10-K Filing

NANO MAGIC INC. CIK: 891417 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001493152-22-008144`
Period End Date	20211231
Filing Date	20220330
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 40 Cash Flow Statement 64 Stockholders Equity 18

Balance Sheet 78 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
Cash	`Cash`	$288.13K	USD	Point-in-time
Cash	`Cash`	$242.47K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments	`ShortTermInvestments`	$10.72K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments	`ShortTermInvestments`	$10.47K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$312.34K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.23M	USD	Point-in-time
Accounts receivable related party	`AccountsReceivableRelatedPartiesCurrent`	$4.92K	USD	Point-in-time
Accounts receivable related party	`AccountsReceivableRelatedPartiesCurrent`	-	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	7.20M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Inventory	`InventoryNet`	$841.69K	USD	Point-in-time
Inventory	`InventoryNet`	$1.38M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	8.46M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	9.70M	shares	Point-in-time
Prepaid expenses and contract assets	`PrepaidExpenseAndOtherAssetsCurrent`	$212.13K	USD	Point-in-time
Prepaid expenses and contract assets	`PrepaidExpenseAndOtherAssetsCurrent`	$278.46K	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	9.70M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.16M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.65M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.52M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.31M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$613.47K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$634.13K	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`	$4.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$670.50K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.25M	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$12.00K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$242.64K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$65.81K	USD	Point-in-time
Customer deposits	`CustomerDepositsLiabilityCurrent`	-	USD	Point-in-time
Customer deposits	`CustomerDepositsLiabilityCurrent`	$3.66K	USD	Point-in-time
Current portion of debt	`NotesPayableCurrent`	$139.64K	USD	Point-in-time
Current portion of debt	`NotesPayableCurrent`	$87.57K	USD	Point-in-time
Advances from related parties	`AdvancesFromRelatedPartiesCurrent`	$113.95K	USD	Point-in-time
Advances from related parties	`AdvancesFromRelatedPartiesCurrent`	$145.39K	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$166.28K	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$144.84K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$90.56K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$45.76K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.02M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.15M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$286.23K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$115.93K	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.09M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$921.32K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.19M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.39M	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; 9,702,680 and 8,459,995 issued and outstanding at December 31, 2021 and 2020, respectively	`CommonStockValue`	$846.00	USD	Point-in-time
Common stock: $0.0001 par value, 30,000,000 shares authorized; 9,702,680 and 8,459,995 issued and outstanding at December 31, 2021 and 2020, respectively	`CommonStockValue`	$970.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$9.87M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.96M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.47M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.92M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.40M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$4.79M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$4.11M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.04M	USD	Annual
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$4.76M	USD	Annual
Total Cost of Revenues	`CostOfRevenue`	$3.10M	USD	Annual
Total Cost of Revenues	`CostOfRevenue`	$3.35M	USD	Annual
GROSS PROFIT	`GrossProfit`	$1.69M	USD	Annual
GROSS PROFIT	`GrossProfit`	$1.66M	USD	Annual
OTHER OPERATING INCOME	`OtherOperatingIncomeExpenseNet`	$632.07K	USD	Annual
OTHER OPERATING INCOME	`OtherOperatingIncomeExpenseNet`	$133.50K	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$85.55K	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$161.19K	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$2.33M	USD	Annual
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$1.02M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$56.82K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$34.88K	USD	Annual
Professional fees	`ProfessionalFees`	$724.75K	USD	Annual
Professional fees	`ProfessionalFees`	$803.50K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$618.30K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$838.45K	USD	Annual
Total Operating Expense	`OperatingExpenses`	$2.58M	USD	Annual
Total Operating Expense	`OperatingExpenses`	$4.09M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-792.65K	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.77M	USD	Annual
Loan forgiveness	`LoanForgiveness`	-	USD	Annual
Loan forgiveness	`LoanForgiveness`	$210.21K	USD	Annual
Interest expense	`InterestExpenseDebt`	$19.08K	USD	Annual
Interest expense	`InterestExpenseDebt`	$6.89K	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$253.00	USD	Annual
Other income, net	`OtherNonoperatingIncomeExpense`	$18.48K	USD	Annual
Total Other Income	`NonoperatingIncomeExpense`	$11.59K	USD	Annual
Total Other Income	`NonoperatingIncomeExpense`	$191.38K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-1.57M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-781.05K	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.17	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.10	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.10	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.17	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.56M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.48M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.56M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.48M	shares	Annual

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.57M	USD	Annual
Net loss	`NetIncomeLoss`	$-781.05K	USD	Annual
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$-462.41K	USD	Annual
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$-48.92K	USD	Annual
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$38.61K	USD	Annual
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$106.35K	USD	Annual
Gain on sale of property and equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	Annual
Gain on sale of property and equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	$450.00	USD	Annual
Gain on forgiveness of loan	`GainOnForgivenessOfLoan`	-	USD	Annual
Gain on forgiveness of loan	`GainOnForgivenessOfLoan`	$210.21K	USD	Annual
Bad debt (recovery) expense	`ProvisionForDoubtfulAccounts`	$-18.25K	USD	Annual
Bad debt (recovery) expense	`ProvisionForDoubtfulAccounts`	$53.79K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$592.16K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$198.61K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.14M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-936.06K	USD	Annual
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	-	USD	Annual
Accounts receivable - related party	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-4.92K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-43.33K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$488.39K	USD	Annual
Prepaid expenses and contract assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-66.33K	USD	Annual
Prepaid expenses and contract assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$244.30K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$495.28K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-747.85K	USD	Annual
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParty`	$-6.61K	USD	Annual
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParty`	$-12.00K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$62.11K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-126.72K	USD	Annual
Contract liabilities	`IncreaseDecreaseInDeferredRevenue`	$-44.80K	USD	Annual
Contract liabilities	`IncreaseDecreaseInDeferredRevenue`	$-71.56K	USD	Annual
NET CASH USED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-2.00M	USD	Annual
NET CASH USED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.38M	USD	Annual
Net activity on certificate of deposit	`PaymentsToAcquireInvestments`	$244.00	USD	Annual
Net activity on certificate of deposit	`PaymentsToAcquireInvestments`	$237.00	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$143.46K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$127.01K	USD	Annual
NET CASH USED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-127.26K	USD	Annual
NET CASH USED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-143.69K	USD	Annual
Repayment of bank loans	`RepaymentOfBankLoans`	$27.52K	USD	Annual
Repayment of bank loans	`RepaymentOfBankLoans`	$44.49K	USD	Annual
Proceeds from bank loans	`ProceedsFromBankDebt`	$132.59K	USD	Annual
Proceeds from bank loans	`ProceedsFromBankDebt`	$79.31K	USD	Annual
Proceeds from sale of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$2.12M	USD	Annual
Proceeds from sale of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$1.50M	USD	Annual
Repayment of advances from related parties	`RepaymentOfAdvancesFromRelatedParties`	-	USD	Annual
Repayment of advances from related parties	`RepaymentOfAdvancesFromRelatedParties`	$31.43K	USD	Annual
Repayment of finance leases	`RepaymentOfFinanceLeases`	$41.52K	USD	Annual
Repayment of finance leases	`RepaymentOfFinanceLeases`	-	USD	Annual
Repayment of debt	`RepaymentsOfNotesPayable`	$4.00K	USD	Annual
Repayment of debt	`RepaymentsOfNotesPayable`	$4.00K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.46M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$2.22M	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$71.33K	USD	Annual
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-45.66K	USD	Annual
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$288.13K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$216.80K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$242.47K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$288.13K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$216.80K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$242.47K	USD	Point-in-time
Equipment acquired on finance leases	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	-	USD	Annual
Equipment acquired on finance leases	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$159.93K	USD	Annual
Warrants issued to lessor	`WarrantsIssuedToLessor`	-	USD	Annual
Warrants issued to lessor	`WarrantsIssuedToLessor`	$311.72K	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.92M	USD	Point-in-time
Balance	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.40M	USD	Point-in-time
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$1.44M	USD	Annual
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$2.03M	USD	Annual
Common stock issued for cash, net of issuance costs, shares	`StockIssuedDuringPeriodSharesNewIssues`	36,765.00	shares	Point-in-time
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$75.00K	USD	Annual
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$12.00K	USD	Annual
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$186.61K	USD	Annual
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$517.16K	USD	Annual
Warrants, options, and warrant options on private placement	`WarrantsOptionsAndWarrantOptionsIssuedOnPrivatePlacement`	$86.09K	USD	Annual
Warrants, options, and warrant options on private placement	`WarrantsOptionsAndWarrantOptionsIssuedOnPrivatePlacement`	$57.72K	USD	Annual
Warrants issued in connection with new lease	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$311.72K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.57M	USD	Annual
Net loss	`NetIncomeLoss`	$-781.05K	USD	Annual
Balance	`StockholdersEquity`	$1.92M	USD	Point-in-time
Balance	`StockholdersEquity`	$-446.86K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.40M	USD	Point-in-time

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