10-K Filing

NANO MAGIC INC. CIK: 891417 FY 2015

Filing Information

Form Type	10-K
Accession Number	`0001493152-16-008465`
Period End Date	20151231
Filing Date	20160330
Fiscal Year	2015
Fiscal Period	FY
XBRL Instance	penc-20151231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 56 Cash Flow Statement 80 Stockholders Equity 16

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$262.52K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$464.74K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	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`	$1.03M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.10M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts receivable - related party	`AccountsReceivableRelatedPartiesCurrent`	$11.98K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable - related party	`AccountsReceivableRelatedPartiesCurrent`	$38.25K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Inventory	`InventoryNet`	$1.56M	USD	Point-in-time
Inventory	`InventoryNet`	$1.08M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$200.08K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$194.95K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.29M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.65M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$850.85K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$897.36K	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`	$32.10K	USD	Point-in-time
Other assets	`OtherAssets`	$41.84K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$1.13M	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$929.46K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$3.58M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$4.43M	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$773.34K	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$1.29M	USD	Point-in-time
Current portion of notes payable	`ShortTermNonBankLoansAndNotesPayable`	$74.38K	USD	Point-in-time
Current portion of notes payable	`ShortTermNonBankLoansAndNotesPayable`	-	USD	Point-in-time
Convertible notes payable, net	`ConvertibleNotesPayableCurrent`	$13.33K	USD	Point-in-time
Convertible notes payable, net	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.26M	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$27.06K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$871.10K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$964.59K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$28.79K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$21.69K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.54M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.21M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	-	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$312.14K	USD	Point-in-time
Total Long-term Liabilities	`LiabilitiesNoncurrent`	$312.14K	USD	Point-in-time
Total Long-term Liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.21M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.85M	USD	Point-in-time
Commitments and Contingencies (See Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (See Note 14)	`CommitmentsAndContingencies`	-	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`	$5.07M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.69M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.34M	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$1.22M	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$2.01M	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$-272.33K	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$3.58M	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$4.43M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Sales revenue from related parties	`RevenueFromRelatedParties`	$198.86K	USD	Annual
Sales revenue from related parties	`RevenueFromRelatedParties`	$134.49K	USD	Annual
Products (including related party sales of $134,485 and $198,858 for the years ended December 31, 2015 and 2014, respectively)	`SalesRevenueGoodsNet`	$7.92M	USD	Annual
Products (including related party sales of $134,485 and $198,858 for the years ended December 31, 2015 and 2014, respectively)	`SalesRevenueGoodsNet`	$9.18M	USD	Annual
Research and development services	`ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned`	$1.76M	USD	Annual
Research and development services	`ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned`	$772.91K	USD	Annual
Total Revenues	`Revenues`	$9.95M	USD	Annual
Total Revenues	`Revenues`	$9.69M	USD	Annual
Products	`CostOfGoodsSoldProduct`	$5.01M	USD	Annual
Products	`CostOfGoodsSoldProduct`	$4.56M	USD	Annual
Research and development services	`ContractRevenueCost`	$1.78M	USD	Annual
Research and development services	`ContractRevenueCost`	$635.82K	USD	Annual
Total Cost of Revenues	`CostOfGoodsSold`	$6.34M	USD	Annual
Total Cost of Revenues	`CostOfGoodsSold`	$5.65M	USD	Annual
GROSS PROFIT	`GrossProfit`	$4.30M	USD	Annual
GROSS PROFIT	`GrossProfit`	$3.34M	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$235.23K	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$280.17K	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$2.00M	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$2.21M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$607.05K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$744.35K	USD	Annual
Professional fees	`ProfessionalFees`	$814.52K	USD	Annual
Professional fees	`ProfessionalFees`	$660.58K	USD	Annual
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$996.24K	USD	Annual
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$993.03K	USD	Annual
Impairment loss	`GoodwillImpairmentLoss`	$188.05K	USD	Annual
Impairment loss	`GoodwillImpairmentLoss`	$1.93M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$5.08M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$6.59M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.74M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.29M	USD	Annual
Interest expenses	`InterestExpenseOther`	$117.88K	USD	Annual
Interest expenses	`InterestExpenseOther`	$28.97K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$12.55K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$86.13K	USD	Annual
Total Other Income/(Expense)	`NonoperatingIncomeExpense`	$-105.32K	USD	Annual
Total Other Income/(Expense)	`NonoperatingIncomeExpense`	$57.16K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.23M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.85M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$23.72K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$84.18K	USD	Annual
NET LOSS	`ProfitLoss`	$-1.87M	USD	Annual
NET LOSS	`ProfitLoss`	$-2.32M	USD	Annual
Net (income) attributable to former non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	Annual
Net (income) attributable to former non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$53.42K	USD	Annual
NET LOSS ATTRIBUTABLE TO PEN INC.	`NetIncomeLoss`	$-2.37M	USD	Annual
NET LOSS ATTRIBUTABLE TO PEN INC.	`NetIncomeLoss`	$-1.87M	USD	Annual
Basic	`EarningsPerShareBasic`	$-1.08	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.63	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-1.08	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.63	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.20M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.97M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.97M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.20M	shares	Annual

Cash Flow Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.87M	USD	Annual
Net loss	`ProfitLoss`	$-2.32M	USD	Annual
Change in inventory obsolescence reserve	`InventoryWriteDown`	$-35.65K	USD	Annual
Change in inventory obsolescence reserve	`InventoryWriteDown`	$-57.85K	USD	Annual
Impairment loss	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	$1.93M	USD	Annual
Impairment loss	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	$188.05K	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$252.90K	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$324.43K	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 rights	`ChangeInValueOfStockAppreciationRights`	$12.85K	USD	Annual
Change in value of stock appreciation rights	`ChangeInValueOfStockAppreciationRights`	$-6.96K	USD	Annual
Change in value of equity credits	`ChangeInValueOfEquityCredits`	$99.00	USD	Annual
Change in value of equity credits	`ChangeInValueOfEquityCredits`	$-11.02K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$241.24K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$151.40K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-770.31K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$67.36K	USD	Annual
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$21.02K	USD	Annual
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-26.26K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$14.79K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-509.37K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-14.87K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$8.70K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-166.60K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-77.33K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$27.06K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$8.15K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$98.89K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-7.10K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-117.68K	USD	Annual
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$547.65K	USD	Annual
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-804.21K	USD	Annual
Cash acquired in acquisition	`CashAcquiredFromAcquisition`	-	USD	Annual
Cash acquired in acquisition	`CashAcquiredFromAcquisition`	$48.12K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$229.82K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$248.12K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-181.70K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-248.12K	USD	Annual
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	$7.15M	USD	Annual
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	$8.16M	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$6.58M	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$7.64M	USD	Annual
Proceeds from bank loans	`ProceedsFromBankDebt`	$371.90K	USD	Annual
Proceeds from bank loans	`ProceedsFromBankDebt`	-	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$575.00K	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$37.19K	USD	Annual
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-1.57K	USD	Annual
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$850.12K	USD	Annual
NET (DECREASE) INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-202.22K	USD	Annual
NET (DECREASE) INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$364.37K	USD	Annual
CASH, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$262.52K	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`	$262.52K	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`	$117.88K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	$84.18K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	$23.72K	USD	Annual
Common stock issued for convertible notes and accrued interest	`CommonStockIssuedForConvertibleNotesAndAccruedInterest`	$13.72K	USD	Annual
Common stock issued for convertible notes and accrued interest	`CommonStockIssuedForConvertibleNotesAndAccruedInterest`	$137.50K	USD	Annual
Common stock issued for accrued expenses	`StockIssued1`	-	USD	Annual
Common stock issued for accrued expenses	`StockIssued1`	$123.28K	USD	Annual
Reclassification of accrued salary to notes payable - long-term	`ReclassificationOfAccruedSalaryToNotesPayableLongterm`	$51.81K	USD	Annual
Reclassification of accrued salary to notes payable - long-term	`ReclassificationOfAccruedSalaryToNotesPayableLongterm`	-	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
Liabilities assumed in share exchange	`LiabilitiesAssumed1`	-	USD	Annual
Liabilities assumed in share exchange	`LiabilitiesAssumed1`	$1.59M	USD	Annual
Less: assets acquired in share exchange	`NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1`	$496.69K	USD	Annual
Less: assets acquired in share exchange	`NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1`	-	USD	Annual
Net liabilities assumed	`NetLiabilitieAssumes`	$1.09M	USD	Annual
Net liabilities assumed	`NetLiabilitieAssumes`	-	USD	Annual
Fair value of shares exchanged	`NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1`	-	USD	Annual
Fair value of shares exchanged	`NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1`	$1.24M	USD	Annual
Increase in intangible assets	`NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1`	$2.33M	USD	Annual
Increase in intangible assets	`NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1`	-	USD	Annual

Stockholders Equity 16 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`	$-272.33K	USD	Point-in-time
Common stock issued for accrued compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$123.28K	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 for services	`StockIssuedDuringPeriodValueIssuedForServices`	$76.00K	USD	Annual
Common stock issued from conversion of convertible debt and interest	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$137.50K	USD	Annual
Common stock issued from conversion of convertible debt and interest	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$13.72K	USD	Annual
Accretion of Class A shares issuable based on market conditions	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$165.24K	USD	Annual
Accretion of Class A shares issuable based on market conditions	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$55.08K	USD	Annual
Net loss	`ProfitLoss`	$-1.87M	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`	$-272.33K	USD	Point-in-time

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