10-Q Filing

NANO MAGIC INC. CIK: 891417 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001493152-19-019472`
Period End Date	20190331
Filing Date	20191219
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	penc-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 38 Cash Flow Statement 77 Stockholders Equity 15

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$221.50K	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`	$201.06K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$158.88K	USD	Point-in-time
Restricted cash	`RestrictedCash`	-	USD	Point-in-time
Restricted cash	`RestrictedCash`	$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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$307.55K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$125.82K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventory	`InventoryNet`	$897.94K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Inventory	`InventoryNet`	$827.53K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$59.73K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$81.86K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.52M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.28M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$328.03K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$318.07K	USD	Point-in-time
Other assets	`OtherAssets`	$32.20K	USD	Point-in-time
Other assets	`OtherAssets`	$32.20K	USD	Point-in-time
Total Assets	`Assets`	$1.88M	USD	Point-in-time
Total Assets	`Assets`	$1.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.31M	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`	$440.51K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$478.15K	USD	Point-in-time
Customer deposits	`CustomerDepositCurrent`	-	USD	Point-in-time
Customer deposits	`CustomerDepositCurrent`	-	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$330.89K	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$-17.48K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$73.56K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$74.38K	USD	Point-in-time
Advances from related parties	`DueToRelatedPartiesCurrent`	$140.00K	USD	Point-in-time
Advances from related parties	`DueToRelatedPartiesCurrent`	$140.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$89.73K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$99.60K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.07M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.51M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$129.80K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$129.80K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.20M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.64M	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`	$6.13M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.69M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.64M	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 Stockholders' Deficit	`StockholdersEquity`	$-561.63K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-753.40K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$1.63M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$1.88M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.44M	USD	1 Quarter
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$757.86K	USD	1 Quarter
Total Cost of Revenues	`CostOfGoodsAndServicesSold`	$1.11M	USD	1 Quarter
Total Cost of Revenues	`CostOfGoodsAndServicesSold`	$576.21K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$337.27K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$181.65K	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$41.70K	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$9.05K	USD	1 Quarter
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$164.02K	USD	1 Quarter
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$31.29K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$8.19K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$45.00	USD	1 Quarter
Professional fees	`ProfessionalFees`	$93.05K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$172.44K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$143.78K	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`	$277.21K	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-95.56K	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-196.39K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$2.59K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$16.34K	USD	1 Quarter
Other income, net	`OtherIncome`	$192.22K	USD	1 Quarter
Other income, net	`OtherIncome`	$49.92K	USD	1 Quarter
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$175.88K	USD	1 Quarter
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$47.32K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$687.07K	USD	Annual
NET INCOME (LOSS)	`NetIncomeLoss`	$-20.52K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$53.13K	USD	Annual
NET INCOME (LOSS)	`NetIncomeLoss`	$-48.24K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.08M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.98M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.08M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.98M	shares	1 Quarter

Cash Flow Statement 77 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$687.07K	USD	Annual
Net loss	`NetIncomeLoss`	$-20.52K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$53.13K	USD	Annual
Net loss	`NetIncomeLoss`	$-48.24K	USD	1 Quarter
Change in inventory obsolescence reserve	`InventoryWriteDown`	$35.38K	USD	1 Quarter
Change in inventory obsolescence reserve	`InventoryWriteDown`	$9.77K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$12.44K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$16.27K	USD	1 Quarter
Amortization of deferred lease incentives	`AmortizationOfLeaseIncentives`	-	USD	1 Quarter
Amortization of deferred lease incentives	`AmortizationOfLeaseIncentives`	-	USD	1 Quarter
Loss (gain) on sale of property, plant and equipment, net	`GainLossOnSaleOfOtherAssets`	-	USD	1 Quarter
Loss (gain) on sale of property, plant and equipment, net	`GainLossOnSaleOfOtherAssets`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$8.74K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$55.00	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$373.31K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-181.74K	USD	1 Quarter
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-14.23K	USD	1 Quarter
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	-	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$105.80K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$296.42K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$27.94K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-22.14K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-65.30K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-129.07K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposit`	$-169.97K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposit`	-	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-37.64K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$351.96K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$68.89K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$9.87K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$4.65K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-547.38K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.48K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-2.48K	USD	1 Quarter
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	$1.16M	USD	1 Quarter
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$348.37K	USD	1 Quarter
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$606.57K	USD	1 Quarter
Repayment of bank loans	`ProceedsFromRepaymentsOfShortTermDebt`	$-18.07K	USD	1 Quarter
Repayment of bank loans	`ProceedsFromRepaymentsOfShortTermDebt`	$818.00	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$239.94K	USD	1 Quarter
Payment of issuance costs related to sale of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Payment of issuance costs related to sale of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Proceeds from advances from related parties	`ProceedsFromRelatedPartyDebt`	$25.00K	USD	1 Quarter
Proceeds from advances from related parties	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$557.96K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-107.61K	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-105.44K	USD	1 Quarter
NET DECREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$10.58K	USD	1 Quarter
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$306.50K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$233.30K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$201.06K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$243.88K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$306.50K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$233.30K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$201.06K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$243.88K	USD	Point-in-time
Interest	`InterestPaidNet`	$2.59K	USD	1 Quarter
Interest	`InterestPaidNet`	$16.34K	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`	-	USD	1 Quarter
Accrued director fees settled with common stock	`AccruedDirectorFeesSettledWithCommonStock`	$10.00K	USD	1 Quarter
Accrued director fees settled with common stock	`AccruedDirectorFeesSettledWithCommonStock`	-	USD	1 Quarter
Cash	`CashAndCashEquivalentsAtCarryingValue`	$221.50K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$201.06K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$158.88K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	-	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$85.00K	USD	Point-in-time
Total cash and restricted cash	`RestrictedCashEquivalents`	$243.88K	USD	Point-in-time
Total cash and restricted cash	`RestrictedCashEquivalents`	$201.06K	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-1.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$-561.63K	USD	Point-in-time
Balance	`StockholdersEquity`	$-753.40K	USD	Point-in-time
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$18.74K	USD	1 Quarter
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$223.25K	USD	1 Quarter
Warrants , options, and warrant options on private placement	`WarrantsOptionsAndWarrantOptionsIssuedOnPrivatePlacement`	$16.75K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$687.07K	USD	Annual
Net loss	`NetIncomeLoss`	$-20.52K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$53.13K	USD	Annual
Net loss	`NetIncomeLoss`	$-48.24K	USD	1 Quarter
Balance	`StockholdersEquity`	$-1.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$-561.63K	USD	Point-in-time
Balance	`StockholdersEquity`	$-753.40K	USD	Point-in-time

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