10-K Filing

NANO MAGIC INC. CIK: 891417 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0001493152-15-001364`
Period End Date	20141231
Filing Date	20150410
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	penc-20141231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 58 Cash Flow Statement 85 Stockholders Equity 13

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$464.74K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$100.37K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.52M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.03M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable - related party	`AccountsReceivableRelatedPartiesCurrent`	$17.22K	USD	Point-in-time
Accounts receivable - related party	`AccountsReceivableRelatedPartiesCurrent`	$38.25K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventory	`InventoryNet`	$1.56M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Inventory	`InventoryNet`	$1.48M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$200.08K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$107.72K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.29M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.80B	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.23M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$672.70K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$850.85K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$239.34K	USD	Point-in-time
Other assets	`OtherAssets`	$41.84K	USD	Point-in-time
Other assets	`OtherAssets`	$73.50K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$1.13M	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$746.21K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$4.43M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$3.98M	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$773.34K	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$199.92K	USD	Point-in-time
Current portion of bank term loan	`ShortTermBorrowings`	-	USD	Point-in-time
Current portion of bank term loan	`ShortTermBorrowings`	$60.00K	USD	Point-in-time
Convertible notes payable, net	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Convertible notes payable, net	`ConvertibleNotesPayableCurrent`	$13.33K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$721.86K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$964.59K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$344.27K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$28.79K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.21M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.33M	USD	Point-in-time
Bank term loan, net of current portion	`LongTermLoansFromBank`	$515.00K	USD	Point-in-time
Bank term loan, net of current portion	`LongTermLoansFromBank`	-	USD	Point-in-time
Other long-term liabilities	`OtherLiabilities`	$127.91K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilities`	-	USD	Point-in-time
Total Long-term Liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total Long-term Liabilities	`LiabilitiesNoncurrent`	$642.91K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.97M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.21M	USD	Point-in-time
Preferred stock, $.0001 par value, 20,000,000 shares authorized; No shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $.0001 par value, 20,000,000 shares authorized; No shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.64M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.10M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$1.22M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$2.01M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$2.23M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.98M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$4.43M	USD	Point-in-time

Income Statement 58 line items

Line Item	Tag	Value	Unit	Period
Sales Revenue from related parties	`RevenueFromRelatedParties`	$209.17K	USD	Annual
Sales Revenue from related parties	`RevenueFromRelatedParties`	$198.86K	USD	Annual
Products (including related party sales of $198,858 and $209,170 for the year ended December 31, 2014 and 2013, respectively)	`SalesRevenueGoodsNet`	$9.08M	USD	Annual
Products (including related party sales of $198,858 and $209,170 for the year ended December 31, 2014 and 2013, respectively)	`SalesRevenueGoodsNet`	$9.18M	USD	Annual
Research and development services	`ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned`	$772.91K	USD	Annual
Research and development services	`ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned`	-	USD	Annual
Total Revenues	`Revenues`	$9.08M	USD	Annual
Total Revenues	`Revenues`	$9.95M	USD	Annual
Products	`CostOfGoodsSold`	$5.01M	USD	Annual
Products	`CostOfGoodsSold`	$5.64M	USD	Annual
Research and development services	`SalesRevenueServicesNet`	$-635.82K	USD	Annual
Research and development services	`SalesRevenueServicesNet`	-	USD	Annual
Total Cost of Revenues	`CostOfGoodsSoldGross`	$5.65M	USD	Annual
Total Cost of Revenues	`CostOfGoodsSoldGross`	$5.64M	USD	Annual
GROSS PROFIT	`GrossProfit`	$4.30M	USD	Annual
GROSS PROFIT	`GrossProfit`	$3.43M	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$284.24K	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$235.23K	USD	Annual
Salaries, wages and contract labor	`SalariesWagesAndOfficersCompensation`	$2.00M	USD	Annual
Salaries, wages and contract labor	`SalariesWagesAndOfficersCompensation`	$1.25M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$878.36K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$607.05K	USD	Annual
Professional fees	`ProfessionalFees`	$814.52K	USD	Annual
Professional fees	`ProfessionalFees`	$453.32K	USD	Annual
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$996.24K	USD	Annual
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$747.86K	USD	Annual
Impairment loss	`GoodwillImpairmentLoss`	$1.93M	USD	Annual
Impairment loss	`GoodwillImpairmentLoss`	-	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$3.61M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$6.59M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.29M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-179.93K	USD	Annual
Interest income	`InterestIncomeOther`	$40.00	USD	Annual
Interest income	`InterestIncomeOther`	-	USD	Annual
Interest expenses	`InterestExpenseOther`	$28.97K	USD	Annual
Interest expenses	`InterestExpenseOther`	$80.33K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$86.13K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$41.89K	USD	Annual
Total Other Income/(Expense)	`NonoperatingIncomeExpense`	$-38.39K	USD	Annual
Total Other Income/(Expense)	`NonoperatingIncomeExpense`	$57.16K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-218.32K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.23M	USD	Annual
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$84.18K	USD	Annual
NET LOSS	`ProfitLoss`	$-218.32K	USD	Annual
NET LOSS	`ProfitLoss`	$-2.32M	USD	Annual
Net (income) loss attributable to former non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$53.42K	USD	Annual
Net (income) loss attributable to former non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-31.69K	USD	Annual
NET LOSS ATTRIBUTABLE TO PEN, INC.	`NetIncomeLoss`	$-2.37M	USD	Annual
NET LOSS ATTRIBUTABLE TO PEN, INC.	`NetIncomeLoss`	$-186.63K	USD	Annual
Basic	`EarningsPerShareBasic`	-	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.01	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	Annual
Diluted	`EarningsPerShareDiluted`	-	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	325.64M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	396.64M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	396.64M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	325.64M	shares	Annual

Cash Flow Statement 85 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-218.32K	USD	Annual
Net loss	`ProfitLoss`	$-2.32M	USD	Annual
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$166.60K	USD	Annual
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$-57.85K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$4.45K	USD	Annual
Impairment loss	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	$1.93M	USD	Annual
Impairment loss	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	-	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$324.43K	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$200.17K	USD	Annual
Amortization of deferred lease incentives	`AmortizationOfLeaseIncentives`	$-12.83K	USD	Annual
Amortization of deferred lease incentives	`AmortizationOfLeaseIncentives`	$-12.83K	USD	Annual
Change in value of stock appreciation righta	`ChangeInValueOfStockAppreciationRighta`	$12.85K	USD	Annual
Change in value of stock appreciation righta	`ChangeInValueOfStockAppreciationRighta`	$6.68K	USD	Annual
Change in value of equity credits	`ChangeInValueOfEquityCredits`	$99.00	USD	Annual
Change in value of equity credits	`ChangeInValueOfEquityCredits`	$-12.48K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$151.40K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-770.31K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$475.42K	USD	Annual
Accounts receivable related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-71.15K	USD	Annual
Accounts receivable related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$21.02K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$14.79K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$376.08K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$36.50K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$8.70K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-77.33K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$430.93K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$50.92K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$8.15K	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	-	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	-	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-117.68K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	Annual
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$547.65K	USD	Annual
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-214.08K	USD	Annual
Cash acquired in acquisition	`CashAcquiredFromAcquisition`	$48.12K	USD	Annual
Cash acquired in acquisition	`CashAcquiredFromAcquisition`	-	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$229.82K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$66.11K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-66.11K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-181.70K	USD	Annual
Proceeds from equity credits employee receivable	`ProceedsFromRepurchaseOfEquity`	$3.38K	USD	Annual
Proceeds from equity credits employee receivable	`ProceedsFromRepurchaseOfEquity`	-	USD	Annual
Equity credits repurchased	`PaymentsForRepurchaseOfEquity`	-	USD	Annual
Equity credits repurchased	`PaymentsForRepurchaseOfEquity`	$3.24K	USD	Annual
Proceeds from bank line of credit	`ProceedsFromLinesOfCredit`	$988.00K	USD	Point-in-time
Proceeds from bank line of credit	`ProceedsFromLinesOfCredit`	$7.15M	USD	Annual
Proceeds from bank line of credit	`ProceedsFromLinesOfCredit`	$725.00K	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$6.58M	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$525.08K	USD	Annual
Proceeds from bank loan	`ProceedsFromBankDebt`	-	USD	Annual
Proceeds from bank loan	`ProceedsFromBankDebt`	$600.00K	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$25.00K	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$575.00K	USD	Annual
Repayment of notes payable related to member redemptions	`RepaymentsOfOtherDebt`	-	USD	Annual
Repayment of notes payable related to member redemptions	`RepaymentsOfOtherDebt`	$1.94M	USD	Annual
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.57K	USD	Annual
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.16M	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$364.37K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.44M	USD	Annual
CASH, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
CASH, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$464.74K	USD	Point-in-time
CASH, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$100.37K	USD	Point-in-time
CASH, end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
CASH, end of year	`CashAndCashEquivalentsAtCarryingValue`	$464.74K	USD	Point-in-time
CASH, end of year	`CashAndCashEquivalentsAtCarryingValue`	$100.37K	USD	Point-in-time
Interest	`InterestPaid`	$28.97K	USD	Annual
Interest	`InterestPaid`	$80.33K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	$84.18K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Value of equity credits forfeited at original purchase price, in exchange for cancellation of receivables	`ValueOfEquityCreditsForfeitedAtOriginalPurchasePriceInExchangeForCancellationOfReceivables`	$18.31K	USD	Annual
Value of equity credits forfeited at original purchase price, in exchange for cancellation of receivables	`ValueOfEquityCreditsForfeitedAtOriginalPurchasePriceInExchangeForCancellationOfReceivables`	-	USD	Annual
Common stock issued for convertible notes and accrued interest	`CommonStockIssuedForConvertibleNotesAndAccruedInterest`	$137.50K	USD	Annual
Common stock issued for convertible notes and accrued interest	`CommonStockIssuedForConvertibleNotesAndAccruedInterest`	-	USD	Annual
Liabilities assumed in share exchange	`LiabilitiesAssumedInShareExchange`	$1.59M	USD	Annual
Liabilities assumed in share exchange	`LiabilitiesAssumedInShareExchange`	-	USD	Annual
Less: assets acquired in share exchange	`FairValueOfAssetsAcquired`	$496.69K	USD	Annual
Less: assets acquired in share exchange	`FairValueOfAssetsAcquired`	-	USD	Annual
Net liabilities assumed	`LiabilitiesAssumed1`	$1.09M	USD	Annual
Net liabilities assumed	`LiabilitiesAssumed1`	-	USD	Annual
Fair value of shares exchanged	`FairValueOfSharesExchanged`	-	USD	Annual
Fair value of shares exchanged	`FairValueOfSharesExchanged`	$1.24M	USD	Annual
Increase in intangible assets	`IncreaseDecreaseInIntangibleAssets`	$2.33M	USD	Annual
Increase in intangible assets	`IncreaseDecreaseInIntangibleAssets`	-	USD	Annual

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.22M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.23M	USD	Point-in-time
Conversion of shares	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Shares deemed issued in reverse merger	`SharesDeemedIssuedInReverseMerger`	$1.24M	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$96.32K	USD	Annual
Common stock issued from conversion of convertible debt and interest	`CommonStockIssuedFromConversionOfConvertibleDebtAndInterest`	$137.50K	USD	Annual
Accretion of Class A shares issuable based on market conditions	`AdjustmentsToAdditionalPaidInCapitalAccretionOfClassSharesIssuableBasedOnMarketConditions`	$55.08K	USD	Annual
Net loss	`ProfitLoss`	$-218.32K	USD	Annual
Net loss	`ProfitLoss`	$-2.32M	USD	Annual
Balance	`StockholdersEquity`	$1.22M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.23M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.