10-Q Filing

NANO MAGIC INC. CIK: 891417 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001493152-19-008372`
Period End Date	20180331
Filing Date	20190529
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	penc-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 40 Cash Flow Statement 78

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$158.88K	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`	$305.40K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$95.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$85.00K	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
Restricted cash	`RestrictedCashAndCashEquivalents`	-	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, net	`AccountsReceivableNetCurrent`	$980.95K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$607.63K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable - related party	`AccountsReceivableRelatedPartiesCurrent`	-	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable - related party	`AccountsReceivableRelatedPartiesCurrent`	$14.23K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Inventory	`InventoryNet`	$733.98K	USD	Point-in-time
Inventory	`InventoryNet`	$1.02M	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`	$190.19K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.75M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.44M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$388.78K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$372.50K	USD	Point-in-time
Other assets	`OtherAssets`	$41.12K	USD	Point-in-time
Other assets	`OtherAssets`	$41.12K	USD	Point-in-time
Total Assets	`Assets`	$2.85M	USD	Point-in-time
Total Assets	`Assets`	$2.18M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.25M	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`	$991.93K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$649.97K	USD	Point-in-time
Customer deposits	`CustomerDepositCurrent`	-	USD	Point-in-time
Customer deposits	`CustomerDepositCurrent`	$169.97K	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$1.11M	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$563.22K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$90.86K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$96.53K	USD	Point-in-time
Advances from related parties	`DueToRelatedPartiesCurrent`	$115.00K	USD	Point-in-time
Advances from related parties	`DueToRelatedPartiesCurrent`	$140.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$167.27K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$98.38K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.10M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.78M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$180.80K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$168.41K	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.95M	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`	$5.51M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.59M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.10M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.10M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$2.18M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$2.85M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Sales revenue from related parties	`RevenueFromRelatedParties`	$53.31K	USD	1 Quarter
Sales revenue from related parties	`RevenueFromRelatedParties`	-	USD	1 Quarter
Total Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.44M	USD	1 Quarter
Total Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$2.22M	USD	1 Quarter
Total Cost of Revenues	`CostOfGoodsAndServicesSold`	$1.28M	USD	1 Quarter
Total Cost of Revenues	`CostOfGoodsAndServicesSold`	$1.11M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$933.32K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$337.27K	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$64.73K	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$41.70K	USD	1 Quarter
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$164.02K	USD	1 Quarter
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$300.21K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$68.72K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$8.19K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$172.44K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$214.25K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$215.99K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$147.31K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$533.66K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$863.90K	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$69.41K	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-196.39K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$16.34K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$25.59K	USD	1 Quarter
Other income, net	`OtherIncome`	$50.59K	USD	1 Quarter
Other income, net	`OtherIncome`	$192.22K	USD	1 Quarter
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$175.88K	USD	1 Quarter
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$25.00K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-556.00K	USD	Annual
NET INCOME (LOSS)	`NetIncomeLoss`	$687.07K	USD	Annual
NET INCOME (LOSS)	`NetIncomeLoss`	$94.41K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-20.52K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.03M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.08M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.08M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.03M	shares	1 Quarter

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-556.00K	USD	Annual
Net loss	`NetIncomeLoss`	$687.07K	USD	Annual
Net loss	`NetIncomeLoss`	$94.41K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.52K	USD	1 Quarter
Change in inventory obsolescence reserve	`InventoryWriteDown`	$27.20K	USD	1 Quarter
Change in inventory obsolescence reserve	`InventoryWriteDown`	$9.77K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$16.27K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$37.81K	USD	1 Quarter
Amortization of deferred lease incentives	`AmortizationOfLeaseIncentives`	$1.78K	USD	1 Quarter
Amortization of deferred lease incentives	`AmortizationOfLeaseIncentives`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$51.31K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$8.74K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$196.34K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$373.31K	USD	1 Quarter
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-14.23K	USD	1 Quarter
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$21.92K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$8.25K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$296.42K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$39.13K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$27.94K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$180.42K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-129.07K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-11.00K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposit`	$34.88K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposit`	$-169.97K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$351.96K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$68.89K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-547.38K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$151.19K	USD	1 Quarter
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	$1.16M	USD	1 Quarter
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	$1.77M	USD	1 Quarter
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$606.57K	USD	1 Quarter
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$1.79M	USD	1 Quarter
Repayment of bank loans	`RepaymentsOfBankDebt`	$18.59K	USD	1 Quarter
Repayment of bank loans	`RepaymentsOfBankDebt`	$18.07K	USD	1 Quarter
Repayment of loan to third party	`RepaymentsofThirdPartyDebt`	-	USD	1 Quarter
Repayment of loan to third party	`RepaymentsofThirdPartyDebt`	$2.46K	USD	1 Quarter
Proceeds from advances from related parties	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Proceeds from advances from related parties	`ProceedsFromRelatedPartyDebt`	$25.00K	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$557.96K	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-34.91K	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$116.27K	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$10.58K	USD	1 Quarter
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$233.30K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$243.88K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.13K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$305.40K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$233.30K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$243.88K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.13K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$305.40K	USD	Point-in-time
Interest	`InterestPaidNet`	$16.34K	USD	1 Quarter
Interest	`InterestPaidNet`	$25.59K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Reclassification of accrued salary to notes payable - long-term	`ReclassificationOfAccruedSalaryToNotesPayableLongterm`	-	USD	1 Quarter
Reclassification of accrued salary to notes payable - long-term	`ReclassificationOfAccruedSalaryToNotesPayableLongterm`	$17.43K	USD	1 Quarter
Accrued director fees settled with common stock	`AccruedDirectorFeesSettledWithCommonStock`	-	USD	1 Quarter
Accrued director fees settled with common stock	`AccruedDirectorFeesSettledWithCommonStock`	$10.00K	USD	1 Quarter
Cash	`CashAndCashEquivalentsAtCarryingValue`	$158.88K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$138.30K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$305.40K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$95.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$85.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	-	USD	Point-in-time
Total cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$233.30K	USD	Point-in-time
Total cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$243.88K	USD	Point-in-time
Total cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.13K	USD	Point-in-time
Total cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$305.40K	USD	Point-in-time

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