10-Q Filing

NANO MAGIC INC. CIK: 891417 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001493152-20-012143`
Period End Date	20200331
Filing Date	20200630
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	nmgx-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 37 Cash Flow Statement 55 Stockholders Equity 17

Balance Sheet 71 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`	$216.80K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$574.06K	USD	Point-in-time
Investments	`ShortTermInvestments`	$10.24K	USD	Point-in-time
Investments	`ShortTermInvestments`	$10.24K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$198.31K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$151.29K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventory	`InventoryNet`	$424.01K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Inventory	`InventoryNet`	$422.62K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Prepaid expenses and contract assets	`PrepaidExpenseAndOtherAssetsCurrent`	$37.85K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and contract assets	`PrepaidExpenseAndOtherAssetsCurrent`	$34.16K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$835.11K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.24M	USD	Point-in-time
Right-of-use assets, non-current	`OperatingLeaseRightOfUseAsset`	$220.03K	USD	Point-in-time
Right-of-use assets, non-current	`OperatingLeaseRightOfUseAsset`	$257.52K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$221.56K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$227.88K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.89K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.89K	USD	Point-in-time
Total Assets	`Assets`	$1.70M	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`	$769.27K	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`	$163.84K	USD	Point-in-time
Customer deposits	`CustomerDepositCurrent`	-	USD	Point-in-time
Customer deposits	`CustomerDepositCurrent`	$66.94K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$10.00K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$49.64K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$52.64K	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
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$104.03K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$93.37K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$162.12K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$162.12K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.41M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.51M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$14.00K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$122.17K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$111.79K	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$136.62K	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$127.68K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.77M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.65M	USD	Point-in-time
Commitments and Contingencies (See Note 11)	`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`	$8.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$7.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.69M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$583.63K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-753.40K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$51.80K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$1.32M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$1.70M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$757.86K	USD	1 Quarter
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$448.17K	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$389.72K	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$530.50K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$58.46K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$227.36K	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$11.06K	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$7.80K	USD	1 Quarter
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$144.63K	USD	1 Quarter
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$56.51K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$15.80K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$16.65K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$79.43K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$124.75K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$139.66K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$137.07K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$299.21K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$434.16K	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$1.03M	USD	Annual
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-71.86K	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-375.71K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.11K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.59K	USD	1 Quarter
Other income, net	`OtherIncome`	-	USD	1 Quarter
Other income, net	`OtherIncome`	$4.21K	USD	1 Quarter
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$1.62K	USD	1 Quarter
Total Other (Expense) Income	`NonoperatingIncomeExpense`	$-2.11K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-377.81K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-70.24K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.50M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.98M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.50M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.98M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-377.81K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-70.24K	USD	1 Quarter
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$35.38K	USD	1 Quarter
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$12.57K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortizationExpense`	$12.44K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortizationExpense`	$-4.84K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$36.48K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$55.00	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$47.02K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-181.74K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$13.95K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$105.80K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-22.14K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.69K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-65.30K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-32.52K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-752.00	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	-	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$66.94K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-15.64K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-36.03K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$9.87K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-68.75K	USD	1 Quarter
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$4.65K	USD	1 Quarter
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$878.67K	USD	Annual
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-467.89K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.48K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.48K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-2.48K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-1.48K	USD	1 Quarter
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$348.37K	USD	1 Quarter
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Repayment of bank loans	`ProceedsFromRepaymentsOfDebt`	$818.00	USD	1 Quarter
Repayment of bank loans	`ProceedsFromRepaymentsOfDebt`	$-10.38K	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$840.00K	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$239.94K	USD	1 Quarter
Repayment of notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Repayment of notes payable	`RepaymentsOfNotesPayable`	$3.00K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-107.61K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$826.62K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-105.44K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$357.26K	USD	1 Quarter
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$574.06K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$306.50K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$201.06K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$216.80K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$574.06K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$306.50K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$201.06K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$216.80K	USD	Point-in-time
Interest	`InterestPaidNet`	$2.59K	USD	1 Quarter
Interest	`InterestPaidNet`	$2.11K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$583.63K	USD	Point-in-time
Balance	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Balance	`StockholdersEquity`	$-753.40K	USD	Point-in-time
Balance	`StockholdersEquity`	$51.80K	USD	Point-in-time
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$621.41K	USD	1 Quarter
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$223.25K	USD	1 Quarter
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$12.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$24.48K	USD	1 Quarter
Warrants, options, and warrant options on private placement	`WarrantsOptionsAndWarrantOptionsIssuedOnPrivatePlacement`	$16.75K	USD	1 Quarter
Warrants, options, and warrant options on private placement	`WarrantsOptionsAndWarrantOptionsIssuedOnPrivatePlacement`	$37.06K	USD	1 Quarter
Stock Subscription Payable	`StockSubscriptionPayable`	$181.53K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-377.81K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-70.24K	USD	1 Quarter
Balance	`StockholdersEquity`	$583.63K	USD	Point-in-time
Balance	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Balance	`StockholdersEquity`	$-753.40K	USD	Point-in-time
Balance	`StockholdersEquity`	$51.80K	USD	Point-in-time

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