10-Q Filing

NANO MAGIC INC. CIK: 891417 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001493152-22-013654`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 37 Cash Flow Statement 57 Stockholders Equity 17

Balance Sheet 74 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, shares authorized	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Cash	`Cash`	$242.47K	USD	Point-in-time
Cash	`Cash`	$303.37K	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
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments	`ShortTermInvestments`	$10.72K	USD	Point-in-time
Investments	`ShortTermInvestments`	$10.72K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$262.30K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$312.34K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory, net	`InventoryNet`	$1.38M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Inventory, net	`InventoryNet`	$1.33M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.08M	shares	Point-in-time
Prepaid expenses and contract assets	`PrepaidExpenseAndOtherAssetsCurrent`	$212.13K	USD	Point-in-time
Prepaid expenses and contract assets	`PrepaidExpenseAndOtherAssetsCurrent`	$134.70K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.70M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.70M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.08M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.16M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.04M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.26M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.31M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$634.13K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$610.74K	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`	$4.11M	USD	Point-in-time
Total Assets	`Assets`	$3.91M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$649.44K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$677.80K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$16.78K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$21.07K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$69.47K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherAccruedLiabilitiesCurrent`	$103.13K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$76.93K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$87.57K	USD	Point-in-time
Advances from related parties	`AdvancesFromRelatedPartiesCurrent`	$77.89K	USD	Point-in-time
Advances from related parties	`AdvancesFromRelatedPartiesCurrent`	$113.95K	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$166.28K	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$171.92K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$10.37K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$45.76K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.13M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.15M	USD	Point-in-time
Notes Payable, net of current portion	`LongTermNotesPayable`	$115.93K	USD	Point-in-time
Notes Payable, net of current portion	`LongTermNotesPayable`	$305.95K	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$921.32K	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$875.99K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.32M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.19M	USD	Point-in-time
Commitments and Contingencies (See Note 7)	`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; 10,077,681 and 9,702,680 issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$1.01K	USD	Point-in-time
Common stock: $0.0001 par value, 30,000,000 shares authorized; 10,077,681 and 9,702,680 issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$970.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.96M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$12.70M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.05M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.40M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.92M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.59M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$3.34M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$3.91M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$4.11M	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`	$686.26K	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$1.28M	USD	1 Quarter
Total Cost of Revenues	`CostOfRevenue`	$666.65K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$19.61K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$1.03M	USD	1 Quarter
OTHER OPERATING INCOME	`OtherOperatingIncomeExpenseNet`	-	USD	1 Quarter
OTHER OPERATING INCOME	`OtherOperatingIncomeExpenseNet`	$336.02K	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$30.59K	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$79.53K	USD	1 Quarter
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$469.11K	USD	1 Quarter
Salaries, wages and related benefits	`SalariesWagesAndOfficersCompensation`	$574.14K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.88K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$7.49K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$192.64K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$253.98K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$264.25K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$188.94K	USD	1 Quarter
Total Operating Expense	`OperatingExpenses`	$988.18K	USD	1 Quarter
Total Operating Expense	`OperatingExpenses`	$1.07M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-1.05M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$375.80K	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-1.77M	USD	Annual
Interest expense	`InterestExpenseDebt`	$8.91K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$5.41K	USD	1 Quarter
Total Other Expense	`NonoperatingIncomeExpense`	$-8.91K	USD	1 Quarter
Total Other Expense	`NonoperatingIncomeExpense`	$-5.41K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$370.40K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-1.06M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.11	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.95M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.91M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.95M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.91M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$370.40K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.06M	USD	1 Quarter
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	-	USD	1 Quarter
Change in inventory obsolescence reserve	`ChangeInInventoryObsolescenceReserve`	$35.72K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$28.30K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$24.46K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$22.71K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$67.43K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$67.25K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-27.33K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-306.87K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-15.71K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$128.78K	USD	1 Quarter
Prepaid expenses and contract assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$58.34K	USD	1 Quarter
Prepaid expenses and contract assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-77.43K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-256.90K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$40.96K	USD	1 Quarter
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParty`	$-12.00K	USD	1 Quarter
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParty`	$16.78K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$14.34K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$3.75K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-25.86K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-35.40K	USD	1 Quarter
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-752.51K	USD	1 Quarter
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.38M	USD	Annual
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$291.03K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.96K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.91K	USD	1 Quarter
NET CASH USED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-22.96K	USD	1 Quarter
NET CASH USED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-4.91K	USD	1 Quarter
Repayment of bank loans	`RepaymentsOfBankDebt`	$11.56K	USD	1 Quarter
Repayment of bank loans	`RepaymentsOfBankDebt`	$10.96K	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromBankDebt`	-	USD	1 Quarter
Proceeds from bank loans	`ProceedsFromBankDebt`	$79.31K	USD	1 Quarter
Proceeds from issuance of convertible debt	`ProceedsFromConvertibleDebt`	$200.00K	USD	1 Quarter
Proceeds from issuance of convertible debt	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Proceeds from sale of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$675.00K	USD	1 Quarter
Proceeds from sale of common stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$1.50M	USD	1 Quarter
Repayment of advances from related parties	`RepaymentsOfRelatedPartyDebt`	$36.06K	USD	1 Quarter
Repayment of advances from related parties	`RepaymentsOfRelatedPartyDebt`	$10.50K	USD	1 Quarter
Repayment of finance leases	`FinanceLeasePrincipalPayments`	-	USD	1 Quarter
Repayment of finance leases	`FinanceLeasePrincipalPayments`	$9.05K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$818.33K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.56M	USD	1 Quarter
NET INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$60.90K	USD	1 Quarter
NET INCREASE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.83M	USD	1 Quarter
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.11M	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$242.47K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$288.13K	USD	Point-in-time
CASH, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$303.37K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.11M	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$242.47K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$288.13K	USD	Point-in-time
CASH, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$303.37K	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$5.41K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaidNet`	$8.91K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$1.40M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$1.92M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$1.59M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$3.34M	USD	Point-in-time
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$656.25K	USD	1 Quarter
Common stock issued for cash, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$1.44M	USD	1 Quarter
Common stock issued for services and for stock appreciation rights	`StockIssuedDuringPeriodValueIssuedForServices`	$41.00K	USD	1 Quarter
Warrants on private placement	`AdjustmentsToAdditionalPaidInCapitalWarrantsAndOptionsOnPrivatePlacement`	$57.72K	USD	1 Quarter
Warrants on private placement	`AdjustmentsToAdditionalPaidInCapitalWarrantsAndOptionsOnPrivatePlacement`	$18.75K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$67.25K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$26.43K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$370.40K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.06M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$1.40M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$1.92M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$1.59M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$3.34M	USD	Point-in-time

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