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RELATED PARTY TRANSACTIONS
3 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

 

Brian Haugli, our Chief Executive Officer and one of our stockholders, is also a principal shareholder of RealCISO Inc. (“RealCISO”). On September 22, 2020, SideChannel assigned to RealCISO certain contracts and intellectual property. We are a reseller of RealCISO software. We receive revenue from our customers for the use of RealCISO software and we pay licensing fees to RealCISO for such use. During the three months ended December 31, 2022, we paid $36,000 to RealCISO for additional licenses that SideChannel can resell to its clients.

 

Ryan Polk, our Chief Financial Officer, David Chasteen, our Executive Vice President of Sales and Nick Hnatiw, our Chief Technology Officer each have amounts payable to the Company in relation to the payroll taxes paid by the Company on their behalf for RSU’s that vested during calendar year 2022. The combined balance due from these three individuals is $16,622 and is recorded in prepaid and other current assets as of December 31, 2022. At the time of this Quarterly Report on Form 10-Q (“this Report”) was filed, Mr. Polk had paid the Company in full for his portion of this obligation.

 

No other related party transactions occurred during the three months ended December 31, 2022.