10-Q Filing

NANO MAGIC INC. CIK: 891417 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001493152-21-019043`
Period End Date	20210331
Filing Date	20210809
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	nmgx-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 37 Cash Flow Statement 56 Stockholders Equity 20

Balance Sheet 79 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	`Cash`	$288.13K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash	`Cash`	$2.11M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Investments	`ShortTermInvestments`	$10.47K	USD	Point-in-time
Investments	`ShortTermInvestments`	$10.47K	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`	$928.20K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	7.20M	shares	Point-in-time
Inventory, net	`InventoryNet`	$970.48K	USD	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 authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$278.46K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$336.80K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.46M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.66M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.46M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.66M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.65M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.36M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.47M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.52M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$612.10K	USD	Point-in-time
Property, plant 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`	$6.45M	USD	Point-in-time
Total Assets	`Assets`	$4.79M	USD	Point-in-time
Total Assets	`Assets`	$1.70M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.14M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$930.42K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$12.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$300.52K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$351.07K	USD	Point-in-time
Current portion of debt	`NotesPayableCurrent`	$215.96K	USD	Point-in-time
Current portion of debt	`NotesPayableCurrent`	$97.58K	USD	Point-in-time
Advances from related parties	`AdvancesFromRelatedPartiesCurrent`	$145.39K	USD	Point-in-time
Advances from related parties	`AdvancesFromRelatedPartiesCurrent`	$134.89K	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$186.90K	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$150.03K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$64.70K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$90.56K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.80M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.02M	USD	Point-in-time
Debt, net of current portion	`LongTermNotesPayable`	$178.30K	USD	Point-in-time
Debt, net of current portion	`LongTermNotesPayable`	$265.60K	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.20M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.05M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.11M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.39M	USD	Point-in-time
Commitments and Contingencies (See Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (See Note 16)	`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; 9,657,347 and 8,459,995 outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$846.00	USD	Point-in-time
Common stock: $0.0001 par value, 30,000,000 shares authorized; 9,657,347 and 8,459,995 outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$965.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$9.87M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.44M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.10M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$1.40M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$51.80K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$3.34M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$4.79M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$6.45M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.31M	USD	1 Quarter
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$448.17K	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$1.28M	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$389.72K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$58.46K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$1.03M	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$11.06K	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$36.90K	USD	1 Quarter
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$144.63K	USD	1 Quarter
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$551.73K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$16.65K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.88K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$212.11K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$124.75K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$137.07K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$184.58K	USD	1 Quarter
Other operating income, net	`OtherOperatingIncomeExpenseNet`	-	USD	1 Quarter
Other operating income, net	`OtherOperatingIncomeExpenseNet`	$336.02K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$434.16K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$651.17K	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$375.80K	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-375.71K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.11K	USD	1 Quarter
Interest expense	`InterestExpense`	$5.41K	USD	1 Quarter
Total Other Expense	`NonoperatingIncomeExpense`	$-5.41K	USD	1 Quarter
Total Other Expense	`NonoperatingIncomeExpense`	$-2.11K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-377.81K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-781.05K	USD	Annual
NET INCOME (LOSS)	`NetIncomeLoss`	$370.40K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.91M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.50M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.50M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.91M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-377.81K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-781.05K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$370.40K	USD	1 Quarter
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$12.57K	USD	1 Quarter
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	-	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortizationExpense`	$-4.84K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortizationExpense`	$24.46K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$36.48K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$67.43K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$47.02K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-306.87K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$128.78K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$13.95K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.69K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$58.34K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-32.52K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-206.34K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$3.75K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$752.00	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInDueToRelatedPartiesAccountsPayable`	$-12.00K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInDueToRelatedPartiesAccountsPayable`	-	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposit`	-	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposit`	$66.94K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-50.56K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-36.03K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-68.75K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-25.86K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$291.03K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-467.89K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-2.00M	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.48K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.96K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-1.48K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-22.96K	USD	1 Quarter
Repayment of bank loan	`RepaymentsOfLinesOfCredit`	$10.96K	USD	1 Quarter
Repayment of bank loan	`RepaymentsOfLinesOfCredit`	$10.38K	USD	1 Quarter
Increase in debt	`ProceedsFromRepaymentsOfOtherDebt`	$-3.00K	USD	1 Quarter
Increase in debt	`ProceedsFromRepaymentsOfOtherDebt`	$79.31K	USD	1 Quarter
Proceeds from sale of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$840.00K	USD	1 Quarter
Proceeds from sale of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$1.50M	USD	1 Quarter
Payment of advances from related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Payment of advances from related parties	`RepaymentsOfRelatedPartyDebt`	$10.50K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$826.62K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.56M	USD	1 Quarter
NET INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$357.26K	USD	1 Quarter
NET INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.83M	USD	1 Quarter
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.11M	USD	Point-in-time
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$288.13K	USD	Point-in-time
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$574.06K	USD	Point-in-time
CASH, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$216.80K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.11M	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$288.13K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$574.06K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$216.80K	USD	Point-in-time
Cash paid during the period for interest: Interest	`InterestPaidNet`	$5.41K	USD	1 Quarter
Cash paid during the period for interest: Interest	`InterestPaidNet`	$2.11K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$51.80K	USD	Point-in-time
Balance	`StockholdersEquity`	$3.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$1.44M	USD	1 Quarter
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$621.41K	USD	1 Quarter
Common stock issued for services and for stock appreciation rights	`StockIssuedDuringPeriodValueIssuedForServices`	$41.00K	USD	1 Quarter
Common stock issued for services and for stock appreciation rights	`StockIssuedDuringPeriodValueIssuedForServices`	$12.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$26.43K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$24.48K	USD	1 Quarter
Warrants and options on private placement	`WarrantsAndOptionsIssuedOnPrivatePlacement`	$57.72K	USD	1 Quarter
Warrants and options on private placement	`WarrantsAndOptionsIssuedOnPrivatePlacement`	$37.06K	USD	1 Quarter
Stock subscription payable	`AdjustmentsToAdditionalPaidInCapitalStockSubscriptionPayable`	$181.53K	USD	1 Quarter
Net Income (loss)	`NetIncomeLoss`	$-377.81K	USD	1 Quarter
Net Income (loss)	`NetIncomeLoss`	$-781.05K	USD	Annual
Net Income (loss)	`NetIncomeLoss`	$370.40K	USD	1 Quarter
Balance	`StockholdersEquity`	$1.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$51.80K	USD	Point-in-time
Balance	`StockholdersEquity`	$3.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$-446.86K	USD	Point-in-time

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