10-K Filing

NANO MAGIC INC. CIK: 891417 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001493152-20-008496`
Period End Date	20191231
Filing Date	20200513
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	nmgx-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 36 Cash Flow Statement 66 Stockholders Equity 17

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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$211.50K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$216.80K	USD	Point-in-time
Investments	`ShortTermInvestments`	$10.00K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Investments	`ShortTermInvestments`	$10.24K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Restricted cash	`RestrictedCash`	$85.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Restricted cash	`RestrictedCash`	-	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$307.55K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$151.29K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Inventory	`InventoryNet`	$422.62K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$559.80K	USD	Point-in-time
Prepaid expenses and contract assets	`PrepaidExpenseAndOtherAssetsCurrent`	$34.16K	USD	Point-in-time
Prepaid expenses and contract assets	`PrepaidExpenseAndOtherAssetsCurrent`	$98.35K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.27M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$835.11K	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$257.52K	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$221.56K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$294.98K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$32.20K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.89K	USD	Point-in-time
Total Assets	`Assets`	$1.60M	USD	Point-in-time
Total Assets	`Assets`	$1.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$801.79K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.17M	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`	$199.88K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$478.15K	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	$330.89K	USD	Point-in-time
Bank revolving line of credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$52.64K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$73.56K	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
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$131.84K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$162.12K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$95.61K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.31M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.51M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$129.80K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$122.17K	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$136.62K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.44M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.77M	USD	Point-in-time
Commitments and Contingencies (See Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$7.24M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.72M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.69M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.10M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-837.59K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$1.60M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$1.32M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$4.50M	USD	Annual
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.44M	USD	Annual
Total Cost of Revenues	`CostOfRevenue`	$3.45M	USD	Annual
Total Cost of Revenues	`CostOfRevenue`	$2.11M	USD	Annual
GROSS PROFIT	`GrossProfit`	$323.90K	USD	Annual
GROSS PROFIT	`GrossProfit`	$1.05M	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$35.64K	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$66.89K	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$-361.19K	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$34.27K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$60.85K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$68.54K	USD	Annual
Professional fees	`ProfessionalFees`	$310.14K	USD	Annual
Professional fees	`ProfessionalFees`	$414.73K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$548.22K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$612.23K	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$1.09M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$1.35M	USD	Annual
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-40.39K	USD	Annual
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-1.03M	USD	Annual
Interest expense	`InterestExpense`	$90.57K	USD	Annual
Interest expense	`InterestExpense`	$8.64K	USD	Annual
Other income, net	`OtherIncome`	$153.04K	USD	Annual
Other income, net	`OtherIncome`	$74.73K	USD	Annual
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$62.47K	USD	Annual
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$66.10K	USD	Annual
NET INCOME (LOSS)	`NetIncomeLoss`	$-964.99K	USD	Annual
NET INCOME (LOSS)	`NetIncomeLoss`	$22.07K	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.21	USD	Annual
Basic	`EarningsPerShareBasic`	$0.01	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.01	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.21	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.22M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	4.67M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.22M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.67M	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-964.99K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$22.07K	USD	Annual
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$-76.12K	USD	Annual
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$403.37K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$34.98K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$84.55K	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$97.71K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$50.80K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$185.94K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-156.26K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-265.10K	USD	Annual
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-14.23K	USD	Annual
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	-	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-213.30K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$229.19K	USD	Annual
Prepaid expenses and contract assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-72.82K	USD	Annual
Prepaid expenses and contract assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-90.50K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-214.45K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-367.28K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	-	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-10.94K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-29.41K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-278.28K	USD	Annual
Customer deposits and contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-332.14K	USD	Annual
Customer deposits and contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$66.51K	USD	Annual
NET CASH USED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$155.89K	USD	Annual
NET CASH USED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-878.67K	USD	Annual
Net activity on investments	`PaymentsForProceedsFromInvestments`	-	USD	Annual
Net activity on investments	`PaymentsForProceedsFromInvestments`	$232.00	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.92K	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.13K	USD	Annual
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-11.36K	USD	Annual
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-3.92K	USD	Annual
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	$2.40M	USD	Annual
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	$177.97K	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$2.77M	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$508.86K	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$18.20K	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$73.98K	USD	Annual
Proceeds from sale of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$1.17M	USD	Annual
Proceeds from sale of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$344.94K	USD	Annual
Repayment of notes payable	`RepaymentsOfNotesPayable`	$10.35K	USD	Annual
Repayment of notes payable	`RepaymentsOfNotesPayable`	-	USD	Annual
Proceeds from advances from related parties	`ProceedsFromRelatedPartyDebt`	$25.00K	USD	Annual
Proceeds from advances from related parties	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-78.77K	USD	Annual
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$810.33K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-79.70K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$73.20K	USD	Annual
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$296.50K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$223.29K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$216.80K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$296.50K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$223.29K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$216.80K	USD	Point-in-time
Interest	`InterestPaidNet`	$10.86K	USD	Annual
Interest	`InterestPaidNet`	$67.46K	USD	Annual
Accrued director fees settled with common stock	`AccruedDirectorFeesSettledWithCommonStock`	$50.73K	USD	Annual
Accrued director fees settled with common stock	`AccruedDirectorFeesSettledWithCommonStock`	-	USD	Annual
Cash	`CashAndCashEquivalentsAtCarryingValue`	$211.50K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$216.80K	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`	$216.80K	USD	Point-in-time
Total cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$296.50K	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$-837.59K	USD	Point-in-time
Impact of adoption of ASC 606 on opening contract values	`ImpactOfAdoptionOfAscOnOpeningContractValues`	$-159.40K	USD	Annual
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$1.10M	USD	Annual
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$295.43K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$126.60K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$50.74K	USD	Annual
Warrants , options, and warrant options on private placement	`WarrantsOptionsAndWarrantOptionsIssuedOnPrivatePlacement`	$67.98K	USD	Annual
Warrants , options, and warrant options on private placement	`WarrantsOptionsAndWarrantOptionsIssuedOnPrivatePlacement`	$49.58K	USD	Annual
Conversion of Class B to Class A shares	`StockIssuedDuringPeriodValueConversionOfUnits`	-	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$59.09K	USD	Annual
Net loss	`NetIncomeLoss`	$-964.99K	USD	Annual
Net loss	`NetIncomeLoss`	$22.07K	USD	Annual
Balance	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$-837.59K	USD	Point-in-time

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