SideChannel, Inc., a Delaware-based company specializing in computer processing and data preparation services, announced the resignation of James Hansen from its Board of Directors on Monday. Hansen's departure, effective June 18, 2024, was not due to disagreements with the company's operations, policies, or practices. Instead, it allows him to dedicate more time to his expanding responsibilities at other companies.
The company, formerly known as CipherLOC Corp and NATIONAL SCIENTIFIC CORP/AZ, operates out of Worcester, MA, and is publicly traded on the OTC Markets Group under the symbol OTCQB:SDCH. SideChannel's fiscal year ends on September 30, and the company is identified by the IRS number 860837077.
This change in the company's leadership was reported in a filing with the U.S. Securities and Exchange Commission (SEC) as per the Form 8-K requirements. The 8-K form is used by companies to notify investors of events that may be important to shareholders or the SEC.
In other recent news, SideChannel, the cybersecurity firm, has reported its strategic focus on profitability and cash flow in a recent earnings call. The company's leadership, including CEO Brian Haugli and CFO Ryan Polk, highlighted the success of their Enclave product within the startup and manufacturing sectors, and its growing interest from the US federal government. Despite lower gross margins due to the expansion of products and services, the management remains optimistic about improving these in the latter half of the year and achieving positive cash flow.
SideChannel has been attracting clients from diverse industries such as Bitcoin mining and hospitality, contributing to the growth of their services side of the business. The company has also made a strategic appointment, with David Menichello stepping in as the Vice President of Partnerships to expand SideChannel's offerings.
In terms of future developments, SideChannel aims to enhance its cybersecurity services through continued product expansion and partnerships. The company also anticipates government contracts, particularly with the Department of Defense, to potentially exceed the value of current commercial contracts. These recent developments underline SideChannel's commitment to maintaining a debt-free status while expanding its revenue streams, and its strategic focus on being cash flow positive and profitable.
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