10-K Filing

NANO MAGIC INC. CIK: 891417 FY 2016

Filing Information

Form Type	10-K
Accession Number	`0001493152-17-002970`
Period End Date	20161231
Filing Date	20170329
Fiscal Year	2016
Fiscal Period	FY
XBRL Instance	penc-20161231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 48 Cash Flow Statement 84 Stockholders Equity 16

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$189.13K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$464.74K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$262.52K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$722.85K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.10M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable - related party	`AccountsReceivableRelatedPartiesCurrent`	$11.98K	USD	Point-in-time
Accounts receivable - related party	`AccountsReceivableRelatedPartiesCurrent`	$10.47K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$1.04M	USD	Point-in-time
Inventory	`InventoryNet`	$1.08M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$194.95K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$75.08K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.65M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.03M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$897.36K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$709.63K	USD	Point-in-time
Other assets	`OtherAssets`	$51.08K	USD	Point-in-time
Other assets	`OtherAssets`	$32.10K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$760.71K	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`	$2.79M	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$1.29M	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$979.69K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$74.38K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$90.45K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.08M	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$52.89K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$27.06K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$871.10K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$904.17K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$21.69K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.11M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.54M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$266.11K	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`	$266.11K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$3.37M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$3.85M	USD	Point-in-time
Commitments and Contingencies (See Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (See Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 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`	$5.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.90M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.34M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-272.33K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$1.22M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-578.10K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$3.58M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$2.79M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Sales revenue from related parties	`RevenueFromRelatedParties`	$177.75K	USD	Annual
Sales revenue from related parties	`RevenueFromRelatedParties`	$134.49K	USD	Annual
Products (including related party sales of $177,747 and $134,485 for the years ended December 31, 2016 and 2015, respectively)	`SalesRevenueGoodsNet`	$7.92M	USD	Annual
Products (including related party sales of $177,747 and $134,485 for the years ended December 31, 2016 and 2015, respectively)	`SalesRevenueGoodsNet`	$7.11M	USD	Annual
Contract services	`ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned`	$1.76M	USD	Annual
Contract services	`ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned`	$1.00M	USD	Annual
Total Revenues	`Revenues`	$9.69M	USD	Annual
Total Revenues	`Revenues`	$8.12M	USD	Annual
Products	`CostOfGoodsSoldProduct`	$4.21M	USD	Annual
Products	`CostOfGoodsSoldProduct`	$4.56M	USD	Annual
Contract services	`ContractRevenueCost`	$1.10M	USD	Annual
Contract services	`ContractRevenueCost`	$1.78M	USD	Annual
Total Cost of Revenues	`CostOfGoodsSold`	$5.31M	USD	Annual
Total Cost of Revenues	`CostOfGoodsSold`	$6.34M	USD	Annual
GROSS PROFIT	`GrossProfit`	$2.81M	USD	Annual
GROSS PROFIT	`GrossProfit`	$3.34M	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$220.03K	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$280.17K	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$1.51M	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$2.21M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$744.35K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$290.40K	USD	Annual
Professional fees	`ProfessionalFees`	$513.24K	USD	Annual
Professional fees	`ProfessionalFees`	$660.58K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.02M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.02M	USD	Annual
Impairment loss	`GoodwillImpairmentLoss`	-	USD	Annual
Impairment loss	`GoodwillImpairmentLoss`	$188.05K	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$3.55M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$5.10M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.76M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-747.02K	USD	Annual
Interest expense	`InterestExpenseOther`	$105.09K	USD	Annual
Interest expense	`InterestExpenseOther`	$117.88K	USD	Annual
Other income, net	`OtherIncome`	$12.55K	USD	Annual
Other income, net	`OtherIncome`	$296.11K	USD	Annual
Total Other Income/(Expense)	`NonoperatingIncomeExpense`	$191.02K	USD	Annual
Total Other Income/(Expense)	`NonoperatingIncomeExpense`	$-105.32K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-556.00K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-1.87M	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.18	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.63	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.18	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.63	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.97M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.01M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.01M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.97M	shares	Annual

Cash Flow Statement 84 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-556.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.87M	USD	Annual
Change in inventory obsolescence reserve	`InventoryWriteDown`	$-35.65K	USD	Annual
Change in inventory obsolescence reserve	`InventoryWriteDown`	$56.86K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$641.00	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$12.02K	USD	Annual
Impairment loss	`GoodwillImpairmentLoss`	-	USD	Annual
Impairment loss	`GoodwillImpairmentLoss`	$188.05K	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$252.90K	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$182.99K	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`	$-6.96K	USD	Annual
Change in value of stock appreciation rights	`ChangeInValueOfStockAppreciationRights`	-	USD	Annual
Change in value of equity credits	`ChangeInValueOfEquityCredit`	-	USD	Annual
Change in value of equity credits	`ChangeInValueOfEquityCredit`	$11.02K	USD	Annual
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$23.59K	USD	Annual
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	Annual
Loss on disposal of property and equipment	`LossOnDisposalOfPropertyAndEquipment`	-	USD	Annual
Loss on disposal of property and equipment	`LossOnDisposalOfPropertyAndEquipment`	$-8.74K	USD	Annual
Gain on settlement of accounts payable	`GainsLossesOnExtinguishmentOfDebt`	$50.88K	USD	Annual
Gain on settlement of accounts payable	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Gain on settlement of accrued salary	`GainOnSettlementOfAccruedSalary`	$36.97K	USD	Annual
Gain on settlement of accrued salary	`GainOnSettlementOfAccruedSalary`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$241.24K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$202.24K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$68.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-365.49K	USD	Annual
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-1.51K	USD	Annual
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-26.26K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-509.37K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$8.97K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-14.87K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-100.89K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-130.46K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-166.60K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$27.06K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$25.82K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$303.62K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$98.89K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-7.10K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-21.69K	USD	Annual
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$444.45K	USD	Annual
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-804.21K	USD	Annual
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	Annual
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$23.59K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$248.12K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.00K	USD	Annual
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$19.59K	USD	Annual
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-248.12K	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$50.00K	USD	Annual
Payment of issuance costs related to sale of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Payment of issuance costs related to sale of common stock	`PaymentsForRepurchaseOfCommonStock`	$2.00K	USD	Annual
Proceeds from bank line of credit	`ProceedsFromLinesOfCredit`	$6.82M	USD	Annual
Proceeds from bank line of credit	`ProceedsFromLinesOfCredit`	$8.16M	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$7.32M	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$7.64M	USD	Annual
Proceeds from bank loan	`ProceedsFromBankDebt`	-	USD	Annual
Proceeds from bank loan	`ProceedsFromBankDebt`	$371.90K	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$37.19K	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$74.38K	USD	Annual
Repayment of loan to third party	`RepaymentsOfRelatedPartyDebt`	$6.82K	USD	Annual
Repayment of loan to third party	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-537.43K	USD	Annual
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$850.12K	USD	Annual
NET DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-202.22K	USD	Annual
NET DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-73.39K	USD	Annual
CASH, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$189.13K	USD	Point-in-time
CASH, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$464.74K	USD	Point-in-time
CASH, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$262.52K	USD	Point-in-time
CASH, end of year	`CashAndCashEquivalentsAtCarryingValue`	$189.13K	USD	Point-in-time
CASH, end of year	`CashAndCashEquivalentsAtCarryingValue`	$464.74K	USD	Point-in-time
CASH, end of year	`CashAndCashEquivalentsAtCarryingValue`	$262.52K	USD	Point-in-time
Interest	`InterestPaid`	$117.88K	USD	Annual
Interest	`InterestPaid`	$105.09K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Common stock issued for convertible notes and accrued interest	`DebtConversionConvertedInstrumentAmount1`	-	USD	Annual
Common stock issued for convertible notes and accrued interest	`DebtConversionConvertedInstrumentAmount1`	$13.72K	USD	Annual
Common stock issued for accrued expenses	`StockIssued1`	$123.28K	USD	Annual
Common stock issued for accrued expenses	`StockIssued1`	-	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`	$51.24K	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Cash Issuance Costs	`PaymentsOfFinancingCosts`	$2.00K	USD	Annual
Balance	`StockholdersEquity`	$-272.33K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.22M	USD	Point-in-time
Balance	`StockholdersEquity`	$-578.10K	USD	Point-in-time
Common stock issued for accrued compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$123.28K	USD	Annual
Common stock issued from conversion of convertible debt and interest	`CommonStockIssuedFromConversionOfConvertibleDebtAndInterest`	$13.72K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$76.00K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$37.00K	USD	Annual
Accretion of Class A shares issuable based on market conditions	`AccretionOfClassSharesIssuableBasedOnMarketConditions`	$165.24K	USD	Annual
Accretion of Class A shares issuable based on market conditions	`AccretionOfClassSharesIssuableBasedOnMarketConditions`	$165.24K	USD	Annual
Common stock issued for cash, net of issuance costs	`CommonStockIssuedForCashNetOfIssuanceCosts`	$48.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-556.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.87M	USD	Annual
Balance	`StockholdersEquity`	$-272.33K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.22M	USD	Point-in-time
Balance	`StockholdersEquity`	$-578.10K	USD	Point-in-time

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