10-K Filing

NANO MAGIC INC. CIK: 891417 FY 2017

Filing Information

Form Type	10-K
Accession Number	`0001493152-18-008774`
Period End Date	20171231
Filing Date	20180615
Fiscal Year	2017
Fiscal Period	FY
XBRL Instance	penc-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 50 Cash Flow Statement 81 Stockholders Equity 17

Balance Sheet 66 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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$138.30K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$189.13K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$95.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	-	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$607.63K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	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 - related party	`AccountsReceivableRelatedPartiesCurrent`	$14.23K	USD	Point-in-time
Accounts receivable - related party	`AccountsReceivableRelatedPartiesCurrent`	$10.47K	USD	Point-in-time
Inventory	`InventoryNet`	$1.04M	USD	Point-in-time
Inventory	`InventoryNet`	$733.98K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$162.25K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$75.08K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.03M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.75M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$709.63K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$388.78K	USD	Point-in-time
Other assets	`OtherAssets`	$51.08K	USD	Point-in-time
Other assets	`OtherAssets`	$41.12K	USD	Point-in-time
Total Assets	`Assets`	$2.18M	USD	Point-in-time
Total Assets	`Assets`	$2.79M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.06M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.38M	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$19.89K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$19.89K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$937.17K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$649.97K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$20.15K	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$169.97K	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$563.22K	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$979.69K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$96.53K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$90.45K	USD	Point-in-time
Advances from related parties	`DueToRelatedPartiesCurrent`	$115.00K	USD	Point-in-time
Advances from related parties	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$98.38K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.10M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.11M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$266.11K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$180.80K	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.37M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.28M	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`	$5.49M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.90M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-272.33K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.10M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-578.10K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$2.18M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$2.79M	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Sales revenue from related parties	`RevenueFromRelatedParties`	$177.75K	USD	Annual
Sales revenue from related parties	`RevenueFromRelatedParties`	$168.25K	USD	Annual
Products (including related party sales of $168,255 and $177,747 for the years ended December 31, 2017 and 2016, respectively)	`RevenueFromContractWithCustomerIncludingAssessedTax`	$6.87M	USD	Annual
Products (including related party sales of $168,255 and $177,747 for the years ended December 31, 2017 and 2016, respectively)	`RevenueFromContractWithCustomerIncludingAssessedTax`	$7.11M	USD	Annual
Contract services	`ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned`	$1.00M	USD	Annual
Contract services	`ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned`	$1.01M	USD	Annual
Total Revenues	`Revenues`	$7.88M	USD	Annual
Total Revenues	`Revenues`	$8.12M	USD	Annual
Products	`CostOfGoodsSoldProduct`	$4.51M	USD	Annual
Products	`CostOfGoodsSoldProduct`	$4.21M	USD	Annual
Contract services	`CostOfGoodsAndServicesSold`	$1.10M	USD	Annual
Contract services	`CostOfGoodsAndServicesSold`	$1.10M	USD	Annual
Total Cost of Revenues	`CostOfRevenue`	$5.31M	USD	Annual
Total Cost of Revenues	`CostOfRevenue`	$5.61M	USD	Annual
GROSS PROFIT	`GrossProfit`	$2.81M	USD	Annual
GROSS PROFIT	`GrossProfit`	$2.27M	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$285.15K	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$220.03K	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$1.51M	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$957.95K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$290.40K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$286.39K	USD	Annual
Professional fees	`ProfessionalFees`	$513.24K	USD	Annual
Professional fees	`ProfessionalFees`	$644.97K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.02M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$813.45K	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$2.99M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$3.55M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-747.02K	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-719.88K	USD	Annual
Interest expense	`InterestExpenseOther`	$70.29K	USD	Annual
Interest expense	`InterestExpenseOther`	$105.09K	USD	Annual
(Loss) gain on sale of property, plant and equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	$-33.68K	USD	Annual
(Loss) gain on sale of property, plant and equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	$23.59K	USD	Annual
Loss on settlement	`GainLossRelatedToLitigationSettlement`	-	USD	Annual
Loss on settlement	`GainLossRelatedToLitigationSettlement`	$-80.00K	USD	Annual
Other income, net	`OtherIncome`	$272.52K	USD	Annual
Other income, net	`OtherIncome`	$216.78K	USD	Annual
Total Other Income	`NonoperatingIncomeExpense`	$191.02K	USD	Annual
Total Other Income	`NonoperatingIncomeExpense`	$32.81K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-687.07K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-556.00K	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.18	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.22	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.22	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.18	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.01M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.06M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.06M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.01M	shares	Annual

Cash Flow Statement 81 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-687.07K	USD	Annual
Net loss	`NetIncomeLoss`	$-556.00K	USD	Annual
Change in inventory obsolescence reserve	`InventoryWriteDown`	$56.86K	USD	Annual
Change in inventory obsolescence reserve	`InventoryWriteDown`	$18.80K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$5.07K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$12.02K	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$182.99K	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$121.27K	USD	Annual
Amortization of deferred lease incentives	`AmortizationOfLeaseIncentives`	$12.83K	USD	Annual
Amortization of deferred lease incentives	`AmortizationOfLeaseIncentives`	-	USD	Annual
Loss (gain) on sale of property, plant and equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	$-33.68K	USD	Annual
Loss (gain) on sale of property, plant and equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	$23.59K	USD	Annual
Loss on disposal of property, plant and equipment	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Loss on disposal of property, plant and equipment	`GainLossOnDispositionOfAssets1`	$-8.74K	USD	Annual
Gain on settlement of accounts payable	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Gain on settlement of accounts payable	`GainsLossesOnExtinguishmentOfDebt`	$50.88K	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`	$150.16K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$202.24K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-110.15K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-365.49K	USD	Annual
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$3.75K	USD	Annual
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-1.51K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-282.72K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$8.97K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-100.89K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$77.20K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$342.56K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-130.46K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$25.82K	USD	Annual
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$149.82K	USD	Annual
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	-	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$303.62K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-106.02K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-21.69K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$98.38K	USD	Annual
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$438.56K	USD	Annual
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$444.45K	USD	Annual
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$172.00K	USD	Annual
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$23.59K	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.00K	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.09K	USD	Annual
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$19.59K	USD	Annual
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$165.91K	USD	Annual
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	$6.52M	USD	Annual
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	$6.82M	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$7.32M	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$7.10M	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$80.58K	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$74.38K	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$50.00K	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	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
Repayment of loan to third party	`RepaymentsofThirdPartyDebt`	$16.07K	USD	Annual
Repayment of loan to third party	`RepaymentsofThirdPartyDebt`	$6.82K	USD	Annual
Proceeds from advances from related parties	`ProceedsFromRelatedPartyDebt`	$115.00K	USD	Annual
Proceeds from advances from related parties	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-560.29K	USD	Annual
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-537.43K	USD	Annual
NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-73.39K	USD	Annual
NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$44.17K	USD	Annual
CASH AND RESTRICTED CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.13K	USD	Point-in-time
CASH AND RESTRICTED CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$262.52K	USD	Point-in-time
CASH AND RESTRICTED CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$233.30K	USD	Point-in-time
CASH AND RESTRICTED CASH, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.13K	USD	Point-in-time
CASH AND RESTRICTED CASH, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$262.52K	USD	Point-in-time
CASH AND RESTRICTED CASH, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$233.30K	USD	Point-in-time
Interest	`InterestPaidNet`	$105.09K	USD	Annual
Interest	`InterestPaidNet`	$66.71K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Reclassification of accrued salary to notes payable - long-term	`ReclassificationOfAccruedSalaryToNotesPayableLongterm`	$51.24K	USD	Annual
Reclassification of accrued salary to notes payable - long-term	`ReclassificationOfAccruedSalaryToNotesPayableLongterm`	$17.43K	USD	Annual
Accrued director fees settled with common stock	`AccruedDirectorFeesSettledWithCommonStock`	$19.00K	USD	Annual
Accrued director fees settled with common stock	`AccruedDirectorFeesSettledWithCommonStock`	-	USD	Annual
Total cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.13K	USD	Point-in-time
Total cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$262.52K	USD	Point-in-time
Total cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$233.30K	USD	Point-in-time

Stockholders Equity 17 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`	$-1.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$-578.10K	USD	Point-in-time
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$48.00K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$37.00K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$40.00K	USD	Annual
Accretion of Class A shares issuable based on market conditions	`AccretionOfClassSharesIssuableBasedOnMarketConditions`	$110.16K	USD	Annual
Accretion of Class A shares issuable based on market conditions	`AccretionOfClassSharesIssuableBasedOnMarketConditions`	$165.24K	USD	Annual
Rounding shares from reverse stock split, shares	`StockIssuedDuringPeriodSharesReverseStockSplits`	-	shares	Annual
Common stock issued in satisfaction of accrued director fees	`CommonStockIssuedInSatisfactionOfAccruedDirectorFees`	$19.00K	USD	Annual
Conversion of Class Z shares into Class A shares	`ConversionOfStockAmountConverted1`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-687.07K	USD	Annual
Net loss	`NetIncomeLoss`	$-556.00K	USD	Annual
Balance	`StockholdersEquity`	$-272.33K	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.10M	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.