10-K Filing

NANO MAGIC INC. CIK: 891417 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001493152-21-013246`
Period End Date	20201231
Filing Date	20210528
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	nmgx-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 38 Cash Flow Statement 64 Stockholders Equity 16

Balance Sheet 77 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
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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$216.80K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$288.13K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Investments	`ShortTermInvestments`	$10.47K	USD	Point-in-time
Investments	`ShortTermInvestments`	$10.24K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.24M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$151.29K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Inventory, net	`InventoryNet`	$422.62K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	7.20M	shares	Point-in-time
Inventory, net	`InventoryNet`	$841.69K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	6.22M	shares	Point-in-time
Prepaid expenses and contract assets	`PrepaidExpenseAndOtherAssetsCurrent`	$34.16K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.46M	shares	Point-in-time
Prepaid expenses and contract assets	`PrepaidExpenseAndOtherAssetsCurrent`	$278.46K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.46M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	6.22M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$835.11K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.65M	USD	Point-in-time
Right-of-use assets, non-current	`OperatingLeaseRightOfUseAsset`	$257.52K	USD	Point-in-time
Right-of-use assets, non-current	`OperatingLeaseRightOfUseAsset`	$1.52M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$221.56K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$613.47K	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`	$4.79M	USD	Point-in-time
Total Assets	`Assets`	$1.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.14M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$801.79K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$19.89K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$12.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$199.88K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$351.07K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$52.64K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$97.58K	USD	Point-in-time
Advances from related parties	`AdvancesFromRelatedPartiesCurrent`	$140.00K	USD	Point-in-time
Advances from related parties	`AdvancesFromRelatedPartiesCurrent`	$145.39K	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$131.84K	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$186.90K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$162.12K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$90.56K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.51M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.02M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$122.17K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$178.30K	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.20M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$136.62K	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.39M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.77M	USD	Point-in-time
Commitments and Contingencies (See Note 13)	`CommitmentsAndContingencies`	-	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
common stock: $0.0001 par value, 30,000,000 shares authorized; 8,459,995 and 6,222,881 issued and outstanding at December 31, 2020 and 2019, respectively	`CommonStockValue`	$846.00	USD	Point-in-time
common stock: $0.0001 par value, 30,000,000 shares authorized; 8,459,995 and 6,222,881 issued and outstanding at December 31, 2020 and 2019, respectively	`CommonStockValue`	$622.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$7.24M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$9.87M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.69M	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$1.40M	USD	Point-in-time
Total Stockholders' Equity (Deficit)	`StockholdersEquity`	$-837.58K	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$4.79M	USD	Point-in-time
Total Liabilities and Stockholders' Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$1.32M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$4.76M	USD	Annual
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.44M	USD	Annual
Total Cost of Revenues	`CostOfRevenue`	$2.11M	USD	Annual
Total Cost of Revenues	`CostOfRevenue`	$3.12M	USD	Annual
GROSS PROFIT	`GrossProfit`	$323.90K	USD	Annual
GROSS PROFIT	`GrossProfit`	$1.64M	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$29.22K	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$66.89K	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$906.24K	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$361.19K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$56.82K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$68.54K	USD	Annual
Professional fees	`ProfessionalFees`	$806.49K	USD	Annual
Professional fees	`ProfessionalFees`	$310.14K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$766.21K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$548.22K	USD	Annual
Other expense (income), net	`OtherOperatingIncomeExpenseNet`	-	USD	Annual
Other expense (income), net	`OtherOperatingIncomeExpenseNet`	$-133.95K	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$1.35M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$2.43M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.03M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-792.20K	USD	Annual
Interest expense	`InterestExpense`	$6.89K	USD	Annual
Interest expense	`InterestExpense`	$8.64K	USD	Annual
Other income, net	`OtherNonoperatingIncome`	$18.03K	USD	Annual
Other income, net	`OtherNonoperatingIncome`	$74.73K	USD	Annual
Total Other Income	`NonoperatingIncomeExpense`	$10.69K	USD	Annual
Total Other Income	`NonoperatingIncomeExpense`	$66.10K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-781.05K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-964.99K	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.10	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.21	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.10	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.21	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.56M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	4.67M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.56M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.67M	shares	Annual

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-781.05K	USD	Annual
Net loss	`NetIncomeLoss`	$-964.99K	USD	Annual
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$-76.12K	USD	Annual
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$-462.41K	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortizationExpense`	$84.55K	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortizationExpense`	$38.61K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$53.79K	USD	Annual
Gain on sale of property, plant and equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	$450.00	USD	Annual
Gain on sale of property, plant and equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	Annual
Stock-based compensation and stock issued for services	`StockbasedCompensationAndStockIssuedForServices`	$198.61K	USD	Annual
Stock-based compensation and stock issued for services	`StockbasedCompensationAndStockIssuedForServices`	$185.94K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.14M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-156.26K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-43.33K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-213.30K	USD	Annual
Prepaid expenses and contract assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$244.30K	USD	Annual
Prepaid expenses and contract assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-90.50K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-367.28K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$339.08K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInDueToRelatedPartiesAccountsPayable`	-	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInDueToRelatedPartiesAccountsPayable`	$-6.61K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-10.94K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$126.72K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$156.20K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-278.28K	USD	Annual
Contract liabilities	`IncreaseDecreaseInDeferredRevenue`	$66.51K	USD	Annual
Contract liabilities	`IncreaseDecreaseInDeferredRevenue`	$-71.56K	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-2.00M	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-878.67K	USD	Annual
Net activity on certificate of deposit	`PaymentsToAcquireInvestments`	$232.00	USD	Annual
Net activity on certificate of deposit	`PaymentsToAcquireInvestments`	$237.00	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.13K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$143.46K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-11.36K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-143.96K	USD	Annual
Proceeds from sale of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$2.12M	USD	Annual
Proceeds from sale of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$1.17M	USD	Annual
Proceeds from bank loans	`ProceedsFromBankDebt`	-	USD	Annual
Proceeds from bank loans	`ProceedsFromBankDebt`	$132.59K	USD	Annual
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	$1.17M	USD	Annual
Proceeds from bank lines of credit	`ProceedsFromLinesOfCredit`	-	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	-	USD	Annual
Repayment of bank lines of credit	`RepaymentsOfLinesOfCredit`	$508.86K	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$27.52K	USD	Annual
Repayment of bank loans	`RepaymentsOfBankDebt`	$18.20K	USD	Annual
Repayment of notes payable	`RepaymentsOfNotesPayable`	$10.35K	USD	Annual
Repayment of notes payable	`RepaymentsOfNotesPayable`	$4.00K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$2.22M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$810.33K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$71.33K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-79.70K	USD	Annual
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$296.50K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$216.80K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$288.13K	USD	Point-in-time
CASH, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$296.50K	USD	Point-in-time
CASH, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$216.80K	USD	Point-in-time
CASH, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$288.13K	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$6.89K	USD	Annual
Cash paid during the period for interest	`InterestPaidNet`	$10.86K	USD	Annual
Equipment acquired on finance leases	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$159.93K	USD	Annual
Equipment acquired on finance leases	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	-	USD	Annual
Warrants issued to lessor	`WarrantsIssuedToLessor`	-	USD	Annual
Warrants issued to lessor	`WarrantsIssuedToLessor`	$311.72K	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$-837.58K	USD	Point-in-time
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$1.10M	USD	Annual
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$2.03M	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$185.72K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$12.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$186.61K	USD	Annual
Warrants, options, and warrant options on private placement	`WarrantsOptionsAndWarrantOptionsIssuedOnPrivatePlacement`	$86.09K	USD	Annual
Warrants, options, and warrant options on private placement	`WarrantsOptionsAndWarrantOptionsIssuedOnPrivatePlacement`	$67.98K	USD	Annual
Warrants issued in connection with new lease	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$311.72K	USD	Annual
Net loss	`NetIncomeLoss`	$-781.05K	USD	Annual
Net loss	`NetIncomeLoss`	$-964.99K	USD	Annual
Balance	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$-837.58K	USD	Point-in-time

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