, shares |
|
|
|
|
31,000
|
Net loss |
|
|
|
|
$ (1,458)
|
Balance at Mar. 31, 2023 |
|
$ 150
|
21,445
|
(13,391)
|
8,204
|
Balance, shares at Mar. 31, 2023 |
100
|
149,571,281
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 149
|
21,316
|
(12,535)
|
8,930
|
Balance, shares at Dec. 31, 2022 |
100
|
148,904,613
|
|
|
|
Shares issued for services |
|
|
13
|
|
13
|
Shares issued for services, shares |
|
166,668
|
|
|
|
Stock-based compensation expense |
|
$ 1
|
116
|
|
117
|
Stock-based compensation expense, shares |
|
500,000
|
|
|
|
Net loss |
|
|
|
(856)
|
(856)
|
Balance at Mar. 31, 2023 |
|
$ 150
|
21,445
|
(13,391)
|
8,204
|
Balance, shares at Mar. 31, 2023 |
100
|
149,571,281
|
|
|
|
Balance at Sep. 30, 2023 |
|
$ 214
|
21,755
|
(18,939)
|
3,030
|
Balance, shares at Sep. 30, 2023 |
|
213,854,781
|
|
|
|
Shares issued for 2021 Investor Warrants |
|
$ 7
|
(7)
|
|
|
Shares issued for 2021 Investor Warrants, shares |
|
7,270,958
|
|
|
|
Shares issued for services |
|
|
8
|
|
8
|
Shares issued for services, shares |
|
257,085
|
|
|
|
Stock-based compensation expense |
|
$ 1
|
80
|
|
81
|
Stock-based compensation expense, shares |
|
262,486
|
|
|
|
Net loss |
|
|
|
(246)
|
(246)
|
Balance at Dec. 31, 2023 |
|
$ 222
|
21,836
|
(19,185)
|
2,873
|
Balance, shares at Dec. 31, 2023 |
|
221,645,310
|
|
|
|
Balance at Sep. 30, 2023 |
|
$ 214
|
21,755
|
(18,939)
|
3,030
|
Balance, shares at Sep. 30, 2023 |
|
213,854,781
|
|
|
|
Shares issued for services |
|
|
|
|
$ 20
|
Shares issued for services, shares |
|
|
|
|
437,643
|
Net loss |
|
|
|
|
$ (499)
|
Balance at Mar. 31, 2024 |
|
$ 224
|
21,979
|
(19,438)
|
2,765
|
Balance, shares at Mar. 31, 2024 |
|
224,355,805
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 222
|
21,836
|
(19,185)
|
2,873
|
Balance, shares at Dec. 31, 2023 |
|
221,645,310
|
|
|
|
Shares issued for services |
|
|
12
|
|
12
|
Shares issued for services, shares |
|
180,558
|
|
|
|
Stock-based compensation expense |
|
$ 2
|
131
|
|
133
|
Stock-based compensation expense, shares |
|
2,529,937
|
|
|
|
Net loss |
|
|
|
(253)
|
(253)
|
Balance at Mar. 31, 2024 |
|
$ 224
|
$ 21,979
|
$ (19,438)
|
$ 2,765
|
Balance, shares at Mar. 31, 2024 |
|
224,355,805
|
|
|
|
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v3.24.1.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (499)
|
$ (1,458)
|
Adjustments to reconcile net (loss) income to net cash flows used in operating activities: |
|
|
Depreciation and amortization |
96
|
90
|
Stock-based compensation and shares issued for services, net |
234
|
245
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable, net |
(76)
|
(284)
|
Prepaid expenses and other assets |
(65)
|
37
|
Accounts payable and accrued liabilities |
(115)
|
|
Income taxes payable |
(11)
|
|
Deferred revenue |
284
|
242
|
Net cash used in operating activities |
(152)
|
(1,128)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of fixed assets |
|
|
Net cash used in investing activities |
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Payment of note payable |
(50)
|
|
Net cash used in financing activities |
(50)
|
|
(DECREASE) INCREASE IN CASH |
(202)
|
(1,128)
|
CASH, BEGINNING OF PERIOD |
1,053
|
3,030
|
CASH, END OF PERIOD |
851
|
1,902
|
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 (“RSUs”) sold by employees to pay for taxes due on vested RSUs |
$ 66
|
|
X |
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v3.24.1.u1
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
|
|
Net Income (Loss) |
$ (253)
|
$ (246)
|
$ (856)
|
$ (602)
|
$ (499)
|
$ (1,458)
|
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v3.24.1.u1
GENERAL INFORMATION
|
6 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
GENERAL INFORMATION |
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 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 make cybersecurity simple and accessible for mid-market and emerging companies, a market we that we believe is currently
underserved. We believe that our cybersecurity product and service offerings provide cybersecurity and privacy risk management solutions
for our customers. We anticipate that our target customers will continue to need cost-effective security solutions. We intend to provide
more tech-enabled services to address the needs of our customers, including virtual Chief Information Security Officer (“vCISO”),
zero trust, third-party risk management, due diligence, privacy, threat intelligence, and managed end-point security solutions.
We
are offering proprietary software called Enclave which simplifies important cybersecurity tasks called “asset inventory”
and “microsegmentation.” Enclave seamlessly combines access control, microsegmentation, encryption and other secure networking
concepts to create a comprehensive solution. It allows IT professionals to easily segment the enterprise network, place the right staff
in those segments and direct traffic.
Business
Combination
On
July 1, 2022 we, then known as Cipherloc Corporation (“Cipherloc”), a Delaware corporation, completed an acquisition (“Business
Combination”) of all the outstanding equity securities of SideChannel, Inc., a Massachusetts corporation, pursuant to an Equity
Securities Purchase Agreement dated May 16, 2022 (the “Purchase Agreement”). On September 9, 2022, SideChannel, Inc. the
acquired Massachusetts corporation and a subsidiary of the registrant, changed its name to SCS, Inc. (the “Subsidiary” or
“SCS”) and Cipherloc Corporation, the Delaware parent company of the subsidiary has changed its name to SideChannel, Inc.
The Business Combination was accounted for as a reverse acquisition (“reverse merger”) in accordance with GAAP. Under this
method of accounting, SCS was deemed to be the accounting acquirer for financial reporting purposes.
As
part of the Business Combination, the former stockholders of SCS (the “Sellers”) exchanged all of their equity securities
in SCS for a total of 59,900,000 shares of the Company’s common stock (the “First Tranche Shares”), and 100 shares
of the Company’s newly designated Series A Preferred Stock, $0.001 par value (the “Series A Preferred Stock”). The
In addition the Sellers were entitled to receive up to an additional 59,900,000 shares of the Company’s common stock (the “Second
Tranche Shares” and together with the First Tranche Shares and the Series A Preferred Stock, the “Shares”) at such
time that the operations of SCS, as a subsidiary of the Company, achieved at least $5.5 million in revenue (the “Milestone”)
for any twelve-month period occurring after the Closing Date and before the 48-month anniversary of the execution of the Purchase Agreement.
The number of the Second Tranche Shares could have been reduced or increased, based upon whether SCS working capital as of the Closing
Date is less than or more than zero (“Closing Working Capital Adjustment”). The number of the Second Tranche Shares was also
subject to adjustment based upon any successful indemnification claims made by the parties pursuant to the Purchase Agreement. The Closing
Working Capital Adjustment increased the Second Tranche Shares by 2,116,618 shares of common stock. The 100 shares of Series A Preferred
Stock were converted to common stock on May 4, 2023.
The Shares are subject to a Lock-Up/Leak-Out Agreement, pursuant to which, subject to certain exceptions, the Sellers may not directly or indirectly offer to sell, or otherwise transfer, any of the Shares for twenty-four months after the Closing Date without the prior written consent of the Company. Notwithstanding the foregoing, pursuant to the Lock-Up/Leak-Out Agreement, each of the Sellers may sell up to 20% of their Shares beginning twelve (12) months after the Closing Date, and the remaining 80% of their shares of Common Stock beginning twenty-four (24) months after the Closing Date.
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v3.24.1.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
NOTE
2 – Summary of Significant Accounting Policies
We
have not made changes to the Significant Accounting Policies disclosed in our 2023 Form 10-K for the year ended September 30, 2023
filed on December 27, 2023, with the SEC.
Basis
of Presentation
The
accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting
principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial
statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included.
Operating
results for the three and six months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the
year ending September 30, 2024. These unaudited consolidated financial statements should be read in conjunction with the consolidated
financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023. Certain
prior period amounts have been reclassified to conform to the current year presentation or adjusted due to rounding and have had no impact
on net income or stockholders’ equity.
Reclassifications
Certain
prior year amounts have been reclassified to be comparable with the current year’s presentation.
Segment
Information
We
manage our operations as a single operating segment for the purposes of assessing performance and making operating decisions.
Critical
Accounting Estimates
In
the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal
recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim
periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore,
these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes
included in our 2023 Form 10-K. The same accounting policies have been followed in these unaudited interim consolidated financial
statements as those applied in the preparation of our consolidated audited financial statements for the year ended September 30, 2023.
The
preparation of financial statements in conformity with U.S.
GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates. Certain of our accounts, including goodwill, identifiable intangibles,
and deferred tax assets and liabilities, including related valuation allowances, are based upon estimates. We base our estimates on historical
experience and on appropriate and customary assumptions that we believe to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Some of these accounting estimates and assumptions are particularly sensitive because of their significance to our consolidated financial
statements and because of the possibility that future events affecting them may differ markedly from what had been assumed when the financial
statements were prepared.
As
of March 31, 2024, there have been no significant changes to the accounting estimates that we have deemed critical. Our critical accounting
estimates are more fully described in our 2023 Form 10-K.
Revenue
Recognition
We
recognize revenue in accordance with the guidance in ASC Topic 606 (Revenue from Contracts with Customers). We recognize revenue for
the sale of products or services when our performance obligations under the terms of a contract with a customer are satisfied and control
of the product or service has been transferred to the customer. Generally, this occurs when we deliver a product or perform a service.
In certain cases, recognition of revenue is deferred until the product or service is received by the customer or at some other point
in the future when we have determined that we have satisfied our performance obligations under the contract. Our contracts with customers
may include a combination of products and services, which are generally capable of being distinct and accounted for as separate performance
obligations.
We
do not have any material variable consideration arrangements, or any material payment terms with our customers other than standard payment
terms which generally range from net 15 to net 90 days.
Nature
of Products and Services
We
identify, develop, and deploy cybersecurity and privacy risk management solutions for our clients and customers in North America. We
categorize our products and services as either vCISO Services or Cybersecurity Software and Services. In addition to Enclave, our proprietary
software product, we also sell third-party software and services through a network of strategic partnerships.
Types
of Contracts with Customers
Our
contracts with customers are generally structured as annual subscription agreements or project specific statements of work. Our annual
subscription agreements include a minimum number of service hours purchased during the subscription time period. Payment terms and any
other customer-specific acceptance criteria are also specified in the contracts and statements of work.
Contract
Balances
We
record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in
current assets on our balance sheet. To the extent that we do not recognize revenue at the same time as we invoice, we record a liability
for deferred revenue. In certain instances, we also receive customer deposits in advance of invoicing and recording of accounts receivable.
Deferred revenue and customer deposits are included in current liabilities on our consolidated balance sheets.
We
maintain an allowance for doubtful accounts (“allowance”) equal to 3% of the ending quarterly accounts receivable balance.
The allowance is rounded up to the nearest $10,000.
Costs
to Obtain a Contract with a Customer
The
only costs we incur associated with obtaining contracts with customers are marketing costs incurred with third-party service providers
and sales commissions that we pay to our employees, contractors, or third-party sales representatives. Commissions are calculated based
on set percentages of the revenue value of each product or service sold. Commissions are considered earned by our internal sales personnel
at the time we recognize revenue for a particular transaction. Commissions are considered earned by third-party sales representatives
at the time that revenue is recognized for a particular transaction. We record commission expense in our consolidated statements of operations
at the time the commission is earned. Commissions earned but not yet paid are included in current liabilities on our balance sheets.
Net
Loss Per Share
Basic
loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding
during the reporting period. The weighted average number of shares is calculated by taking the number of shares outstanding and weighting
them by the amount of time that they were outstanding. Diluted earnings per share reflects the potential dilution that could occur if
stock options, warrants, and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of
common stock that could share in our earnings. Diluted loss per share is the same as basic loss per share during periods where net losses
are incurred since the inclusion of the potential common stock equivalents would be anti-dilutive as a result of the net loss.
Accounting
Pronouncements
We
did not adopt new accounting pronouncements during the six months ended March 31, 2024.
Recently
Issued Accounting Standards Not Yet Adopted
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.
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.
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.
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v3.24.1.u1
LEASES
|
6 Months Ended |
Mar. 31, 2024 |
Leases |
|
LEASES |
NOTE
3 – LEASES
On
December 10, 2021, we entered into a lease for approximately 500 square feet of office space at 146 Main Street in Worcester, Massachusetts,
with the option to renew annually for three (3) twelve (12) month periods through December 2025. The annual renewal date is January 1st.
Our current lease payment is $967 per month. The lease allows for a two percent (2%) increase effective at the beginning of each renewal
period.
Operating
lease payments are included in cash outflows from operating activities on our consolidated statements of cash flows.
We
have made an accounting policy election not to apply the recognition requirements of ASC Topic 842 (Leases) to short-term leases (leases
with a term of one year or less at the commencement date of the lease). Lease expense for short-term lease payments is recognized on
a straight-line basis over the lease term. Following the guidance of ASC Topic 842, we are not required to record ROU assets and operating
lease liabilities.
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v3.24.1.u1
DEFERRED REVENUE
|
6 Months Ended |
Mar. 31, 2024 |
Revenue Recognition and Deferred Revenue [Abstract] |
|
DEFERRED REVENUE |
NOTE
4 – DEFERRED REVENUE
Deferred
Revenue is comprised of payments received from our clients and customers for products or services in advance of receiving the product
or service. This primarily occurs for annual software and service contracts including Enclave. While software contracts can be initiated
at any time of year, most of our annual agreements renew in our quarter ended March 31.
A
payment received from a client in advance of receiving the product or service will be deferred and increase the balance of Deferred Revenue.
We recognize the revenue for the product or service when it is delivered to the client according to ASC Topic 606. The recognition of
revenue for a product or service paid for in advance by our clients will decrease the balance of Deferred Revenue.
Deferred
revenue was $564,000 at March 31, 2024 and $280,000 at September 30, 2023. The deferred revenue is expected to be earned within 12 months
of the balance sheet date.
Changes
in deferred revenue for the six months ended March 31, 2024 were as follows:
SCHEDULE OF CHANGES IN DEFERRED REVENUE
Deferred Revenue (In thousands) | |
| |
Balance at September 30, 2023 | |
$ | 280 | |
Deferral of revenue | |
| 741 | |
Recognition of revenue | |
| (457 | ) |
Balance at March 31, 2024 | |
$ | 564 | |
|
X |
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v3.24.1.u1
DEBT
|
6 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
DEBT |
NOTE
5 – DEBT
Pursuant
to a Membership Interest Redemption Agreement, dated November 3, 2021, by and between us and Akash Desai (“Desai Redemption Agreement”),
we promised to pay Mr. Desai $100,000, without interest, in exchange for Mr. Desai’s right, title, and interest in us while we
operated as an LLC. Mr. Desai was paid $50,000 at the execution of the Desai Redemption Agreement and the remaining $50,000 balance was
paid in December 2023.
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v3.24.1.u1
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
6 - STOCKHOLDERS’ EQUITY
Common
Stock
As
of March 31, 2024, we had 224,355,805 shares of common stock outstanding and were authorized to issue 681,000,000 shares of common stock
at a par value of $0.001.
We
had 213,854,781 shares of common stock outstanding as of September 30, 2023.
Common
Stock Issued for Cash
We
did not issue shares of common stock for cash during the six months ended March 31, 2024.
Common
Stock Issued for Business Combinations
We
did not issue shares for mergers or acquisitions related activity during the six months ended March 31, 2024.
Common
Stock Issued for Services
Total
shares of common stock issued for services during the six months ended March 31, 2024 is 437,643 with a total fair value of $20,000.
Our
Board of Directors (“Board”) had elected to have each of its members receive one-half of such member’s quarterly
compensation in the form of shares of the Company’s common stock instead of cash. We also use stock as a form of compensation
for independent contractors who provide professional services to us in sales, marketing, or administration. On February 15, 2024,
and March 28, 2024, the Company issued 20,834
and 159,724
shares of common stock, respectively, as compensation to the non-executive members of our Board for a fair value of $12,000
for the services rendered during the second quarter of fiscal year 2024. For the six months ended March 31, 2024 we have issued 347,226
shares of common stock as compensation for a value of $17,000.
For
the six months ended March 31, 2024 we have issued 90,417 shares of common stock to an independent contractor with a fair value of $3,000.
Common
Stock Issued Under Equity Incentive Plan
We
issued 2,792,423 shares of common stock for 4,039,824 Restricted Stock Units (“RSUs”) that vested during the six months ended March 31, 2024. The number
of RSUs sold by these employees to fund payroll taxes for the six months ended March 31, 2024 was 1,247,401.
Common
Stock Issued Under Tender Offer
On
December 26, 2023 we closed a tender offer to exchange approximately 55.5 million 2021 Investor Warrants for shares of common stock and
new warrants (“November 2023 Warrant Exchange”). The November 2023 Warrant Exchange had 43,538,501 2021 Investor warrants
tendered (78.4% of the outstanding 2021 Investor Warrants) resulting in the issuance of 7,270,958 shares of common stock and 17,415,437
new warrants (“New Warrants”). The New Warrants include these terms:
|
● |
Each
(1) New Warrant can subscribe for and purchase one (1) share of common stock from the Company at an exercise price of eighteen cents
($0.18) on or before December 29, 2028. |
|
● |
The
New Warrant can be exercised on a cash or cashless basis. |
|
● |
The
New Warrants will automatically convert if the common stock trades at a bid price equal to or greater than thirty-six cents ($0.36)
for thirty (30) consecutive trading days. New Warrant holders will be notified if the automatic conversion is triggered and will
be provided with twenty (20) trading days to deliver a notice of exercise to the Company. |
|
● |
The
New Warrants will be adjusted for stock dividends and stock splits should such an event occur during the term of the New Warrant. |
The
weighted average warrant fair value of the 2021 Investor Warrants successfully tendered, as determined using the Black-Scholes option
valuation model, was in excess of the value of the consideration paid by the Company to the 2021 Investor Warrant holders who successfully
tendered their warrants during the November 2023 Warrant Exchange. We did not recognize a gain as a result of the November 2023 Warrant
Exchange.
The
assumptions used to estimate the weighted average warrant fair value for the successfully tendered 2021 Investor Warrants include:
|
● |
We
estimated volatility based primarily on historical monthly price changes of the Company’s stock equal to the expected life
of the warrant. |
|
● |
The
risk-free interest rate was based on the U.S. Treasury yield in effect at the time of grant. |
|
● |
The
expected warrant term was the number of years the Company estimates the warrants will be outstanding prior to exercise based on expected
historical exercise patterns. |
After
the November 2023 Warrant Exchange, we had a total of 43.2 million warrants outstanding comprised of 5.4 million from 2018 issued to
placement agents, 8.4 million from 2021 issued to placement agents, 12.0 million remaining 2021 investor warrants, and 17.4 million new
warrants issued on December 26, 2023.
Preferred
Stock
As
of March 31, 2024, we had zero (0) shares of preferred stock outstanding.
Warrants
The
following table summarizes warrant activity for the six months ended March 31, 2024:
SCHEDULE OF WARRANT ACTIVITY
Outstanding Warrants (In thousands, except prices and remaining lives) | |
Number of
Warrants | | |
Weighted
Average
Exercise
Price | | |
Weighted
Average
Remaining
Life | |
Outstanding at September 30, 2023 | |
| 69,281 | | |
$ | 0.39 | | |
| 3.31 | |
Granted through November 2023 Warrant Exchange | |
| 17,415 | | |
| 0.18 | | |
| 4.75 | |
Tendered during November 2023 Warrant Exchange | |
| (43,538 | ) | |
| (0.36 | ) | |
| (2.25 | ) |
Canceled/Forfeited | |
| — | | |
| — | | |
| — | |
Outstanding at March 31, 2024 | |
| 43,158 | | |
$ | 0.33 | | |
| 4.39 | |
|
X |
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v3.24.1.u1
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
7 – RELATED PARTY TRANSACTIONS
Brian
Haugli, our Chief Executive Officer and our stockholder in the Company, is also a principal shareholder of RealCISO Inc. (“RealCISO”).
On September 22, 2020, SideChannel assigned to RealCISO Inc. certain contracts and intellectual property. We are a reseller of the RealCISO
software. We receive revenue from our customers for the use of RealCISO software and pays licensing fees to RealCISO for such use. We
paid $20,160 to RealCISO in the six months ending March 31, 2024. We paid $36,000 to RealCISO during the six months ended March 31, 2023.
We
received $76,500 from RealCISO for software development services that we provided RealCISO during the six months ending March 31, 2024.
On
October 13, 2023, the Association of the US Army (“AUSA”) signed an agreement for a cybersecurity risk assessment for
$24,425.
On February 15, 2024, the President of AUSA, Retired U.S. Army General Robert Brown, joined our Board. The final payment of $6,106
for the agreement for the assessment was invoiced and paid during March 2024.
Nick
Hnatiw, our Chief Technology Officer and Director, has an amount payable to the Company in relation to the payroll taxes paid by the Company on
his behalf for RSUs that vested during calendar year 2022. The balance due from Mr. Hnatiw is $2,551
and is recorded in prepaid and other current assets as of March 31, 2024.
No
other related party transactions occurred during the six months ending March 31, 2024.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.1.u1
CUSTOMER CONCENTRATION RISK
|
6 Months Ended |
Mar. 31, 2024 |
Risks and Uncertainties [Abstract] |
|
CUSTOMER CONCENTRATION RISK |
NOTE
8 – CUSTOMER CONCENTRATION RISK
No
client individually accounted for over 10% of our revenue during the three months or six months ended March 31, 2024; no client individually
accounted for over 10% of our revenue during the three months or six months ended March 31, 2023.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.24.1.u1
STOCK BASED COMPENSATION
|
6 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK BASED COMPENSATION |
NOTE
9 – STOCK BASED COMPENSATION
We
grant equity compensation awards to directors, employees, and contractors under the 2021 Omnibus Equity Compensation Plan. We have granted RSUs with service-based vesting conditions with vesting typically occurring over a 3-year period.
The following table summarizes the activity of our RSUs granted under our Equity Incentive Plan during the six months
ended March 31, 2024, and March 31, 2023.
SCHEDULE OF RESTRICTED STOCK UNITS VESTING
Outstanding Equity Compensation Grants (In thousands) | |
Number of
RSU’s | |
Outstanding Grants at September 30, 2023 | |
| 8,637 | |
Granted | |
| 8,250 | |
Vested | |
| (4,040 | ) |
Canceled/Forfeited | |
| (1,703 | ) |
Outstanding Grants at March 31, 2024 | |
| 11,144 | |
| |
| | |
Outstanding Grants at September 30, 2022 | |
| 4,309 | |
Granted | |
| 2,933 | |
Vested | |
| (500 | ) |
Canceled/Forfeited | |
| — | |
Outstanding Grants at March 31, 2023 | |
| 6,742 | |
The
weighted average grant-date fair value was $0.05 per share for all awards granted during the six months ended March 31, 2024 and $0.14 per share for all awards granted during the six months ended March
31, 2023.
The
Company recognizes compensation cost for unvested share-based awards on a straight-line basis over the requisite service period.
Total stock-based compensation is included in general and administrative expense, selling and marketing expense, and research and
development expense in our accompanying Consolidated Statements of Operations.
Our
total stock-based compensation expense for the six months ended March 31, 2024 was $300,000 comprised of $20,000 for shares issued for
services and $280,000 for the amortization of outstanding equity compensation grants. The unamortized stock compensation expense at March
31, 2024, is $757,000, and the remaining weighted average term to vesting is 2.4 years.
Some
employees opted to sell RSUs back to the Company at the fair market value on the vesting date to fund their portion of payroll taxes
due on the taxable income generated by the vested RSUs. For the six months ended March 31, 2024, we have purchased RSUs with a vesting
date value of $66,000. Our Statement of Stockholders Equity reflects the net increase of $214,000 as of March 31, 2024 or $280,000 of
total stock-based compensation expense less the $66,000 of RSUs purchased.
We
incurred stock-based compensation expense of $266,000 for the six months ended March 31, 2023 which is comprised of $31,000 for shares
issued for services and $235,000 for the amortization of outstanding equity compensation grants.
|
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
10 – COMMITMENTS AND CONTINGENCIES
In
April 2020, Eric Marquez, the former Secretary/Treasurer and Chief Financial Officer of Cipherloc Corporation, and certain other plaintiffs,
filed a lawsuit against Cipherloc Corporation and Michael De La Garza, Cipherloc’s former Chief Executive Officer and President,
in the 20th Judicial District for Hays County, Texas (Cause No. 20-0818). The lawsuit alleges causes of action for fraud against
Mr. De La Garza (for misrepresentations allegedly made by Mr. De La Garza); breach of contract, for alleged breaches of Mr. Marquez’s
alleged oral employment agreement, which Mr. Marquez claims required Cipherloc pay him cash and shares of stock; unjust enrichment; quantum
meruit; and rescission of certain stock purchases made by certain of the plaintiffs, as well as declaratory relief and fraud. Damages
sought exceed $1,000,000. We believe we have made all required payments and delivered the stock to the plaintiffs. The case is currently
being defended by us. We believe we have meritorious defenses to the allegations, and we intend to continue to vigorously defend against
the litigation.
We
are not currently involved in any additional litigation that we believe could have a material adverse effect on our financial condition
or results of operations.
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v3.24.1.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Mar. 31, 2024 |
Subsequent Events |
|
SUBSEQUENT EVENTS |
NOTE
11 – SUBSEQUENT EVENTS
On
April 15, 2024, we filed a Form 8-K with the SEC for the following resolutions passed with unanimous vote by our Board:
|
1. |
The
Board eliminated two of the Committees of the Board of Directors including: |
|
|
|
|
|
The
Compensation Committee comprised of the following directors: Robert Brown, Deborah MacConnel, and Kevin Powers |
|
|
|
|
|
The
Nomination and Corporate Governance Committee comprised of the following directors: James Hansen, Brian Haugli, Deborah MacConnel,
Kevin Powers, and Hugh Regan, Jr. |
|
|
|
|
2. |
The
Board eliminated all cash compensation paid to its directors. |
|
|
|
|
3. |
The
Board eliminated all stock compensation paid to its directors. No agreements have been entered for this arrangement
but are forthcoming. |
|
|
|
|
4. |
The
Board has determined to implement an equity incentive plan for its directors. |
|
|
|
|
5. |
The
Board determined to compensate Director Hugh Regan, Jr. at a rate of $7,500 per quarter for services provided as chair of the
Audit Committee. No agreements have been entered for this arrangement but are forthcoming. |
FORWARD
LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q, including estimates, projections, statements relating to our business plans, objectives and expected operating
results, and the assumptions upon which those statements are based, contains “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,”
“may,” “should,” “will,” “would,” “will be,” “will continue,”
“will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions
that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements.
A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking
statements is included in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended
September 30, 2023 and elsewhere in this Form 10-Q. We undertake no obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events, or otherwise.
These
forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements
to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.
Although
we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate;
therefore, we cannot assure you that the forward-looking statements included in this Quarterly Report on Form 10-Q will prove to be accurate.
In light of the significant uncertainties inherent in our forward-looking statements, the inclusion of such information should not be
regarded as a representation by us or any other person that our objectives and plans will be achieved. Some of these and other risks
and uncertainties that could cause actual results to differ materially from such forward-looking statements are more fully described
in our 2023 Annual Report on Form 10-K, elsewhere in this Quarterly Report on Form 10-Q, or those discussed in other documents we filed
with the SEC. Except as may be required by applicable law, we undertake no obligation to publicly update or advise of any change in any
forward-looking statement, whether as a result of new information, future events, or otherwise. In making these statements, we disclaim
any obligation to address or update each factor in future filings with the SEC or communications regarding our business or results, and
we do not undertake to address how any of these factors may have caused changes to discussions or information contained in previous filings
or communications. In addition, any of the matters discussed above may have affected our past results and may affect future results,
so that our actual results may differ materially from those expressed in this Quarterly Report on Form 10-Q and in prior or subsequent
communications.
This
information should be read in conjunction with the interim unaudited financial statements and the notes thereto included in this Report,
and the audited financial statements and notes thereto and “Part II. Other Information - Item 7. Management’s Discussion
and Analysis of Financial Condition and Results of Operations”, contained in our 2023 Form 10-K.
We
are not aware of any misstatements regarding any third-party information presented in this Report; however, their estimates, in particular,
as they relate to projections, involve numerous assumptions, are subject to risks and uncertainties, and are subject to change based
on various factors, including those discussed under, and incorporated by reference in, the section entitled “Item 1A. Risk
Factors” of this Report. These and other factors could cause our future performance to differ materially from our assumptions
and estimates. Some market and other data included herein, as well as the data of competitors as they relate to SideChannel (as defined
herein), is also based on our good faith estimates.
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v3.24.1.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting
principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial
statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included.
Operating
results for the three and six months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the
year ending September 30, 2024. These unaudited consolidated financial statements should be read in conjunction with the consolidated
financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023. Certain
prior period amounts have been reclassified to conform to the current year presentation or adjusted due to rounding and have had no impact
on net income or stockholders’ equity.
|
Reclassifications |
Reclassifications
Certain
prior year amounts have been reclassified to be comparable with the current year’s presentation.
|
Segment Information |
Segment
Information
We
manage our operations as a single operating segment for the purposes of assessing performance and making operating decisions.
|
Critical Accounting Estimates |
Critical
Accounting Estimates
In
the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal
recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flows for the interim
periods presented. Certain footnote information has been condensed or omitted from these consolidated financial statements. Therefore,
these consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes
included in our 2023 Form 10-K. The same accounting policies have been followed in these unaudited interim consolidated financial
statements as those applied in the preparation of our consolidated audited financial statements for the year ended September 30, 2023.
The
preparation of financial statements in conformity with U.S.
GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates. Certain of our accounts, including goodwill, identifiable intangibles,
and deferred tax assets and liabilities, including related valuation allowances, are based upon estimates. We base our estimates on historical
experience and on appropriate and customary assumptions that we believe to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Some of these accounting estimates and assumptions are particularly sensitive because of their significance to our consolidated financial
statements and because of the possibility that future events affecting them may differ markedly from what had been assumed when the financial
statements were prepared.
As
of March 31, 2024, there have been no significant changes to the accounting estimates that we have deemed critical. Our critical accounting
estimates are more fully described in our 2023 Form 10-K.
|
Revenue Recognition |
Revenue
Recognition
We
recognize revenue in accordance with the guidance in ASC Topic 606 (Revenue from Contracts with Customers). We recognize revenue for
the sale of products or services when our performance obligations under the terms of a contract with a customer are satisfied and control
of the product or service has been transferred to the customer. Generally, this occurs when we deliver a product or perform a service.
In certain cases, recognition of revenue is deferred until the product or service is received by the customer or at some other point
in the future when we have determined that we have satisfied our performance obligations under the contract. Our contracts with customers
may include a combination of products and services, which are generally capable of being distinct and accounted for as separate performance
obligations.
We
do not have any material variable consideration arrangements, or any material payment terms with our customers other than standard payment
terms which generally range from net 15 to net 90 days.
Nature
of Products and Services
We
identify, develop, and deploy cybersecurity and privacy risk management solutions for our clients and customers in North America. We
categorize our products and services as either vCISO Services or Cybersecurity Software and Services. In addition to Enclave, our proprietary
software product, we also sell third-party software and services through a network of strategic partnerships.
Types
of Contracts with Customers
Our
contracts with customers are generally structured as annual subscription agreements or project specific statements of work. Our annual
subscription agreements include a minimum number of service hours purchased during the subscription time period. Payment terms and any
other customer-specific acceptance criteria are also specified in the contracts and statements of work.
Contract
Balances
We
record accounts receivable at the time of invoicing. Accounts receivable, net of the allowance for doubtful accounts, is included in
current assets on our balance sheet. To the extent that we do not recognize revenue at the same time as we invoice, we record a liability
for deferred revenue. In certain instances, we also receive customer deposits in advance of invoicing and recording of accounts receivable.
Deferred revenue and customer deposits are included in current liabilities on our consolidated balance sheets.
We
maintain an allowance for doubtful accounts (“allowance”) equal to 3% of the ending quarterly accounts receivable balance.
The allowance is rounded up to the nearest $10,000.
Costs
to Obtain a Contract with a Customer
The
only costs we incur associated with obtaining contracts with customers are marketing costs incurred with third-party service providers
and sales commissions that we pay to our employees, contractors, or third-party sales representatives. Commissions are calculated based
on set percentages of the revenue value of each product or service sold. Commissions are considered earned by our internal sales personnel
at the time we recognize revenue for a particular transaction. Commissions are considered earned by third-party sales representatives
at the time that revenue is recognized for a particular transaction. We record commission expense in our consolidated statements of operations
at the time the commission is earned. Commissions earned but not yet paid are included in current liabilities on our balance sheets.
|
Net Loss Per Share |
Net
Loss Per Share
Basic
loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding
during the reporting period. The weighted average number of shares is calculated by taking the number of shares outstanding and weighting
them by the amount of time that they were outstanding. Diluted earnings per share reflects the potential dilution that could occur if
stock options, warrants, and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of
common stock that could share in our earnings. Diluted loss per share is the same as basic loss per share during periods where net losses
are incurred since the inclusion of the potential common stock equivalents would be anti-dilutive as a result of the net loss.
|
Accounting Pronouncements |
Accounting
Pronouncements
We
did not adopt new accounting pronouncements during the six months ended March 31, 2024.
|
Recently Issued Accounting Standards Not Yet Adopted |
Recently
Issued Accounting Standards Not Yet Adopted
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.
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.
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.
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v3.24.1.u1
STOCKHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
SCHEDULE OF WARRANT ACTIVITY |
The
following table summarizes warrant activity for the six months ended March 31, 2024:
SCHEDULE OF WARRANT ACTIVITY
Outstanding Warrants (In thousands, except prices and remaining lives) | |
Number of
Warrants | | |
Weighted
Average
Exercise
Price | | |
Weighted
Average
Remaining
Life | |
Outstanding at September 30, 2023 | |
| 69,281 | | |
$ | 0.39 | | |
| 3.31 | |
Granted through November 2023 Warrant Exchange | |
| 17,415 | | |
| 0.18 | | |
| 4.75 | |
Tendered during November 2023 Warrant Exchange | |
| (43,538 | ) | |
| (0.36 | ) | |
| (2.25 | ) |
Canceled/Forfeited | |
| — | | |
| — | | |
| — | |
Outstanding at March 31, 2024 | |
| 43,158 | | |
$ | 0.33 | | |
| 4.39 | |
|
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STOCK BASED COMPENSATION (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF RESTRICTED STOCK UNITS VESTING |
SCHEDULE OF RESTRICTED STOCK UNITS VESTING
Outstanding Equity Compensation Grants (In thousands) | |
Number of
RSU’s | |
Outstanding Grants at September 30, 2023 | |
| 8,637 | |
Granted | |
| 8,250 | |
Vested | |
| (4,040 | ) |
Canceled/Forfeited | |
| (1,703 | ) |
Outstanding Grants at March 31, 2024 | |
| 11,144 | |
| |
| | |
Outstanding Grants at September 30, 2022 | |
| 4,309 | |
Granted | |
| 2,933 | |
Vested | |
| (500 | ) |
Canceled/Forfeited | |
| — | |
Outstanding Grants at March 31, 2023 | |
| 6,742 | |
|
X |
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v3.24.1.u1
GENERAL INFORMATION (Details Narrative) - USD ($) $ / shares in Units, $ in Millions |
May 04, 2023 |
Jul. 01, 2022 |
Stock issued |
2,116,618
|
|
Cipherloc [Member] |
|
|
Business acquisition controlling description |
|
The Shares are subject to a Lock-Up/Leak-Out Agreement, pursuant to which, subject to certain exceptions, the Sellers may not directly or indirectly offer to sell, or otherwise transfer, any of the Shares for twenty-four months after the Closing Date without the prior written consent of the Company. Notwithstanding the foregoing, pursuant to the Lock-Up/Leak-Out Agreement, each of the Sellers may sell up to 20% of their Shares beginning twelve (12) months after the Closing Date, and the remaining 80% of their shares of Common Stock beginning twenty-four (24) months after the Closing Date
|
Share-Based Payment Arrangement, Tranche One [Member] | Series A Preferred Stock [Member] |
|
|
Stock issued |
100
|
100
|
Preferred stock, par value |
|
$ 0.001
|
Share-Based Payment Arrangement, Tranche One [Member] | Common Stock [Member] |
|
|
Stock issued |
|
59,900,000
|
Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
Revenue |
|
$ 5.5
|
Share-Based Payment Arrangement, Tranche Two [Member] | Common Stock [Member] |
|
|
Stock issued |
|
59,900,000
|
X |
- DefinitionThis element represents a description of how the entity obtained control of the acquired entity.
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SCHEDULE OF WARRANT ACTIVITY (Details) - $ / shares shares in Thousands |
6 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Sep. 30, 2023 |
Equity [Abstract] |
|
|
Number of Warrant, Outstanding Beginning |
69,281
|
|
Weighted Average Exercise Price, Outstanding Beginning |
$ 0.39
|
|
Weighted Average Remaining Life, Balance |
4 years 4 months 20 days
|
3 years 3 months 21 days
|
Number of Warrant, Granted |
17,415
|
|
Weighted Average Exercise Price, Granted |
$ 0.18
|
|
Weighted Average Remaining Life, Granted |
4 years 9 months
|
|
Number of Warrant, Tendered |
(43,538)
|
|
Weighted Average Exercise Price, Tendered |
$ (0.36)
|
|
Weighted Average Remaining Life, Tendered |
2 years 3 months
|
|
Number of Warrant, Canceled/Forfeited |
|
|
Weighted Average Exercise Price, Canceled/Forfeited |
|
|
Number of Warrant, Outstanding Ending |
43,158
|
69,281
|
Weighted Average Exercise Price, Outstanding Ending |
$ 0.33
|
$ 0.39
|
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v3.24.1.u1
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
3 Months Ended |
6 Months Ended |
|
Mar. 28, 2024 |
Feb. 15, 2024 |
Dec. 26, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Sep. 30, 2023 |
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
Common stock shares outstanding |
|
|
|
224,355,805
|
|
|
|
224,355,805
|
|
213,854,781
|
Common stock, shares authorized |
|
|
|
681,000,000
|
|
|
|
681,000,000
|
|
681,000,000
|
Common stock, par value |
|
|
|
$ 0.001
|
|
|
|
$ 0.001
|
|
$ 0.001
|
Stock issued as services, shares |
|
|
|
|
|
|
|
437,643
|
31,000
|
|
Stock issued as services, value |
|
|
|
$ 12
|
$ 8
|
$ 13
|
$ 18
|
$ 20
|
|
|
Warrants shares, common stock |
|
|
43,200,000
|
|
|
|
|
|
|
|
Warrants outstanding |
|
|
17,415,437
|
|
|
|
|
|
|
|
Exercise price |
|
|
$ 0.18
|
|
|
|
|
|
|
|
Bid price |
|
|
$ 0.36
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
0
|
|
|
|
0
|
|
|
2021 Investor Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
55,500,000
|
|
|
|
|
|
|
|
Warrants shares, common stock |
|
|
43,538,501
|
|
|
|
|
|
|
|
Tendered percentage |
|
|
78.40%
|
|
|
|
|
|
|
|
Warrants shares, common stock |
|
|
12,000,000.0
|
|
|
|
|
|
|
|
New Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
7,270,958
|
|
|
|
|
|
|
|
Warrants shares, common stock |
|
|
17,400,000
|
|
|
|
|
|
|
|
2018 Placement Agents [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
Warrants shares, common stock |
|
|
5,400,000
|
|
|
|
|
|
|
|
2021 Placement Agents [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
Warrants shares, common stock |
|
|
8,400,000
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock issued as services, shares |
|
|
|
|
|
|
|
2,792,423
|
|
|
Vested |
|
|
|
|
|
|
|
4,039,824
|
|
|
Payroll taxes paid through sale of stock |
|
|
|
|
|
|
|
1,247,401
|
|
|
Non-executive [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock issued as services, shares |
159,724
|
20,834
|
|
|
|
|
|
|
|
|
Stock issued as services, value |
|
|
|
|
|
|
|
$ 12
|
|
|
Executive [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock issued as services, shares |
|
|
|
|
|
|
|
347,226
|
|
|
Stock issued as services, value |
|
|
|
|
|
|
|
$ 17
|
|
|
Board of Directors Chairman [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock issued as services, shares |
|
|
|
|
|
|
|
90,417
|
|
|
Stock issued as services, value |
|
|
|
|
|
|
|
$ 3
|
|
|
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v3.24.1.u1
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v3.24.1.u1
SCHEDULE OF RESTRICTED STOCK UNITS VESTING (Details) - Restricted Stock Units (RSUs) [Member] - shares shares in Thousands |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of Options, Outstanding, Beginning |
8,637
|
4,309
|
Number of Options, Granted |
8,250
|
2,933
|
Number of Options, Vested |
(4,040)
|
(500)
|
Number of Options, Canceled/Forfeited |
(1,703)
|
|
Number of Options, Outstanding, Ending |
11,144
|
6,742
|
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v3.24.1.u1
STOCK BASED COMPENSATION (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
|
|
|
|
|
Grant date fair value |
$ 0.05
|
|
$ 0.14
|
|
$ 0.05
|
$ 0.14
|
Stock based compensation |
|
|
|
|
$ 300,000
|
$ 266,000
|
Shares issued for services |
$ 12,000
|
$ 8,000
|
$ 13,000
|
$ 18,000
|
20,000
|
|
Amortisation of outstanding equity |
$ 280,000
|
|
$ 235,000
|
|
280,000
|
$ 235,000
|
Stock compensation expense |
|
|
|
|
$ 757,000
|
|
Stock compensation expense |
|
|
|
|
2 years 4 months 24 days
|
|
Purchase of shares value |
|
|
|
|
$ 66,000
|
|
Net increase of Stockholders Equity |
|
|
|
|
$ 214,000
|
|
Shares issued for services |
|
|
|
|
437,643
|
31,000
|
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