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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
10-Q
☒
Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934
For
the quarterly period ended June 30, 2023
☐
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
COMMISSION
FILE NO. 1-11602
NANO
MAGIC INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
47-1598792 |
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
incorporation
or organization) |
|
Identification
No.) |
31601
Research Park Drive, Madison Heights, MI 48071
(Address
of principal executive office, including Zip Code)
Registrant’s
telephone number, including area code: (844) 273-6462
Securities
registered pursuant to Section 12(b) of the Exchange Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of Each Exchange on Which Registered |
Common
Stock, $0.0001 par value |
|
NMGX |
|
OTC
Markets |
Securities
registered pursuant to Section 12(g) of the Exchange Act: None
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. ☐ Yes ☒ No
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post such files). ☐ Yes ☒ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “accelerated filer”, “large accelerated filer”,
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
Non-accelerated
filer ☐ (Do not check if a smaller reporting company) |
Smaller
reporting company ☒ |
Emerging
growth company ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No.
As
of August 14, 2023, the registrant had 11,429,666 shares of Common Stock issued and outstanding.
Nano
Magic Inc.
INDEX
FORWARD-LOOKING
STATEMENTS
This
Form 10-Q contains certain forward-looking statements that we believe are within the meaning of the federal securities laws. For this
purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements, including the statements
under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding our strategy,
future operations, future expectations or future estimates, financial position and objectives of management. Those statements in this
Form 10-Q containing the words “believes,” “anticipates,” “plans,” “expects” and similar
expressions constitute forward-looking statements, although not all forward-looking statements contain such identifying words. These
forward-looking statements are based on our current expectations and are subject to a number of risks, uncertainties and assumptions
relating to our operations, results of operations, competitive factors, shifts in market demand and other risks and uncertainties.
Although
we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate
and actual results may differ from those indicated by the forward-looking statements included in this Form 10-Q. In light of the significant
uncertainties inherent in the forward-looking statements included in this Form 10-Q, you should not consider the inclusion of such information
as a representation by us or anyone else that we will achieve such results. Moreover, we assume no obligation to update these forward-looking
statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.
PART
I. FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
NANO
MAGIC INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
NET REVENUES | |
$ | 709,293 | | |
$ | 493,782 | | |
$ | 1,406,322 | | |
$ | 1,012,925 | |
| |
| | | |
| | | |
| | | |
| | |
COST OF SALES | |
| 507,155 | | |
| 458,330 | | |
| 1,129,434 | | |
| 990,894 | |
| |
| | | |
| | | |
| | | |
| | |
GROSS PROFIT | |
| 202,138 | | |
| 35,452 | | |
| 276,888 | | |
| 22,031 | |
| |
| | | |
| | | |
| | | |
| | |
OTHER OPERATING INCOME | |
| 11,420 | | |
| - | | |
| 11,420 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | | |
| | | |
| | |
Selling and marketing expenses | |
| 54,018 | | |
| 96,301 | | |
| 113,442 | | |
| 175,830 | |
Salaries, wages and related benefits | |
| 189,986 | | |
| 316,752 | | |
| 468,562 | | |
| 712,718 | |
Stock compensation expense | |
| 260,249 | | |
| 39,366 | | |
| 290,393 | | |
| 106,621 | |
Research and development | |
| 6,371 | | |
| 3,211 | | |
| 12,275 | | |
| 10,700 | |
Professional fees | |
| 112,762 | | |
| 188,794 | | |
| 302,221 | | |
| 442,773 | |
General and administrative expenses | |
| 258,508 | | |
| 211,463 | | |
| 447,514 | | |
| 463,261 | |
| |
| | | |
| | | |
| | | |
| | |
Total Operating Expense | |
| 881,894 | | |
| 855,887 | | |
| 1,634,407 | | |
| 1,911,903 | |
| |
| | | |
| | | |
| | | |
| | |
LOSS FROM OPERATIONS | |
| (668,336 | ) | |
| (820,435 | ) | |
| (1,346,099 | ) | |
| (1,889,872 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER INCOME (EXPENSE) | |
| | | |
| | | |
| | | |
| | |
Income (loss) from investment in subsidiary | |
| 8,782 | | |
| (3,161 | ) | |
| 40,938 | | |
| (3,161 | ) |
Interest expense | |
| (7,575 | ) | |
| (8,337 | ) | |
| (21,943 | ) | |
| (15,635 | ) |
Other income | |
| 16,264 | | |
| 3,886 | | |
| 23,202 | | |
| 2,625 | |
Total Other Income (Expense) | |
| 17,471 | | |
| (7,612 | ) | |
| 42,197 | | |
| (16,171 | ) |
| |
| | | |
| | | |
| | | |
| | |
LOSS FROM CONTINUING OPERATIONS | |
| (650,865 | ) | |
| (828,047 | ) | |
| (1,303,902 | ) | |
| (1,906,043 | ) |
| |
| | | |
| | | |
| | | |
| | |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | |
| | | |
| | | |
| | | |
| | |
Income (loss) from discontinued operations | |
| - | | |
| (13,045 | ) | |
| - | | |
| 1,300 | |
Gain on sale of discontinued operations | |
| - | | |
| 1,148,225 | | |
| - | | |
| 1,148,225 | |
| |
| | | |
| | | |
| | | |
| | |
NET INCOME FROM DISCONTINUED OPERATIONS | |
| - | | |
| 1,135,180 | | |
| - | | |
| 1,149,525 | |
| |
| | | |
| | | |
| | | |
| | |
NET (LOSS) INCOME | |
$ | (650,865 | ) | |
$ | 307,133 | | |
$ | (1,303,902 | ) | |
$ | (756,518 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET (LOSS) INCOME PER SHARE - BASIC: | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | (0.06 | ) | |
$ | (0.08 | ) | |
$ | (0.12 | ) | |
$ | (0.19 | ) |
Discontinued operations | |
$ | - | | |
$ | 0.11 | | |
$ | - | | |
$ | 0.11 | |
NET (LOSS) INCOME PER SHARE - BASIC: | |
$ | (0.06 | ) | |
$ | 0.03 | | |
$ | (0.12 | ) | |
$ | (0.08 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET (LOSS) INCOME PER SHARE - DILUTED: | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | (0.06 | ) | |
$ | (0.08 | ) | |
$ | (0.12 | ) | |
$ | (0.19 | ) |
Discontinued operations | |
$ | - | | |
$ | 0.11 | | |
$ | - | | |
$ | 0.11 | |
NET (LOSS) INCOME PER SHARE - DILUTED: | |
$ | (0.06 | ) | |
$ | 0.03 | | |
$ | (0.12 | ) | |
$ | (0.08 | ) |
| |
| | | |
| | | |
| | | |
| | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 10,963,268 | | |
| 10,084,334 | | |
| 10,907,579 | | |
| 10,082,511 | |
Diluted | |
| 10,963,268 | | |
| 10,084,334 | | |
| 10,907,579 | | |
| 10,082,511 | |
See
accompanying notes to condensed consolidated financial statements.
NANO
MAGIC INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(unaudited)
| |
June 30 | | |
December 31 | |
| |
2023 | | |
2022 | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash | |
$ | 19,813 | | |
$ | 259,223 | |
Accounts receivable, net | |
| 353,750 | | |
| 348,565 | |
Inventory, net | |
| 1,049,562 | | |
| 1,120,073 | |
Prepaid expenses | |
| 23,203 | | |
| 132,997 | |
Current portion of note receivable | |
| 45,000 | | |
| 40,000 | |
Total Current Assets | |
| 1,491,328 | | |
| 1,900,858 | |
Operating lease right-of-use assets | |
| 943,100 | | |
| 1,037,749 | |
Property, plant and equipment, net | |
| 472,373 | | |
| 525,809 | |
Note receivable, non-current | |
| 326,175 | | |
| 375,983 | |
Non-marketable equity investment in subsidiary | |
| 291,085 | | |
| 250,146 | |
Total Assets | |
$ | 3,524,061 | | |
$ | 4,090,545 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 690,066 | | |
$ | 762,524 | |
Accounts payable - related parties | |
| 100,617 | | |
| 87,119 | |
Accrued expenses and other current liabilities | |
| 327,761 | | |
| 276,132 | |
Current portion of notes payable | |
| 25,000 | | |
| 26,629 | |
Current portion of finance leases | |
| 26,248 | | |
| 39,005 | |
Advances from related parties | |
| 42,887 | | |
| 42,887 | |
Current portion of operating lease liabilities | |
| 153,488 | | |
| 142,173 | |
Total Current Liabilities | |
| 1,366,067 | | |
| 1,376,469 | |
Notes payable and debt discount, net of current portion | |
| 394,667 | | |
| 350,000 | |
Finance leases, net of current portion | |
| 12,396 | | |
| 24,194 | |
Operating lease liabilities, net of current portion | |
| 630,646 | | |
| 722,420 | |
Total Liabilities | |
| 2,403,776 | | |
| 2,473,083 | |
| |
| | | |
| | |
Commitments and Contingencies (See Note 11) | |
| - | | |
| - | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY: | |
| | | |
| | |
Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares issued
and outstanding | |
| - | | |
| - | |
Common stock: $0.0001 par value, 30,000,000 shares authorized; 11,180,953 and 10,722,431
issued and outstanding at June 30, 2023 and December 31, 2022, respectively | |
| 1,117 | | |
| 1,072 | |
Additional paid-in capital | |
| 14,569,823 | | |
| 13,763,143 | |
Accumulated deficit | |
| (13,450,655 | ) | |
| (12,146,753 | ) |
Total Stockholders’ Equity | |
| 1,120,285 | | |
| 1,617,462 | |
Total Liabilities and Stockholders’ Equity | |
$ | 3,524,061 | | |
$ | 4,090,545 | |
See
accompanying notes to consolidated financial statements.
NANO
MAGIC INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR
THE THREE MONTHS ENDED JUNE 30, 2023 AND 2022
(unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
Class
A Common Stock | | |
Additional
Paid-in | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| |
Balance, March 31, 2023 | |
| 10,850,037 | | |
$ | 1,084 | | |
$ | 13,954,274 | | |
$ | (12,799,790 | ) | |
$ | 1,155,568 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for cash, net of issuance costs | |
| 253,994 | | |
| 25 | | |
| 346,039 | | |
| - | | |
| 346,064 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| - | | |
| 255,539 | | |
| - | | |
| 255,539 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for services | |
| 76,922 | | |
| 8 | | |
| 4,702 | | |
| - | | |
| 4,710 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants and options on private placement | |
| - | | |
| - | | |
| 9,269 | | |
| - | | |
| 9,269 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (650,865 | ) | |
| (650,865 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2023 | |
| 11,180,953 | | |
| 1,117 | | |
| 14,569,823 | | |
| (13,450,655 | ) | |
| 1,120,285 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2022 | |
| 10,077,681 | | |
$ | 1,008 | | |
$ | 12,702,228 | | |
$ | (11,108,815 | ) | |
$ | 1,594,421 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for cash, net of issuance costs | |
| 283,334 | | |
| 28 | | |
| 495,806 | | |
| - | | |
| 495,834 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| - | | |
| 39,366 | | |
| - | | |
| 39,366 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants and options on private placement | |
| - | | |
| - | | |
| 14,165 | | |
| - | | |
| 14,165 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income | |
| - | | |
| - | | |
| - | | |
| 307,133 | | |
| 307,133 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2022 | |
| 10,361,015 | | |
| 1,036 | | |
| 13,251,565 | | |
| (10,801,682 | ) | |
| 2,450,919 | |
See
accompanying notes to condensed consolidated financial statements.
NANO
MAGIC INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR
THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022
(unaudited)
| |
Class A Common Stock | | |
Additional
Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2022 | |
| 10,722,431 | | |
$ | 1,072 | | |
$ | 13,763,143 | | |
$ | (12,146,753 | ) | |
$ | 1,617,462 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for cash, net of issuance costs | |
| 328,800 | | |
| 32 | | |
| 439,539 | | |
| - | | |
| 439,571 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| - | | |
| 285,683 | | |
| - | | |
| 285,683 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for services | |
| 52,800 | | |
| 5 | | |
| 65,995 | | |
| - | | |
| 66,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Restricted stock issued for services | |
| 76,922 | | |
| 8 | | |
| 4,702 | | |
| - | | |
| 4,710 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants and options on private placement | |
| - | | |
| - | | |
| 10,761 | | |
| - | | |
| 10,761 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (1,303,902 | ) | |
| (1,303,902 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2023 | |
| 11,180,953 | | |
| 1,117 | | |
| 14,569,823 | | |
| (13,450,655 | ) | |
| 1,120,285 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2021 | |
| 9,702,680 | | |
$ | 970 | | |
$ | 11,960,011 | | |
$ | (10,045,164 | ) | |
$ | 1,915,817 | |
Balance | |
| 9,702,680 | | |
$ | 970 | | |
$ | 11,960,011 | | |
$ | (10,045,164 | ) | |
| 1,915,817 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for cash, net of issuance costs | |
| 658,335 | | |
| 66 | | |
| 1,152,020 | | |
| - | | |
| 1,152,086 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| - | | |
| 106,621 | | |
| - | | |
| 106,621 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants and options on private placement | |
| - | | |
| - | | |
| 32,913 | | |
| - | | |
| 32,913 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (756,518 | ) | |
| (756,518 | ) |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| (756,518 | ) | |
| (756,518 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2022 | |
| 10,361,015 | | |
| 1,036 | | |
| 13,251,565 | | |
| (10,801,682 | ) | |
| 2,450,919 | |
Balance | |
| 10,361,015 | | |
| 1,036 | | |
| 13,251,565 | | |
| (10,801,682 | ) | |
| 2,450,919 | |
See
accompanying notes to condensed consolidated financial statements.
NANO
MAGIC INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| |
2023 | | |
2022 | |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss from continuing operations | |
$ | (1,303,902 | ) | |
$ | (1,906,043 | ) |
Net income from discontinued operations | |
| - | | |
| 1,149,525 | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |
| | | |
| | |
Change in inventory obsolescence reserve | |
| (3,680 | ) | |
| 2,331 | |
Depreciation and amortization expense | |
| 56,265 | | |
| 56,159 | |
Bad debt expense | |
| 47,997 | | |
| 30,629 | |
Stock-based compensation and stock issued for services | |
| 356,393 | | |
| 106,621 | |
Income from investment in subsidiary | |
| (40,938 | ) | |
| - | |
Change in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (53,181 | ) | |
| 23,121 | |
Inventory | |
| 74,190 | | |
| 52,166 | |
Prepaid expenses and contract assets | |
| 109,794 | | |
| 30,636 | |
Accounts payable | |
| (47,650 | ) | |
| 249,340 | |
Accounts payable - related party | |
| 13,498 | | |
| (6,065 | ) |
Operating lease liabilities | |
| 14,190 | | |
| 29,575 | |
Accrued expenses | |
| 51,629 | | |
| 79,607 | |
Contract liabilities | |
| - | | |
| 159,688 | |
Total adjustments | |
| 578,507 | | |
| 813,808 | |
| |
| | | |
| | |
Net cash used by continuing operating activities | |
| (725,395 | ) | |
| (1,092,235 | ) |
Net cash used by discontinued operating activities | |
| - | | |
| (70,945 | ) |
| |
| | | |
| | |
NET CASH USED BY OPERATING ACTIVITIES | |
| (725,395 | ) | |
| (1,163,180 | ) |
| |
| | | |
| | |
CASH FLOWS FROM CONTINUING INVESTING ACTIVITIES | |
| | | |
| | |
Proceeds from note receivable | |
| 20,000 | | |
| - | |
Purchases of property and equipment | |
| (2,829 | ) | |
| (4,910 | ) |
| |
| | | |
| | |
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | |
| 17,171 | | |
| (4,910 | ) |
| |
| | | |
| | |
CASH FLOWS FROM CONTINUING FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from sale of common stock and warrants | |
| 445,000 | | |
| 1,184,999 | |
Proceeds from issuance of convertible debt and warrants | |
| 50,000 | | |
| 200,000 | |
Repayment of bank loans | |
| (1,630 | ) | |
| (15,454 | ) |
Repayment of finance leases | |
| (24,556 | ) | |
| (20,334 | ) |
Repayment of advances from related parties | |
| - | | |
| (51,065 | ) |
Net cash provided by continuing financing activities | |
| 468,814 | | |
| 1,298,146 | |
Net cash provided by discontinued financing activities | |
| - | | |
| 20,000 | |
| |
| | | |
| | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | |
| 468,814 | | |
| 1,318,146 | |
| |
| | | |
| | |
NET (DECREASE) INCREASE IN CASH | |
| (239,410 | ) | |
| 150,056 | |
| |
| | | |
| | |
CASH in continuing operations, beginning of period | |
| 259,223 | | |
| 197,932 | |
CASH in discontinued operations, beginning of period | |
| - | | |
| 44,542 | |
| |
| | | |
| | |
CASH, end of period | |
$ | 19,813 | | |
$ | 392,530 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |
| | | |
| | |
Cash paid during the period for interest | |
$ | 21,943 | | |
$ | 15,635 | |
See
accompanying notes to condensed consolidated financial statements.
NANO
MAGIC INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE
30, 2023
(unaudited)
NOTE
1 – ORGANIZATION AND BASIS OF PRESENTATION
Organization
Nano
Magic Inc. (“we”, “us”, “our”, “Nano Magic” or the “Company”), a Delaware
corporation, develops and sells a portfolio of nano-layer coatings, nano-based cleaners, and nano-composite products based on its proprietary
technology. On March 2, 2021 we changed our name to Nano Magic Holdings Inc. On December 31, 2022, our wholly-owned subsidiary Nano Magic
LLC was merged into the parent company and we changed our name to Nano Magic Inc.
Effective
May 31, 2022, we sold a 70% interest in our subsidiary, Applied Nanotech, Inc. (“ANI”). The contract research services performed
by ANI for governmental and private customers was previously reported as our Contract research segment. As a result of this sale, the
Company has deconsolidated ANI from its financial reporting, and we now report as only one segment. We retain a 30% interest in ANI that
is now recorded as an equity investment.
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“US GAAP”) for interim financial information. Accordingly, they do not include
all the information and disclosures required by US GAAP for annual financial statements. In the opinion of management, such statements
include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited
condensed consolidated financial statements of the Company as of June 30, 2023 and for the three and six months ended June 30, 2023 and
2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results
for the full year ending December 31, 2023 or any other period. The balance sheet at December 31, 2022 has been derived from the audited
financial statement at that date but does not include all the information and footnotes required by accounting principles generally accepted
in the United States for complete financial statements. These unaudited condensed consolidated financial statements should be read in
conjunction with the audited consolidated financial statements and related disclosures of the Company as of December 31, 2022 and for
the year then ended, which were filed with the Securities and Exchange Commission on Form 10-K on April 11, 2023.
Going
Concern
These
unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of
assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the unaudited
consolidated financial statements, the Company had losses from continuing operations and net cash used by continuing operations of
$1,303,902
and $725,395
for the six months ended June 30, 2023 and a loss from continuing operations of $1,906,043
and cash used by continuing operations $1,092,235
for the six months ended June 30, 2022. These factors raise substantial doubt about the Company’s ability to continue as a
going concern within one year after the date that these unaudited consolidated financial statements are issued. Management cannot
provide assurance that the Company will ultimately achieve profitable operations, become cash flow positive or raise additional
capital. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which
contemplates the realization of assets and satisfaction of liabilities in the normal course of business. They do not include any
adjustments related to the recoverability and/or classification of the recorded asset amounts and/or the classification of the
liabilities that might be necessary should the Company be unable to continue as a going concern.
Reclassifications
Certain
accounts and financial statement captions in the prior periods have been reclassified to conform to the current period. These reclassifications
had no effect on the previously reported net loss.
NOTE
2 – DISCONTINUED OPERATIONS
Effective
May 31, 2022, we sold a 70% interest in our subsidiary ANI to two of its officers and long-term employees in exchange for a promissory
note in the face amount of $450,000. The note bears interest at 7% and has semi-annual payments of principal initially in the amount
of $20,000, increasing to $25,000 in May 2024 and to $30,000 in May 2026, with a final balloon payment of $80,000 due on December 31,
2029. The note is secured by a stock pledge, described below. In conjunction with the sale, we recognized a one-time gain of $1,148,225.
In
connection with the sale, the capital structure of Applied Nanotech was changed to give us, as the holder of Class B common stock of
Applied Nanotech, a 30% economic interest, certain information rights, special consent rights, and tag-along rights, as well as the obligation
to sell our stock under certain circumstances if other stockholders are selling. The Class A stock acquired by the buyers was pledged
to secure the promissory note given in payment of the purchase price.
The
following includes the detail of major classes of assets and liabilities of discontinued operations summarized on the accompanying unaudited
consolidated financial statements:
The
following is the detail of major line items that constitute income (loss) from discontinued operations:
SCHEDULE OF INCOME (LOSS) FROM DISCONTINUED OPERATIONS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | - | | |
$ | 91,329 | | |
$ | - | | |
$ | 258,444 | |
Cost of Sales | |
| - | | |
| 76,947 | | |
| - | | |
| 211,029 | |
Gross Profit | |
| - | | |
| 14,382 | | |
| - | | |
| 47,415 | |
| |
| | | |
| | | |
| | | |
| | |
Salaries, wages and related benefits | |
| - | | |
| 17,684 | | |
| - | | |
| 23,573 | |
General and administrative expenses | |
| - | | |
| 9,514 | | |
| - | | |
| 21,961 | |
Professional fees | |
| - | | |
| - | | |
| - | | |
| - | |
Interest and other expense | |
| - | | |
| 229 | | |
| - | | |
| 581 | |
Net income (loss) on discontinued operations | |
$ | - | | |
$ | (13,045 | ) | |
$ | - | | |
$ | 1,300 | |
NOTE
3 – INVENTORY
At
June 30, 2023 and December 31, 2022, inventory consisted of the following:
SCHEDULE
OF INVENTORY
|
|
June
30, 2023 |
|
|
December
31, 2022 |
|
Raw materials |
|
$ |
665,155 |
|
|
$ |
695,774 |
|
Work-in-progress |
|
|
241,110 |
|
|
|
256,095 |
|
Finished goods |
|
|
324,495 |
|
|
|
353,082 |
|
Inventory,
gross |
|
|
1,230,760 |
|
|
|
1,304,951 |
|
Less: reserve for obsolescence |
|
|
(181,198 |
) |
|
|
(184,878 |
) |
Inventory, net |
|
$ |
1,049,562 |
|
|
$ |
1,120,073 |
|
NOTE
4 – INVESTMENT IN SUBSIDIARY
The
Company is accounting for its 30% ownership interest in ANI by the equity method of accounting under which the Company’s share
of the net income (loss) of ANI is recognized as income (loss) in the Company’s statement of operations. Any dividends received
from ANI as well as periodic losses for the Company’s 30% share will be treated as a reduction of the investment account. At June
30, 2023, the investment was $291,085, included in non-current assets. For the three- and six-month periods ended June 30, 2023, the
Company recorded income from the investment in the subsidiary of $8,782 and $40,938 respectively. For the three and six-month periods ended June 30, 2022, the Company recorded a net loss from the investment in subsidiary
of $3,161.
NOTE
5 – NOTES PAYABLE AND FINANCE LEASES
Notes
Payable
On
January 7, 2022, the Company sold to one investor a $100,000 convertible note due March 31, 2025. On January 26, 2022, and January 31,
2022, the Company sold two $50,000 convertible notes to two different investors. The two $50,000 notes are due March 31, 2026. All three
notes were issued at face value, and bear interest at 8% per annum, payable semi-annually in cash. The notes are convertible at any time
at the option of the holder into shares of common stock at a conversion price of $1.75 per share.
On
July 27, 2022, the Company sold two convertible notes, one for $50,000 and one for $25,000, both due on March 31, 2025. On August 22,
2022, the Company sold a $25,000 convertible promissory note due March 31, 2026. All three notes were issued at face value, and bear
interest at 8% per annum, payable semi-annually in cash. The notes are convertible at any time at the option of the holder into shares
of common stock at a conversion price of $1.75 per share.
On
October 26, 2022, the Company sold to an investor a $25,000 convertible promissory note due October 31, 2023. Issued at face value, the
note bears interest at 8% per annum, payable semi-annually in cash. The note is convertible at any time at the option of the holder into
shares of common stock at a conversion price of $1.75 per share.
On
December 18, 2022, the Company issued a convertible promissory note for $50,000 that is secured by certain payroll tax credits the Company
is entitled to receive under the Employee Retention Tax Credit program. The note was issued at face value and bears interest at 8% per
annum, payable at maturity which is eighteen months from date of issue. The note can be converted to common stock at any time at the
option of the holders at a conversion price of $1.75 per share at which point accrued interest will be paid in cash.
On
June 14, 2023, the Company issued a convertible, secured note and warrants to purchase 10,000 shares of the Company’s common
stock for $50,000
with the same terms as the one issued on December 18, 2022. The warrants were recorded as a debt discount on the date of issuances for
a total value of $5,333.
At
June 30, 2023 and at December 31, 2022, we had outstanding convertible notes aggregating $419,667
and $375,000
in principal amount, net of unamortized debt discount of $5,333 and $0, respectively. The convertible promissory notes have not been included in diluted earnings per share as they would be
anti-dilutive.
On
February 10, 2015, Nano Magic entered into a $373,000 promissory note (the “Equipment Note”) with KeyBank, N.A. (the “Bank”).
The unpaid principal balance of this Equipment Note was payable in 60 equal monthly instalments payments of principal and interest through
June 10, 2020. The Equipment Note was secured by certain equipment, as defined in the Equipment Note, and bore interest computed at a
rate of interest of 4.35% per annum based on a year of 360 days. On June 18, 2019, Nano Magic entered into an Amendment to the Equipment
Note with the Bank. By the amendment, the maturity date of the note was extended until April 10, 2022, the interest rate was raised to
6.29% per year, and the monthly payments were reduced to $4,053 per month, including interest. On May 2, 2022, we amended the Equipment
Note with Key Bank to extend the due date on the note until December 10, 2022. The interest rate remained the same at 6.29% per year and
the monthly payments remained at $4,053 per month. At June 30, 2023, the principal amount due under the Equipment Note had been paid in
full. At December 31, 2022, $1,629 was outstanding under the Equipment Note.
Finance
Leases
On
August 11, 2020, the company entered into a finance lease for furniture. We financed $60,684 over a period of 36 months with monthly
payments of $1,972 during that time. As of June 30, 2023, the balance on the lease was $1,955 all of which is current.
On
September 24, 2020, the company entered into a finance lease with Raymond Leasing Corporation for a forklift. Nano Magic LLC financed
$14,250. The lease term is 36 months with monthly payments of $425. As of June 30, 2023, the balance on the lease was $1,266, all of which is current.
In
December 2020, the company entered into a finance lease for production equipment. We financed $85,000 over a period of 48 months with
monthly payments of $2,135 during that time. As of June 30, 2023, the balance on the lease was $35,422; the current and non-current portions
were $23,026 and $12,396, respectively.
NOTE
6 – RELATED PARTY TRANSACTIONS
At
June 30, 2023 and at December 31, 2022, accounts payable – related parties totaled $100,617 and $87,119, respectively, and is presented separately in current liabilities.
These balances consist of amounts owed to directors and officers as well as to the landlord controlled by two of the Company’s directors.
Other compensation paid to directors was:
SCHEDULE
OF RELATED PARTY TRANSACTIONS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months ended June 30, | | |
Six Months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Ronald J. Berman | |
$ | - | | |
$ | 30,000 | + | |
$ | - | | |
$ | 84,150 | + |
Tom J. Berman | |
$ | 60,000 | * | |
$ | 60,300 | * | |
$ | 120,000 | * | |
$ | 115,600 | * |
Scott E. Rickert | |
$ | - | | |
$ | 15,000 | ++ | |
$ | - | | |
$ | 30,000 | ++ |
Other compensation | |
$ | - | | |
$ | 15,000 | ++ | |
$ | - | | |
$ | 30,000 | ++ |
At
June 30, 2023 and at December 31, 2022, aggregate advances from Scott & Jeanne Rickert were $42,887. On both those dates, accrued
payroll for the Rickerts was an aggregate of $16,000, which is included within accounts payable – related parties on the accompanying balance sheets.
We
granted options to our President and CEO Tom Berman in lieu of salary: In April, an option to purchase up to 30,000
shares, fully vested for salary not paid from January to March, and, in May, a second option for up to 69,228
shares that vest at the rate of 7,692
shares monthly for salary not paid in April and subsequent months of 2023. Also in May, we granted our Chief Financial Officer an
option for up to 100,000
shares in recognition of his services from 2019 through 2022. Both our CFO and our General Counsel were granted options in May for
up to 60,000
shares, vesting 5,000
shares per month starting in January 2023 and each month thereafter. In May, 2023, we also granted director Ronald Berman an option
to purchase up to 50,000
shares for services previously rendered and granted him an option for 45,000
shares that vest at the rate of 5,000
shares per month beginning in April and for each calendar month of 2023. All options have an exercise price of $0.65
per share and a four-year term.
One
of the purchasers of the 70% interest in Applied Nanotech in May, 2022, was Richard Fink who was one of our named executive officers
until that sale.
Mr.
Ron Berman and Mr. Tom Berman are the managers of the limited liability company that is the manager of PEN Comeback, LLC, PEN Comeback
2, LLC, Magic Growth, LLP, Magic Growth 2 LLC and Magic Growth 3 LLC. These five limited liability companies purchased shares of common
stock and derivative securities from us in 2018, 2019, 2020, 2021 and 2022. See the subsection on Sales of Stock under Issuances of Common
Stock in Note 7.
In
addition, Mr. Tom Berman and Mr. Ron Berman are two of three individuals who share voting power of the sole manager of the limited liability
company that is our landlord in Michigan. Together, Tom and Ron Berman hold, in the aggregate, a 5% economic interest in the landlord
entity. Another director, Miles Gatland, owns a 12.5% interest in the Michigan landlord and he is a co-guarantor on the debt of that
limited liability company. The lease for the Michigan facility gives us the right, during the first three years of the lease, to buy
up to a 49% interest in the landlord for a price equal to 49% of the contributions received from other members. See Note 7, Stockholder’s
Equity regarding the issuance of stock in partial satisfaction of unpaid rent. At June 30, 2023 and at December 31, 2022, rents accrued and unpaid totaled $57,111 and $57,119, respectively.
NOTE
7 – STOCKHOLDERS’ EQUITY
Description
of Preferred and Common Stock
Preferred
Stock
The
preferred stock may be issued in one or more series. The Company’s board of directors are authorized to issue the shares of preferred
stock in such series and to fix from time to time before issuance thereof the number of shares to be included in any such series and
the designation, powers, preferences and relative, participating, optional or other rights, and the qualifications, limitations or restrictions
thereof, of such series.
Common
Stock
The
rights of each share of common are the same with respect to dividends, distributions and rights upon liquidation. Holders of common stock
each have one vote per share in the election of directors and other matters submitted to a vote of the stockholders.
Issuances
of Common Stock
Common
Stock Issued for Services
In
February 2023, we reached an agreement with the landlord of our Michigan facility to accept 52,800 shares of our common stock at a price
of $1.25 per share as partial payment of rent for the six-month period from October 2022 through March 2023. Those shares were issued
in March, 2023.
In
May 2023, we reached a further agreement with the landlord that calls for us to pay cash each month to cover the cost of the mortgage
and the lease for the lighting fixtures, but that will allow us to pay the balance of the rent by issuing shares of our stock valued
at $0.75 per share. We have the option to continue to use stock to pay a portion of the rent through 2024.
On
May 30, 2023, the Company issued 76,922 shares of restricted common stock to a consultant as compensation for services. The shares are
subject to forfeiture until vested. So long as the consulting services agreement remains in effect 4,273 shares vested in May for prior service, and another 4,273 shares vest at the end
of May and each calendar month thereafter, with 4,277 shares vesting in December 2023. During 2024, 3,205 shares will vest at the end
of each month, with 3,206 shares vesting at the end of December 2024.
Sales
of Common Stock and Derivative Equity Securities
During
the quarter ended June 30, 2023, the Company sold 253,994 shares
of common stock for proceeds of $346,064 and
warrants to purchase up to 196,813 shares
of common stock for proceeds of $4,136.
The warrants are exercisable at any time during the four years after date of issue at a warrant exercise price of $1.75.
During the six-months ended June 30, 2023 the Company sold 328,800 shares
of common stock for proceeds of $439,571 and
warrants to purchase up to 271,439 shares
of common stock for proceeds of $5,428.
The warrants are exercisable at any time during the four years after date of issue at a warrant exercise price of $1.75. Also during the three-months ended June 30, 2023, the Company sold 10,000 warrants in connection with the issuance of a convertible note
payable of $50,000 as disclosed in Note 5. In accordance with ASC 470, 11% of the value of the total convertible note payable was allocated
to the warrants.
During
the quarter ended June 30, 2022, the Company sold 283,334
shares of common stock for proceeds of $495,834
and warrants to purchase up to 283,310
shares of common stock for proceeds of $14,165.
The warrants are exercisable at any time during the four years after date of issue at a warrant exercise price of $2.25.
During the six-months ended June 30, 2022, the Company sold 658,335
shares of common stock for proceeds of $1,152,086
and warrants to purchase up to 658,275
shares of common stock for proceeds of $32,913.
The warrants are exercisable at any time during the four years after date of issue at a warrant exercise price of $2.25.
Stock
Options
Stock
options to purchase common stock outstanding at June 30, 2023 include those described below. No options were exercised during the period.
No options have been included in diluted earnings per share as they would be anti-dilutive.
SCHEDULE
OF STOCK OPTION PLAN ACTIVITY
| |
Number
of Options | | |
Weighted
Average Exercise Price | | |
Weighted
Average Remaining Contractual Term (Years) | | |
Aggregate Intrinsic Value | |
Outstanding
December 31, 2022 | |
| 2,760,991 | | |
$ | 0.77 | | |
| 4.09 | | |
$ | 777,723 | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| 636,909 | | |
| 0.65 | | |
| 3.90 | | |
| 222,918 | |
Expired
& forfeited | |
| (21,580 | ) | |
| 0.88 | | |
| - | | |
| (5,382 | ) |
Outstanding
June 30, 2023 | |
| 3,376,320 | | |
$ | 0.71 | | |
| 3.65 | | |
$ | 995,259 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable
June 30, 2023 | |
| 1,686,793 | | |
$ | 0.67 | | |
| 2.92 | | |
$ | 552,087 | |
SCHEDULE
OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS SHARE
|
|
June
30, 2023 |
|
|
December
31, 2022 |
|
Stock options |
|
|
3,376,320 |
|
|
|
2,760,991 |
|
Stock warrants |
|
|
7,722,078 |
|
|
|
7,440,639 |
|
Total |
|
|
11,098,398 |
|
|
|
10,201,630 |
|
Warrants
As
of June 30, 2023, there were outstanding and exercisable warrants to purchase 7,722,078 shares of common stock. On May 26, 2022, the
Board acted to extend the term of warrants that were issued in 2018, 2019, or the first quarter of 2020, adding an additional two years
to the term of each of the 4,052,003 warrants issued in that period. The outstanding warrants have a weighted average exercise price
of $1.72 per share and a weighted average remaining contractual term of 23.9 months. As of June 30, 2023, there was no intrinsic value
for the warrants. No warrants have been included in diluted earnings per share as they would be anti-dilutive.
2021
Equity Incentive Plan
On March 2, 2021, our Board adopted the 2021 Nano Magic 2021 Equity Incentive
Plan (the “Plan”) to allow equity compensation for those
who provide services to the Company and to encourage ownership in the Company by personnel whose service to the Company is important
to its continued progress, to encourage recipients to act as owners and thereby in the stockholders’ interest and to enable recipients
to share in the Company’s success. Initially, 85,000 shares were available for issuance under the Plan and that number of options
were also granted to employees on March 2, 2021. On April 8, 2021 the number of shares under the Plan was increased by 2,500, and an
additional 2,500 options were granted. On June 21, 2021 an additional 200,000 shares were made available for issuance under the Plan
and options for 100,000 shares were granted, but subsequently forfeited. In February 2022, we granted 130,700 options with an exercise
price of $0.80 and weighted average fair value on the grant date of $0.60.
On
April 12, 2023, the Company granted 47,610 options under the 2021 Equity Plan. On May 30, 2023 the Board granted an additional 175,071
options under the 2021 Equity Plan to employees and a consultant. All options are at an exercise price of $0.65.
Other
Options
On
April 12, 2023, the Company issued an additional 30,000 options to Tom J. Berman, our President. On May 30, 2023, the Board granted 384,228
options to officers and to a consultant who is also a director.
NOTE
8 – COMMITMENTS AND CONTINGENCIES
Litigation
The
Company may be, from time to time, subject to various administrative, regulatory, and other legal proceedings arising in the ordinary
course of business. As of June 30, 2023 we were not a defendant in any proceedings. Our policy is to accrue costs for contingent liabilities,
including legal proceedings or unasserted claims that may result in legal proceedings, when a liability is probable and the amount can
be reasonably estimated. As of June 30, 2023, the Company has not accrued any amount for litigation contingencies.
NOTE
9 – SUBSEQUENT EVENTS
On June 16, 2023, the Company issued a note at face value of $50,000 and
sold that investor, for a price of $0.02 per warrant, warrants to purchase up to 10,000 shares of common stock at an exercise price of
$1.75. In
July 24, 2023, the Company sold a convertible note at its face amount of $50,000. On that same day, the Company sold 133,333 shares of
common stock for proceeds of $100,000.
On
July 19, 2023, the Board authorized the creation of an Advisory Committee. In August the Company agreed to issue to each of three individuals
who will serve on that committee a total of 38,460 shares of restricted stock for their services during 2023.
ITEM
2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following is management’s discussion and analysis of certain significant factors that have affected our financial position and
operating results during the periods included in the accompanying unaudited condensed consolidated financial statements.
OVERVIEW
Nano
Magic is a leader in developing and bringing to market cutting-edge nanotechnology-powered industrial and consumer cleaning, protection
and anti-fog solutions formulated in Detroit, Michigan. Nano Magic focuses on innovative and advanced product solutions harnessing the
magic power of nanotechnology to create a safer, more socially conscious, and higher performing world. Visit www.nanomagic.com for more
information.
Effective
May 31, 2022, we sold a majority interest in our subsidiary, Applied Nanotech, Inc. (“ANI”). ANI performs contract research
services for the Company and for governmental and private customers and that work was previously reported as our Contract research segment.
We retain a 30% interest in ANI that is now recorded as an equity investment.
RESULTS
OF OPERATIONS
The
following comparative analysis on results of operations was based primarily on the comparative condensed consolidated financial statements,
footnotes and related information for the periods identified below and should be read in conjunction with the unaudited condensed consolidated
financial statements and the notes to those statements that are included elsewhere in this report. The results discussed below are for
the three and six months ended June 30, 2023 and 2022.
Comparison
of Results of Continuing Operations for the Three and Six Months ended June 30, 2023 and 2022
Revenues:
For
the three and six months ended June 30, 2023 and 2022, revenues from continuing operations were:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Total revenue | |
$ | 709,293 | | |
$ | 493,782 | | |
$ | 1,406,322 | | |
$ | 1,012,925 | |
For
the three months ended June 30, 2023, revenues from continuing operations increased by $215,511 or 44% as compared to the three months
ended June 30, 2022. For the six months ended June 30, 2023 revenues increased by $393,397 or 39%, as compared to the six months ended
June 30, 2022. The increases were due to sales increases in multiple channels.
Cost
of sales
Cost
of sales includes inventory costs, materials and supplies costs, internal labor and related benefits, subcontractor costs, depreciation,
and allocated overheads and shipping and handling costs incurred.
| |
Three Months ended June 30, | | |
Six Months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Cost of sales: | |
$ | 507,155 | | |
$ | 458,330 | | |
$ | 1,129,434 | | |
$ | 990,894 | |
For
the three months ended June 30, 2023, cost of revenues increased by $48,825 or 11 % as compared to the three months ended June 30, 2022.
For the six months ended June 30, 2023, cost of revenues increased by $138,540 or 14% as compared to the six months ended June 30, 2022.
Cost of sales increased as sales revenue increased, but did not increase proportionately reflecting cost cutting efforts over the last
year.
Gross
profit
For
the three months ended June 30, 2023, gross profit was $202,138 as compared
to $35,452 for the prior year, an increase of $166,686 or 470%. For the six months ended June 30, 2023, gross profit was $276,888 as compared
to $22,031 for the prior year, an increase of $254,857 or 1,157%. For the three- and six-month periods the increases were due to higher
sales volume as well as product mix generating improved margin year over year.
Operating
expenses
For
the three months ended June 30, 2023, operating expenses increased by $26,007 or 3% compared to the three months ended June 30,
2022. For the six-month period ended June 20, 2023, operating expenses decreased by $277,497 or 15% as compared to the six months ended June 30, 2022. For the three and six months ended June 30, 2023 and 2022, operating
expenses consisted of the following:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Selling and marketing expenses | |
$ | 54,018 | | |
$ | 96,301 | | |
$ | 113,442 | | |
$ | 175,830 | |
Salaries, wages and related benefits | |
| 189,896 | | |
| 316,752 | | |
| 468,562 | | |
| 712,718 | |
Stock compensation expense | |
| 260,249 | | |
| 39,366 | | |
| 290,393 | | |
| 106,621 | |
Research and development | |
| 6,371 | | |
| 3,211 | | |
| 12,275 | | |
| 10,700 | |
Professional fees | |
| 112,762 | | |
| 188,794 | | |
| 302,221 | | |
| 442,773 | |
General and administrative expenses | |
| 258,508 | | |
| 211,463 | | |
| 447,514 | | |
| 463,261 | |
Total | |
$ | 881,894 | | |
$ | 855,887 | | |
$ | 1,634,407 | | |
$ | 1,911,903 | |
● |
For
the three months ended June 30, 2023, selling and marketing expenses decreased
by $42,283 or 44% as compared to the three months ended June 30, 2022. For the six months ended June 30, 2023, selling and marketing expenses
decreased by $62,388 or 35% as compared to the six months ended June 30, 2022. The decreases were due to attendance at fewer trade shows
in 2023 and the decision to bring certain consumer marketing efforts in-house. |
|
|
● |
For
the three months ended June 30, 2023, salaries, wages and related benefits decreased by $126,766 or 40%, as compared to the three
months ended June 30, 2022. For the six months ended June 30, 2023, salaries, wages and related benefits decreased by $244,156 or
34%, as compared to the six-months ended June 30, 2022. These decreases were due to reductions in headcount. |
|
|
●
|
For
the three months ended June 30, 2023, stock compensation expense increased by $220,883 or 561%. For the six months ended June 30,
2023, stock compensation expense increased $183,772 or 172%. The increase was due in substantial part to the grant of options to
employees in lieu of cash bonuses, payment of a portion of some salaries in options in lieu of cash, and other stock incentives to
employees and consultants. |
● |
For
the three months ended June 30, 2023, research and development costs increased by $3,160 or 98%, as compared to the three months
ended June 30, 2022. For the six months ended June 30, 2023, research and development costs increased by $1,575 or 15%, as compared
to the six months ended June 30, 2022. The changes were due to product development and testing expenses. |
|
|
● |
For
the three months ended June 30, 2023, professional fees decreased by $76,032
or 40%, as compared to the three months ended June 30, 2022. For the six months ended June 30, 2023, professional fees decreased by $140,552
or 32%, as compared to the six months ended June 30, 2022. The changes were due to a reduction in fees from professional services firms used by the Company. |
|
|
● |
For
the three months ended June 30, 2023, general and administrative expenses increased by $47,045 or 22% as compared to the three months
ended June 30, 2022 due to an increase in bad debt expenses for the quarter. For the six months ended June 30, 2023, general and administrative
expenses decreased by $15,747 or 3% as compared to the six months ended June 30, 2022 due to efforts to control costs in light of reduced
sales. |
Other Operating Income
For the three and six months ended June 30, 2023,
other operating income amounted to $11,420 as compared to $0 for the three and six months ended June 30, 2022. The difference is due to
one-time income booked for the settlement of a claim with a supplier in April of 2023.
Loss
from operations
As a result of the factors described above, for the three months ended
June 30, 2023, loss from operations amounted to $668,336 as compared to a loss of $820,435 for the three months ended June 30, 2022, a
reduction of $152,099 or 19%. For the six months ended June 30, 2023, loss from operations amounted to $1,346,099 as compared to a loss
of $1,889,872 for the six months ended June 30, 2022, a reduction of $543,773 or 29%.
Income
from investment in subsidiary
As
a result of the sale of a 70% interest in ANI , we now report our 30% share of ANI’s income or loss as an investment in a subsidiary.
For the three and six months ended June 30, 2023 there was income of $8,782 and $40,938, respectively. For the three and six-month periods
ended June 30, 2022, we recorded a loss from that investment of $3,161.
Interest
expense
For
the three months ended June 30, 2023 interest expense was $7,575 as compared to $8,337 in the prior year, and for the six months ended June 30, 2023
interest expense was $21,943 up from $15,635 in the prior year. The decrease for the three-month period was due in substantial part
to the payment of the Key Bank financing and reduced interest payable as financing leases mature. The increase in the six-month
comparative period was due to accrued interest on convertible notes outstanding.
Other
income
For
the three months ended June 30, 2023, other income was $16,264 as compared to $3,886 for the three months ended June 30, 2022. For the
six months ended June 30, 2023, other income was $23,202 as compared to $2,625 for the six months ended June 30, 2022. The increase was
due to a non-recurring tax refund plus interest income on the note receivable from a subsidiary.
Loss
from continuing operations
As
a result of the foregoing, we reported a loss from continuing operations of $650,865 for the three-month period ended June 30, 2023 and
a loss of $828,047 for the three-month period in the prior year, a reduction of $177,182 or 21%. For the six-month period ended June
30, 2023 our loss from continuing operations was $1,303,902 as compared to $1,906,043 for the six-month period ended June 30, 2022, a
reduction of $602,141 or 32%.
Income
(loss) from discontinued operations
Effective
May 31, 2022, we sold a 70% interest in our subsidiary ANI to two of its officers and long-time employees in exchange for a promissory
note in the face amount of $450,000. On a continuing basis, we no longer recognize income from this operation in the statement of operations.
For the three and six months ended June 30, 2022, we recognized a loss of $13,045 and income of $1,300, respectively. For the three and
six months ended June 30, 2022, we recognized a one-time gain on the sale of discontinued operations of $1,148,225.
Net
loss (income)
For
the three months ended June 30, 2023, net loss was $650,865 as compared to net income of $307,133 for the three months ended June 30,
2022. For the six months ended June 30, 2023, net loss amounted to $1,303,902 as compared to a loss of $756,518 for the six months ended
June 30, 2022. The net income in the quarter ended June 30, 2022 was primarily attributed to the one-time gain of $1,148,225 recognized
on the sale of ANI that also offset some of the losses for the six-month period in 2022.
LIQUIDITY
AND CAPITAL RESOURCES
Liquidity
is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. We had working capital
of $125,261 and $19,813 of unrestricted cash as of June 30, 2023 and working capital of $524,389 and $259,223 of unrestricted cash as
of December 31, 2022.
The
following table sets forth a summary of changes in our working capital from December 31, 2022 to June 30, 2023:
| |
| | |
| | |
December 31, 2022 to June 30, 2023 | |
| |
June 30,
2023 | | |
December 31, 2022 | | |
Change in Working
Capital | | |
Percentage Change | |
Working capital: | |
| | | |
| | | |
| | | |
| | |
Total current assets | |
$ | 1,491,328 | | |
$ | 1,900,858 | | |
$ | (409,530 | ) | |
| (21.54 | )% |
Total current liabilities | |
| 1,366,067 | | |
| 1,376,469 | | |
| 10,402 | | |
| 0.76 | % |
Working capital: | |
$ | 125,261 | | |
$ | 524,389 | | |
$ | (399,128 | ) | |
| (76.11 | )% |
The
decrease in current assets was primarily due to a reduction in cash and in prepaid expenses. The increase in current liabilities was
primarily due to an increase in accrued expenses, the current portion of notes payable and the current portion of operating lease liabilities,
partially offset by a decrease in accounts payable.
Net
cash used by operating activities was $(725,395) for the six months ended June 30, 2023 as compared to net cash used by operating activities
of $(1,163,180) for the six months ended June 30, 2022, a net change of $437,785 or a reduction of 38%. Net cash used by operating activities
for the six months ended June 30, 2023 primarily resulted from net loss from continuing operations of $1,303,902 adjusted for add-backs
of $416,037 and changes in operating assets and liabilities of $162,470.
Net
cash provided by continuing investing activities was $17,171 for the six months ended June 30, 2023, as compared to net cash used by
continuing investing activities of $(4,910) for the same period in 2022. The change was due in substantial part to payment on the note
from a subsidiary.
Net
cash provided by continuing financing activities was $468,814 for the six months ended June 30, 2023 reflecting $445,000 in proceeds
from sales of common stock, warrants and convertible notes, as compared to net cash provided by continuing financing activities of $1,298,146
for the same period in 2022. Net cash provided by discontinued financing activities was $0 and $20,000 for the six months ended June
30, 2023 and June 30, 2022, respectively.
Future
Liquidity and Capital Needs.
Our
principal future uses of cash are for working capital requirements, including working capital to support increased product sales, sales
and marketing expenses and reduction of accrued liabilities. Application of funds among these uses will depend on numerous factors including
our sales and other revenues and our ability to control costs.
Equipment
Financing and Loans
See
note 5 to our unaudited condensed consolidated financial statements regarding our equipment loan and financing leases.
Off-Balance
Sheet Arrangements
We
have not entered into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties.
We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder’s equity or that
are not reflected in our consolidated unaudited financial statements. Furthermore, we do not have any retained or contingent interest
in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have
any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages
in leasing, hedging or research and development services with us.
ITEM
3. Quantitative and Qualitative disclosures about market risk
Not
applicable to smaller reporting companies.
ITEM
4. Controls and Procedures
Under
the supervision and with the participation of our management, including our principal executive officer and principal financial officer,
we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in
Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the period covered by this report (the “Evaluation
Date”). Based upon this evaluation, our principal executive officer and principal financial officer concluded that we do not have
sufficient resources in our accounting function to have segregation of duties so that the initiation of transactions, the custody of
assets and the recording of transactions are performed by separate individuals. However, to the extent possible, these tasks are performed
by separate individuals. Management evaluated our failure to have segregation of duties on our assessment of our disclosure controls
and procedures and has concluded that the control deficiency that resulted represented a material weakness.
Our
management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and
procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control
system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs.
Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues
and instances of fraud, if any, within our company have been detected.
Changes
in Internal Control
There
were no changes identified in connection with our internal control over financial reporting during the three months ended June 30, 2023
that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
None
ITEM
1A. RISK FACTORS
Not
required of smaller reporting companies.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On
April 12, 2023, the Company granted 47,610 options under the 2021 Equity Plan and an additional 30,000 in options to Tom J. Berman our
President. The options were granted to individuals in lieu of cash for a portion of their salary for the period from December 31, 2022
through March 31, 2023. All options are at an exercise price of $0.65 per share for a four-year term and were fully vested on date of
grant.
On
April 14, 2023, the Company sold 196,851 shares of common stock to an accredited investor for proceeds of $246,064 and sold to that investor
warrants to purchase up to 196,813 shares of common stock for proceeds of $3,936. The warrants are exercisable at any time during the
four years after date of issue at a warrant exercise price of $1.75.
On
May 8, 2023, as part of a settlement agreement entered into on April 27, 2023, the Company sold to the counterparty 57,143 shares of
common stock for proceeds of $100,000 at a price of $1.75 per share.
In March 2023, we issued 52,800 shares of common stock to our landlord in partial payment of our rent in Michigan.
On
May 30, 2023 the Board granted 175,071 options under the 2021 Equity Plan to employees and consultants and an additional 399,228 options
to officers and to a consultant who is also a director. All options are at an exercise price of $0.65 per share.
On May 30, 2023, the Company issued 76,922 shares of restricted common
stock to a consultant as compensation for services.
On
June 16, 2023, the Company issued a note at face value of $50,000 and sold that investor, for a price of $0.02 per warrant, warrants
to purchase up to 10,000 shares of common stock at an exercise price of $1.75. On July 24, 2023, the Company sold a convertible note
at its face amount of $50,000. On that same day, the Company sold 133,333 shares of common stock for proceeds of $100,000.
In
July and August 2023, the Company granted an aggregate of 192,302 shares of restricted stock to four individuals who will serve on the
advisory committee.
Grants
under the 2021 Equity Plan were exempt under Rule 701. The sales and issuances of stock and other securities were exempt from registration
under Section 4(a)(2) of the Securities Act. Cash proceeds were used for general corporate purposes.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf
by the undersigned thereunto duly authorized.
|
Nano
Magic Inc.
(Registrant) |
|
|
Date:
August 14, 2023 |
/s/
Tom J. Berman |
|
Tom
J. Berman, |
|
President
and Chief Executive Officer |
|
|
Date:
August 14, 2023 |
/s/
Leandro Vera |
|
Leandro
Vera |
|
Chief
Financial Officer |
Exhibit 31.1
Certificate of Principal Executive Officer
Pursuant to Rule 13a-14(a)/15d-14(a)
I, Tom J. Berman, certify that:
1. I have reviewed this quarterly
report on Form 10-Q for the quarterly period ended June 30, 2023 of Nano Magic Inc. (the “registrant”);
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the
financial statements, and other financial information included in this report, fairly present, in all material respects, the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
4. The registrant’s other
certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting) as defined in the Exchange Act Rules 13a - 15(f) and
15d - 15(f)) for the registrant and have:
(a) Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
(b) Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any
change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and
5. The registrant’s other
certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors:
(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 14, 2023 |
/s/ Tom J. Berman |
|
Tom J. Berman
President and Chief Executive Officer |
Exhibit 31.2
Certificate of Principal Financial Officer
Pursuant to Rule 13a-14(a)/15d-14(a)
I, Leandro Vera, certify that:
1. I have reviewed this quarterly
report on Form 10-Q for the quarterly period ended June 30, 2023 of Nano Magic Inc. (the “registrant”);
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the
financial statements, and other financial information included in this report, fairly present, in all material respects, the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
4. The registrant’s other
certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting) as defined in the Exchange Act Rules 13a - 15(f) and
15d - 15(f)) for the registrant and have:
(a) Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
(b) Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any
change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and
5. The registrant’s other
certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors:
(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 14, 2023 |
/s/ Leandro Vera |
|
Leandro Vera |
|
Chief Financial Officer |
Exhibit 32.1
Section 1350 Certification of Principal Executive
Officer
In connection with the quarterly
report of Nano Magic Inc. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2023, as filed with the Securities
and Exchange Commission on the date hereof (the “Report”), I, Tom J. Berman, President of the Company, and I, Leandro Vera,
Chief Financial Officer, certify to the best of our knowledge:
1. The Report fully complies with
the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and
2. The information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: August 14, 2023 |
/s/ Tom J. Berman |
|
Tom J. Berman |
|
President and Chief Executive Officer |
|
|
Date: August 14, 2023 |
/s/ Leandro Vera |
|
Leandro Vera |
|
Chief Financial Officer |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 14, 2023 |
Cover [Abstract] |
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Document Type |
10-Q
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Document Period End Date |
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|
|
Document Fiscal Period Focus |
Q2
|
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Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
1-11602
|
|
Entity Registrant Name |
NANO
MAGIC INC.
|
|
Entity Central Index Key |
0000891417
|
|
Entity Tax Identification Number |
47-1598792
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
31601
Research Park Drive
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Entity Address, City or Town |
Madison Heights
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MI
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Entity Address, Postal Zip Code |
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(844)
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273-6462
|
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Title of 12(b) Security |
Common
Stock, $0.0001 par value
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NMGX
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
NET REVENUES |
$ 709,293
|
$ 493,782
|
$ 1,406,322
|
$ 1,012,925
|
COST OF SALES |
507,155
|
458,330
|
1,129,434
|
990,894
|
GROSS PROFIT |
202,138
|
35,452
|
276,888
|
22,031
|
OTHER OPERATING INCOME |
11,420
|
|
11,420
|
|
OPERATING EXPENSES: |
|
|
|
|
Selling and marketing expenses |
54,018
|
96,301
|
113,442
|
175,830
|
Salaries, wages and related benefits |
189,986
|
316,752
|
468,562
|
712,718
|
Stock compensation expense |
260,249
|
39,366
|
290,393
|
106,621
|
Research and development |
6,371
|
3,211
|
12,275
|
10,700
|
Professional fees |
112,762
|
188,794
|
302,221
|
442,773
|
General and administrative expenses |
258,508
|
211,463
|
447,514
|
463,261
|
Total Operating Expense |
881,894
|
855,887
|
1,634,407
|
1,911,903
|
LOSS FROM OPERATIONS |
(668,336)
|
(820,435)
|
(1,346,099)
|
(1,889,872)
|
OTHER INCOME (EXPENSE) |
|
|
|
|
Income (loss) from investment in subsidiary |
8,782
|
(3,161)
|
40,938
|
(3,161)
|
Interest expense |
(7,575)
|
(8,337)
|
(21,943)
|
(15,635)
|
Other income |
16,264
|
3,886
|
23,202
|
2,625
|
Total Other Income (Expense) |
17,471
|
(7,612)
|
42,197
|
(16,171)
|
LOSS FROM CONTINUING OPERATIONS |
(650,865)
|
(828,047)
|
(1,303,902)
|
(1,906,043)
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS |
|
|
|
|
Income (loss) from discontinued operations |
|
(13,045)
|
|
1,300
|
Gain on sale of discontinued operations |
|
1,148,225
|
|
1,148,225
|
NET INCOME FROM DISCONTINUED OPERATIONS |
|
1,135,180
|
|
1,149,525
|
NET (LOSS) INCOME |
$ (650,865)
|
$ 307,133
|
$ (1,303,902)
|
$ (756,518)
|
NET (LOSS) INCOME PER SHARE - BASIC: |
|
|
|
|
Continuing operations |
$ (0.06)
|
$ (0.08)
|
$ (0.12)
|
$ (0.19)
|
Discontinued operations |
|
0.11
|
|
0.11
|
NET (LOSS) INCOME PER SHARE - BASIC: |
(0.06)
|
0.03
|
(0.12)
|
(0.08)
|
NET (LOSS) INCOME PER SHARE - DILUTED: |
|
|
|
|
Continuing operations |
(0.06)
|
(0.08)
|
(0.12)
|
(0.19)
|
Discontinued operations |
|
0.11
|
|
0.11
|
NET (LOSS) INCOME PER SHARE - DILUTED: |
$ (0.06)
|
$ 0.03
|
$ (0.12)
|
$ (0.08)
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
Basic |
10,963,268
|
10,084,334
|
10,907,579
|
10,082,511
|
Diluted |
10,963,268
|
10,084,334
|
10,907,579
|
10,082,511
|
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS: |
|
|
Cash |
$ 19,813
|
$ 259,223
|
Accounts receivable, net |
353,750
|
348,565
|
Inventory, net |
1,049,562
|
1,120,073
|
Prepaid expenses |
23,203
|
132,997
|
Current portion of note receivable |
45,000
|
40,000
|
Total Current Assets |
1,491,328
|
1,900,858
|
Operating lease right-of-use assets |
943,100
|
1,037,749
|
Property, plant and equipment, net |
472,373
|
525,809
|
Note receivable, non-current |
326,175
|
375,983
|
Non-marketable equity investment in subsidiary |
291,085
|
250,146
|
Total Assets |
3,524,061
|
4,090,545
|
CURRENT LIABILITIES: |
|
|
Accrued expenses and other current liabilities |
327,761
|
276,132
|
Current portion of notes payable |
25,000
|
26,629
|
Current portion of finance leases |
26,248
|
39,005
|
Advances from related parties |
42,887
|
42,887
|
Current portion of operating lease liabilities |
153,488
|
142,173
|
Total Current Liabilities |
1,366,067
|
1,376,469
|
Notes payable and debt discount, net of current portion |
394,667
|
350,000
|
Finance leases, net of current portion |
12,396
|
24,194
|
Operating lease liabilities, net of current portion |
630,646
|
722,420
|
Total Liabilities |
2,403,776
|
2,473,083
|
Commitments and Contingencies (See Note 11) |
|
|
STOCKHOLDERS’ EQUITY: |
|
|
Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares issued and outstanding |
|
|
Common stock: $0.0001 par value, 30,000,000 shares authorized; 11,180,953 and 10,722,431 issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
1,117
|
1,072
|
Additional paid-in capital |
14,569,823
|
13,763,143
|
Accumulated deficit |
(13,450,655)
|
(12,146,753)
|
Total Stockholders’ Equity |
1,120,285
|
1,617,462
|
Total Liabilities and Stockholders’ Equity |
3,524,061
|
4,090,545
|
Nonrelated Party [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable - related parties |
690,066
|
762,524
|
Related Party [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable - related parties |
$ 100,617
|
$ 87,119
|
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
100,000
|
100,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
30,000,000
|
30,000,000
|
Common stock, shares issued |
11,180,953
|
10,722,431
|
Common stock, shares outstanding |
11,180,953
|
10,722,431
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member]
Common Class A [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 970
|
$ 11,960,011
|
$ (10,045,164)
|
$ 1,915,817
|
Balance, shares at Dec. 31, 2021 |
9,702,680
|
|
|
|
Common stock issued for cash, net of issuance costs |
$ 66
|
1,152,020
|
|
1,152,086
|
Common stock issued for cash, net of issuance costs, shares |
658,335
|
|
|
|
Stock-based compensation |
|
106,621
|
|
106,621
|
Warrants and options on private placement |
|
32,913
|
|
32,913
|
Net income (loss) |
|
|
(756,518)
|
(756,518)
|
Balance at Jun. 30, 2022 |
$ 1,036
|
13,251,565
|
(10,801,682)
|
2,450,919
|
Balance, shares at Jun. 30, 2022 |
10,361,015
|
|
|
|
Balance at Mar. 31, 2022 |
$ 1,008
|
12,702,228
|
(11,108,815)
|
1,594,421
|
Balance, shares at Mar. 31, 2022 |
10,077,681
|
|
|
|
Common stock issued for cash, net of issuance costs |
$ 28
|
495,806
|
|
495,834
|
Common stock issued for cash, net of issuance costs, shares |
283,334
|
|
|
|
Stock-based compensation |
|
39,366
|
|
39,366
|
Warrants and options on private placement |
|
14,165
|
|
14,165
|
Net income (loss) |
|
|
307,133
|
307,133
|
Balance at Jun. 30, 2022 |
$ 1,036
|
13,251,565
|
(10,801,682)
|
2,450,919
|
Balance, shares at Jun. 30, 2022 |
10,361,015
|
|
|
|
Balance at Dec. 31, 2022 |
$ 1,072
|
13,763,143
|
(12,146,753)
|
1,617,462
|
Balance, shares at Dec. 31, 2022 |
10,722,431
|
|
|
|
Common stock issued for cash, net of issuance costs |
$ 32
|
439,539
|
|
439,571
|
Common stock issued for cash, net of issuance costs, shares |
328,800
|
|
|
|
Stock-based compensation |
|
285,683
|
|
285,683
|
Stock issued for services |
$ 5
|
65,995
|
|
66,000
|
Stock issued for services, shares |
52,800
|
|
|
|
Warrants and options on private placement |
|
10,761
|
|
10,761
|
Net income (loss) |
|
|
(1,303,902)
|
(1,303,902)
|
Restricted stock issued for services |
8
|
4,702
|
|
4,710
|
Restricted stock issued for services, shares |
76,922
|
|
|
|
Balance at Jun. 30, 2023 |
$ 1,117
|
14,569,823
|
(13,450,655)
|
1,120,285
|
Balance, shares at Jun. 30, 2023 |
11,180,953
|
|
|
|
Balance at Mar. 31, 2023 |
$ 1,084
|
13,954,274
|
(12,799,790)
|
1,155,568
|
Balance, shares at Mar. 31, 2023 |
10,850,037
|
|
|
|
Common stock issued for cash, net of issuance costs |
$ 25
|
346,039
|
|
346,064
|
Common stock issued for cash, net of issuance costs, shares |
253,994
|
|
|
|
Stock-based compensation |
|
255,539
|
|
255,539
|
Stock issued for services |
$ 8
|
4,702
|
|
4,710
|
Stock issued for services, shares |
76,922
|
|
|
|
Warrants and options on private placement |
|
9,269
|
|
9,269
|
Net income (loss) |
|
|
(650,865)
|
(650,865)
|
Balance at Jun. 30, 2023 |
$ 1,117
|
$ 14,569,823
|
$ (13,450,655)
|
$ 1,120,285
|
Balance, shares at Jun. 30, 2023 |
11,180,953
|
|
|
|
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss from continuing operations |
$ (1,303,902)
|
$ (1,906,043)
|
Net income from discontinued operations |
|
1,149,525
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
Change in inventory obsolescence reserve |
(3,680)
|
2,331
|
Depreciation and amortization expense |
56,265
|
56,159
|
Bad debt expense |
47,997
|
30,629
|
Stock-based compensation and stock issued for services |
356,393
|
106,621
|
Income from investment in subsidiary |
(40,938)
|
|
Change in operating assets and liabilities: |
|
|
Accounts receivable |
(53,181)
|
23,121
|
Inventory |
74,190
|
52,166
|
Prepaid expenses and contract assets |
109,794
|
30,636
|
Accounts payable |
(47,650)
|
249,340
|
Accounts payable - related party |
13,498
|
(6,065)
|
Operating lease liabilities |
14,190
|
29,575
|
Accrued expenses |
51,629
|
79,607
|
Contract liabilities |
|
159,688
|
Total adjustments |
578,507
|
813,808
|
Net cash used by continuing operating activities |
(725,395)
|
(1,092,235)
|
Net cash used by discontinued operating activities |
|
(70,945)
|
NET CASH USED BY OPERATING ACTIVITIES |
(725,395)
|
(1,163,180)
|
CASH FLOWS FROM CONTINUING INVESTING ACTIVITIES |
|
|
Proceeds from note receivable |
20,000
|
|
Purchases of property and equipment |
(2,829)
|
(4,910)
|
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |
17,171
|
(4,910)
|
CASH FLOWS FROM CONTINUING FINANCING ACTIVITIES |
|
|
Proceeds from sale of common stock and warrants |
445,000
|
1,184,999
|
Proceeds from issuance of convertible debt and warrants |
50,000
|
200,000
|
Repayment of bank loans |
(1,630)
|
(15,454)
|
Repayment of finance leases |
(24,556)
|
(20,334)
|
Repayment of advances from related parties |
|
(51,065)
|
Net cash provided by continuing financing activities |
468,814
|
1,298,146
|
Net cash provided by discontinued financing activities |
|
20,000
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
468,814
|
1,318,146
|
NET (DECREASE) INCREASE IN CASH |
(239,410)
|
150,056
|
CASH in continuing operations, beginning of period |
259,223
|
197,932
|
CASH in discontinued operations, beginning of period |
|
44,542
|
CASH, end of period |
19,813
|
392,530
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
Cash paid during the period for interest |
$ 21,943
|
$ 15,635
|
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v3.23.2
ORGANIZATION AND BASIS OF PRESENTATION
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND BASIS OF PRESENTATION |
NOTE
1 – ORGANIZATION AND BASIS OF PRESENTATION
Organization
Nano
Magic Inc. (“we”, “us”, “our”, “Nano Magic” or the “Company”), a Delaware
corporation, develops and sells a portfolio of nano-layer coatings, nano-based cleaners, and nano-composite products based on its proprietary
technology. On March 2, 2021 we changed our name to Nano Magic Holdings Inc. On December 31, 2022, our wholly-owned subsidiary Nano Magic
LLC was merged into the parent company and we changed our name to Nano Magic Inc.
Effective
May 31, 2022, we sold a 70% interest in our subsidiary, Applied Nanotech, Inc. (“ANI”). The contract research services performed
by ANI for governmental and private customers was previously reported as our Contract research segment. As a result of this sale, the
Company has deconsolidated ANI from its financial reporting, and we now report as only one segment. We retain a 30% interest in ANI that
is now recorded as an equity investment.
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“US GAAP”) for interim financial information. Accordingly, they do not include
all the information and disclosures required by US GAAP for annual financial statements. In the opinion of management, such statements
include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited
condensed consolidated financial statements of the Company as of June 30, 2023 and for the three and six months ended June 30, 2023 and
2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results
for the full year ending December 31, 2023 or any other period. The balance sheet at December 31, 2022 has been derived from the audited
financial statement at that date but does not include all the information and footnotes required by accounting principles generally accepted
in the United States for complete financial statements. These unaudited condensed consolidated financial statements should be read in
conjunction with the audited consolidated financial statements and related disclosures of the Company as of December 31, 2022 and for
the year then ended, which were filed with the Securities and Exchange Commission on Form 10-K on April 11, 2023.
Going
Concern
These
unaudited consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of
assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the unaudited
consolidated financial statements, the Company had losses from continuing operations and net cash used by continuing operations of
$1,303,902
and $725,395
for the six months ended June 30, 2023 and a loss from continuing operations of $1,906,043
and cash used by continuing operations $1,092,235
for the six months ended June 30, 2022. These factors raise substantial doubt about the Company’s ability to continue as a
going concern within one year after the date that these unaudited consolidated financial statements are issued. Management cannot
provide assurance that the Company will ultimately achieve profitable operations, become cash flow positive or raise additional
capital. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which
contemplates the realization of assets and satisfaction of liabilities in the normal course of business. They do not include any
adjustments related to the recoverability and/or classification of the recorded asset amounts and/or the classification of the
liabilities that might be necessary should the Company be unable to continue as a going concern.
Reclassifications
Certain
accounts and financial statement captions in the prior periods have been reclassified to conform to the current period. These reclassifications
had no effect on the previously reported net loss.
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v3.23.2
DISCONTINUED OPERATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
DISCONTINUED OPERATIONS |
NOTE
2 – DISCONTINUED OPERATIONS
Effective
May 31, 2022, we sold a 70% interest in our subsidiary ANI to two of its officers and long-term employees in exchange for a promissory
note in the face amount of $450,000. The note bears interest at 7% and has semi-annual payments of principal initially in the amount
of $20,000, increasing to $25,000 in May 2024 and to $30,000 in May 2026, with a final balloon payment of $80,000 due on December 31,
2029. The note is secured by a stock pledge, described below. In conjunction with the sale, we recognized a one-time gain of $1,148,225.
In
connection with the sale, the capital structure of Applied Nanotech was changed to give us, as the holder of Class B common stock of
Applied Nanotech, a 30% economic interest, certain information rights, special consent rights, and tag-along rights, as well as the obligation
to sell our stock under certain circumstances if other stockholders are selling. The Class A stock acquired by the buyers was pledged
to secure the promissory note given in payment of the purchase price.
The
following includes the detail of major classes of assets and liabilities of discontinued operations summarized on the accompanying unaudited
consolidated financial statements:
The
following is the detail of major line items that constitute income (loss) from discontinued operations:
SCHEDULE OF INCOME (LOSS) FROM DISCONTINUED OPERATIONS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | - | | |
$ | 91,329 | | |
$ | - | | |
$ | 258,444 | |
Cost of Sales | |
| - | | |
| 76,947 | | |
| - | | |
| 211,029 | |
Gross Profit | |
| - | | |
| 14,382 | | |
| - | | |
| 47,415 | |
| |
| | | |
| | | |
| | | |
| | |
Salaries, wages and related benefits | |
| - | | |
| 17,684 | | |
| - | | |
| 23,573 | |
General and administrative expenses | |
| - | | |
| 9,514 | | |
| - | | |
| 21,961 | |
Professional fees | |
| - | | |
| - | | |
| - | | |
| - | |
Interest and other expense | |
| - | | |
| 229 | | |
| - | | |
| 581 | |
Net income (loss) on discontinued operations | |
$ | - | | |
$ | (13,045 | ) | |
$ | - | | |
$ | 1,300 | |
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v3.23.2
INVENTORY
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORY |
NOTE
3 – INVENTORY
At
June 30, 2023 and December 31, 2022, inventory consisted of the following:
SCHEDULE
OF INVENTORY
|
|
June
30, 2023 |
|
|
December
31, 2022 |
|
Raw materials |
|
$ |
665,155 |
|
|
$ |
695,774 |
|
Work-in-progress |
|
|
241,110 |
|
|
|
256,095 |
|
Finished goods |
|
|
324,495 |
|
|
|
353,082 |
|
Inventory,
gross |
|
|
1,230,760 |
|
|
|
1,304,951 |
|
Less: reserve for obsolescence |
|
|
(181,198 |
) |
|
|
(184,878 |
) |
Inventory, net |
|
$ |
1,049,562 |
|
|
$ |
1,120,073 |
|
|
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v3.23.2
INVESTMENT IN SUBSIDIARY
|
6 Months Ended |
Jun. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
INVESTMENT IN SUBSIDIARY |
NOTE
4 – INVESTMENT IN SUBSIDIARY
The
Company is accounting for its 30% ownership interest in ANI by the equity method of accounting under which the Company’s share
of the net income (loss) of ANI is recognized as income (loss) in the Company’s statement of operations. Any dividends received
from ANI as well as periodic losses for the Company’s 30% share will be treated as a reduction of the investment account. At June
30, 2023, the investment was $291,085, included in non-current assets. For the three- and six-month periods ended June 30, 2023, the
Company recorded income from the investment in the subsidiary of $8,782 and $40,938 respectively. For the three and six-month periods ended June 30, 2022, the Company recorded a net loss from the investment in subsidiary
of $3,161.
|
X |
- DefinitionThe entire disclosure for investment.
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v3.23.2
NOTES PAYABLE AND FINANCE LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Notes Payable And Finance Leases |
|
NOTES PAYABLE AND FINANCE LEASES |
NOTE
5 – NOTES PAYABLE AND FINANCE LEASES
Notes
Payable
On
January 7, 2022, the Company sold to one investor a $100,000 convertible note due March 31, 2025. On January 26, 2022, and January 31,
2022, the Company sold two $50,000 convertible notes to two different investors. The two $50,000 notes are due March 31, 2026. All three
notes were issued at face value, and bear interest at 8% per annum, payable semi-annually in cash. The notes are convertible at any time
at the option of the holder into shares of common stock at a conversion price of $1.75 per share.
On
July 27, 2022, the Company sold two convertible notes, one for $50,000 and one for $25,000, both due on March 31, 2025. On August 22,
2022, the Company sold a $25,000 convertible promissory note due March 31, 2026. All three notes were issued at face value, and bear
interest at 8% per annum, payable semi-annually in cash. The notes are convertible at any time at the option of the holder into shares
of common stock at a conversion price of $1.75 per share.
On
October 26, 2022, the Company sold to an investor a $25,000 convertible promissory note due October 31, 2023. Issued at face value, the
note bears interest at 8% per annum, payable semi-annually in cash. The note is convertible at any time at the option of the holder into
shares of common stock at a conversion price of $1.75 per share.
On
December 18, 2022, the Company issued a convertible promissory note for $50,000 that is secured by certain payroll tax credits the Company
is entitled to receive under the Employee Retention Tax Credit program. The note was issued at face value and bears interest at 8% per
annum, payable at maturity which is eighteen months from date of issue. The note can be converted to common stock at any time at the
option of the holders at a conversion price of $1.75 per share at which point accrued interest will be paid in cash.
On
June 14, 2023, the Company issued a convertible, secured note and warrants to purchase 10,000 shares of the Company’s common
stock for $50,000
with the same terms as the one issued on December 18, 2022. The warrants were recorded as a debt discount on the date of issuances for
a total value of $5,333.
At
June 30, 2023 and at December 31, 2022, we had outstanding convertible notes aggregating $419,667
and $375,000
in principal amount, net of unamortized debt discount of $5,333 and $0, respectively. The convertible promissory notes have not been included in diluted earnings per share as they would be
anti-dilutive.
On
February 10, 2015, Nano Magic entered into a $373,000 promissory note (the “Equipment Note”) with KeyBank, N.A. (the “Bank”).
The unpaid principal balance of this Equipment Note was payable in 60 equal monthly instalments payments of principal and interest through
June 10, 2020. The Equipment Note was secured by certain equipment, as defined in the Equipment Note, and bore interest computed at a
rate of interest of 4.35% per annum based on a year of 360 days. On June 18, 2019, Nano Magic entered into an Amendment to the Equipment
Note with the Bank. By the amendment, the maturity date of the note was extended until April 10, 2022, the interest rate was raised to
6.29% per year, and the monthly payments were reduced to $4,053 per month, including interest. On May 2, 2022, we amended the Equipment
Note with Key Bank to extend the due date on the note until December 10, 2022. The interest rate remained the same at 6.29% per year and
the monthly payments remained at $4,053 per month. At June 30, 2023, the principal amount due under the Equipment Note had been paid in
full. At December 31, 2022, $1,629 was outstanding under the Equipment Note.
Finance
Leases
On
August 11, 2020, the company entered into a finance lease for furniture. We financed $60,684 over a period of 36 months with monthly
payments of $1,972 during that time. As of June 30, 2023, the balance on the lease was $1,955 all of which is current.
On
September 24, 2020, the company entered into a finance lease with Raymond Leasing Corporation for a forklift. Nano Magic LLC financed
$14,250. The lease term is 36 months with monthly payments of $425. As of June 30, 2023, the balance on the lease was $1,266, all of which is current.
In
December 2020, the company entered into a finance lease for production equipment. We financed $85,000 over a period of 48 months with
monthly payments of $2,135 during that time. As of June 30, 2023, the balance on the lease was $35,422; the current and non-current portions
were $23,026 and $12,396, respectively.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
6 – RELATED PARTY TRANSACTIONS
At
June 30, 2023 and at December 31, 2022, accounts payable – related parties totaled $100,617 and $87,119, respectively, and is presented separately in current liabilities.
These balances consist of amounts owed to directors and officers as well as to the landlord controlled by two of the Company’s directors.
Other compensation paid to directors was:
SCHEDULE
OF RELATED PARTY TRANSACTIONS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months ended June 30, | | |
Six Months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Ronald J. Berman | |
$ | - | | |
$ | 30,000 | + | |
$ | - | | |
$ | 84,150 | + |
Tom J. Berman | |
$ | 60,000 | * | |
$ | 60,300 | * | |
$ | 120,000 | * | |
$ | 115,600 | * |
Scott E. Rickert | |
$ | - | | |
$ | 15,000 | ++ | |
$ | - | | |
$ | 30,000 | ++ |
Other compensation | |
$ | - | | |
$ | 15,000 | ++ | |
$ | - | | |
$ | 30,000 | ++ |
+ |
Legal
and consulting fees. |
* |
Indicates
gross amount accrued as salary. In an effort to save cash, the company is satisfying the accrued salary through a combination of cash
and stock in each period. |
++ |
Repayment
of advances previously made to the Company |
At
June 30, 2023 and at December 31, 2022, aggregate advances from Scott & Jeanne Rickert were $42,887. On both those dates, accrued
payroll for the Rickerts was an aggregate of $16,000, which is included within accounts payable – related parties on the accompanying balance sheets.
We
granted options to our President and CEO Tom Berman in lieu of salary: In April, an option to purchase up to 30,000
shares, fully vested for salary not paid from January to March, and, in May, a second option for up to 69,228
shares that vest at the rate of 7,692
shares monthly for salary not paid in April and subsequent months of 2023. Also in May, we granted our Chief Financial Officer an
option for up to 100,000
shares in recognition of his services from 2019 through 2022. Both our CFO and our General Counsel were granted options in May for
up to 60,000
shares, vesting 5,000
shares per month starting in January 2023 and each month thereafter. In May, 2023, we also granted director Ronald Berman an option
to purchase up to 50,000
shares for services previously rendered and granted him an option for 45,000
shares that vest at the rate of 5,000
shares per month beginning in April and for each calendar month of 2023. All options have an exercise price of $0.65
per share and a four-year term.
One
of the purchasers of the 70% interest in Applied Nanotech in May, 2022, was Richard Fink who was one of our named executive officers
until that sale.
Mr.
Ron Berman and Mr. Tom Berman are the managers of the limited liability company that is the manager of PEN Comeback, LLC, PEN Comeback
2, LLC, Magic Growth, LLP, Magic Growth 2 LLC and Magic Growth 3 LLC. These five limited liability companies purchased shares of common
stock and derivative securities from us in 2018, 2019, 2020, 2021 and 2022. See the subsection on Sales of Stock under Issuances of Common
Stock in Note 7.
In
addition, Mr. Tom Berman and Mr. Ron Berman are two of three individuals who share voting power of the sole manager of the limited liability
company that is our landlord in Michigan. Together, Tom and Ron Berman hold, in the aggregate, a 5% economic interest in the landlord
entity. Another director, Miles Gatland, owns a 12.5% interest in the Michigan landlord and he is a co-guarantor on the debt of that
limited liability company. The lease for the Michigan facility gives us the right, during the first three years of the lease, to buy
up to a 49% interest in the landlord for a price equal to 49% of the contributions received from other members. See Note 7, Stockholder’s
Equity regarding the issuance of stock in partial satisfaction of unpaid rent. At June 30, 2023 and at December 31, 2022, rents accrued and unpaid totaled $57,111 and $57,119, respectively.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
7 – STOCKHOLDERS’ EQUITY
Description
of Preferred and Common Stock
Preferred
Stock
The
preferred stock may be issued in one or more series. The Company’s board of directors are authorized to issue the shares of preferred
stock in such series and to fix from time to time before issuance thereof the number of shares to be included in any such series and
the designation, powers, preferences and relative, participating, optional or other rights, and the qualifications, limitations or restrictions
thereof, of such series.
Common
Stock
The
rights of each share of common are the same with respect to dividends, distributions and rights upon liquidation. Holders of common stock
each have one vote per share in the election of directors and other matters submitted to a vote of the stockholders.
Issuances
of Common Stock
Common
Stock Issued for Services
In
February 2023, we reached an agreement with the landlord of our Michigan facility to accept 52,800 shares of our common stock at a price
of $1.25 per share as partial payment of rent for the six-month period from October 2022 through March 2023. Those shares were issued
in March, 2023.
In
May 2023, we reached a further agreement with the landlord that calls for us to pay cash each month to cover the cost of the mortgage
and the lease for the lighting fixtures, but that will allow us to pay the balance of the rent by issuing shares of our stock valued
at $0.75 per share. We have the option to continue to use stock to pay a portion of the rent through 2024.
On
May 30, 2023, the Company issued 76,922 shares of restricted common stock to a consultant as compensation for services. The shares are
subject to forfeiture until vested. So long as the consulting services agreement remains in effect 4,273 shares vested in May for prior service, and another 4,273 shares vest at the end
of May and each calendar month thereafter, with 4,277 shares vesting in December 2023. During 2024, 3,205 shares will vest at the end
of each month, with 3,206 shares vesting at the end of December 2024.
Sales
of Common Stock and Derivative Equity Securities
During
the quarter ended June 30, 2023, the Company sold 253,994 shares
of common stock for proceeds of $346,064 and
warrants to purchase up to 196,813 shares
of common stock for proceeds of $4,136.
The warrants are exercisable at any time during the four years after date of issue at a warrant exercise price of $1.75.
During the six-months ended June 30, 2023 the Company sold 328,800 shares
of common stock for proceeds of $439,571 and
warrants to purchase up to 271,439 shares
of common stock for proceeds of $5,428.
The warrants are exercisable at any time during the four years after date of issue at a warrant exercise price of $1.75. Also during the three-months ended June 30, 2023, the Company sold 10,000 warrants in connection with the issuance of a convertible note
payable of $50,000 as disclosed in Note 5. In accordance with ASC 470, 11% of the value of the total convertible note payable was allocated
to the warrants.
During
the quarter ended June 30, 2022, the Company sold 283,334
shares of common stock for proceeds of $495,834
and warrants to purchase up to 283,310
shares of common stock for proceeds of $14,165.
The warrants are exercisable at any time during the four years after date of issue at a warrant exercise price of $2.25.
During the six-months ended June 30, 2022, the Company sold 658,335
shares of common stock for proceeds of $1,152,086
and warrants to purchase up to 658,275
shares of common stock for proceeds of $32,913.
The warrants are exercisable at any time during the four years after date of issue at a warrant exercise price of $2.25.
Stock
Options
Stock
options to purchase common stock outstanding at June 30, 2023 include those described below. No options were exercised during the period.
No options have been included in diluted earnings per share as they would be anti-dilutive.
SCHEDULE
OF STOCK OPTION PLAN ACTIVITY
| |
Number
of Options | | |
Weighted
Average Exercise Price | | |
Weighted
Average Remaining Contractual Term (Years) | | |
Aggregate Intrinsic Value | |
Outstanding
December 31, 2022 | |
| 2,760,991 | | |
$ | 0.77 | | |
| 4.09 | | |
$ | 777,723 | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| 636,909 | | |
| 0.65 | | |
| 3.90 | | |
| 222,918 | |
Expired
& forfeited | |
| (21,580 | ) | |
| 0.88 | | |
| - | | |
| (5,382 | ) |
Outstanding
June 30, 2023 | |
| 3,376,320 | | |
$ | 0.71 | | |
| 3.65 | | |
$ | 995,259 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable
June 30, 2023 | |
| 1,686,793 | | |
$ | 0.67 | | |
| 2.92 | | |
$ | 552,087 | |
SCHEDULE
OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS SHARE
|
|
June
30, 2023 |
|
|
December
31, 2022 |
|
Stock options |
|
|
3,376,320 |
|
|
|
2,760,991 |
|
Stock warrants |
|
|
7,722,078 |
|
|
|
7,440,639 |
|
Total |
|
|
11,098,398 |
|
|
|
10,201,630 |
|
Warrants
As
of June 30, 2023, there were outstanding and exercisable warrants to purchase 7,722,078 shares of common stock. On May 26, 2022, the
Board acted to extend the term of warrants that were issued in 2018, 2019, or the first quarter of 2020, adding an additional two years
to the term of each of the 4,052,003 warrants issued in that period. The outstanding warrants have a weighted average exercise price
of $1.72 per share and a weighted average remaining contractual term of 23.9 months. As of June 30, 2023, there was no intrinsic value
for the warrants. No warrants have been included in diluted earnings per share as they would be anti-dilutive.
2021
Equity Incentive Plan
On March 2, 2021, our Board adopted the 2021 Nano Magic 2021 Equity Incentive
Plan (the “Plan”) to allow equity compensation for those
who provide services to the Company and to encourage ownership in the Company by personnel whose service to the Company is important
to its continued progress, to encourage recipients to act as owners and thereby in the stockholders’ interest and to enable recipients
to share in the Company’s success. Initially, 85,000 shares were available for issuance under the Plan and that number of options
were also granted to employees on March 2, 2021. On April 8, 2021 the number of shares under the Plan was increased by 2,500, and an
additional 2,500 options were granted. On June 21, 2021 an additional 200,000 shares were made available for issuance under the Plan
and options for 100,000 shares were granted, but subsequently forfeited. In February 2022, we granted 130,700 options with an exercise
price of $0.80 and weighted average fair value on the grant date of $0.60.
On
April 12, 2023, the Company granted 47,610 options under the 2021 Equity Plan. On May 30, 2023 the Board granted an additional 175,071
options under the 2021 Equity Plan to employees and a consultant. All options are at an exercise price of $0.65.
Other
Options
On
April 12, 2023, the Company issued an additional 30,000 options to Tom J. Berman, our President. On May 30, 2023, the Board granted 384,228
options to officers and to a consultant who is also a director.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
8 – COMMITMENTS AND CONTINGENCIES
Litigation
The
Company may be, from time to time, subject to various administrative, regulatory, and other legal proceedings arising in the ordinary
course of business. As of June 30, 2023 we were not a defendant in any proceedings. Our policy is to accrue costs for contingent liabilities,
including legal proceedings or unasserted claims that may result in legal proceedings, when a liability is probable and the amount can
be reasonably estimated. As of June 30, 2023, the Company has not accrued any amount for litigation contingencies.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
9 – SUBSEQUENT EVENTS
On June 16, 2023, the Company issued a note at face value of $50,000 and
sold that investor, for a price of $0.02 per warrant, warrants to purchase up to 10,000 shares of common stock at an exercise price of
$1.75. In
July 24, 2023, the Company sold a convertible note at its face amount of $50,000. On that same day, the Company sold 133,333 shares of
common stock for proceeds of $100,000.
On
July 19, 2023, the Board authorized the creation of an Advisory Committee. In August the Company agreed to issue to each of three individuals
who will serve on that committee a total of 38,460 shares of restricted stock for their services during 2023.
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v3.23.2
DISCONTINUED OPERATIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
SCHEDULE OF INCOME (LOSS) FROM DISCONTINUED OPERATIONS |
The
following is the detail of major line items that constitute income (loss) from discontinued operations:
SCHEDULE OF INCOME (LOSS) FROM DISCONTINUED OPERATIONS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | - | | |
$ | 91,329 | | |
$ | - | | |
$ | 258,444 | |
Cost of Sales | |
| - | | |
| 76,947 | | |
| - | | |
| 211,029 | |
Gross Profit | |
| - | | |
| 14,382 | | |
| - | | |
| 47,415 | |
| |
| | | |
| | | |
| | | |
| | |
Salaries, wages and related benefits | |
| - | | |
| 17,684 | | |
| - | | |
| 23,573 | |
General and administrative expenses | |
| - | | |
| 9,514 | | |
| - | | |
| 21,961 | |
Professional fees | |
| - | | |
| - | | |
| - | | |
| - | |
Interest and other expense | |
| - | | |
| 229 | | |
| - | | |
| 581 | |
Net income (loss) on discontinued operations | |
$ | - | | |
$ | (13,045 | ) | |
$ | - | | |
$ | 1,300 | |
|
X |
- DefinitionTabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.
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v3.23.2
INVENTORY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORY |
At
June 30, 2023 and December 31, 2022, inventory consisted of the following:
SCHEDULE
OF INVENTORY
|
|
June
30, 2023 |
|
|
December
31, 2022 |
|
Raw materials |
|
$ |
665,155 |
|
|
$ |
695,774 |
|
Work-in-progress |
|
|
241,110 |
|
|
|
256,095 |
|
Finished goods |
|
|
324,495 |
|
|
|
353,082 |
|
Inventory,
gross |
|
|
1,230,760 |
|
|
|
1,304,951 |
|
Less: reserve for obsolescence |
|
|
(181,198 |
) |
|
|
(184,878 |
) |
Inventory, net |
|
$ |
1,049,562 |
|
|
$ |
1,120,073 |
|
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF RELATED PARTY TRANSACTIONS |
SCHEDULE
OF RELATED PARTY TRANSACTIONS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months ended June 30, | | |
Six Months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Ronald J. Berman | |
$ | - | | |
$ | 30,000 | + | |
$ | - | | |
$ | 84,150 | + |
Tom J. Berman | |
$ | 60,000 | * | |
$ | 60,300 | * | |
$ | 120,000 | * | |
$ | 115,600 | * |
Scott E. Rickert | |
$ | - | | |
$ | 15,000 | ++ | |
$ | - | | |
$ | 30,000 | ++ |
Other compensation | |
$ | - | | |
$ | 15,000 | ++ | |
$ | - | | |
$ | 30,000 | ++ |
+ |
Legal
and consulting fees. |
* |
Indicates
gross amount accrued as salary. In an effort to save cash, the company is satisfying the accrued salary through a combination of cash
and stock in each period. |
++ |
Repayment
of advances previously made to the Company |
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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v3.23.2
STOCKHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF STOCK OPTION PLAN ACTIVITY |
SCHEDULE
OF STOCK OPTION PLAN ACTIVITY
| |
Number
of Options | | |
Weighted
Average Exercise Price | | |
Weighted
Average Remaining Contractual Term (Years) | | |
Aggregate Intrinsic Value | |
Outstanding
December 31, 2022 | |
| 2,760,991 | | |
$ | 0.77 | | |
| 4.09 | | |
$ | 777,723 | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Issued | |
| 636,909 | | |
| 0.65 | | |
| 3.90 | | |
| 222,918 | |
Expired
& forfeited | |
| (21,580 | ) | |
| 0.88 | | |
| - | | |
| (5,382 | ) |
Outstanding
June 30, 2023 | |
| 3,376,320 | | |
$ | 0.71 | | |
| 3.65 | | |
$ | 995,259 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable
June 30, 2023 | |
| 1,686,793 | | |
$ | 0.67 | | |
| 2.92 | | |
$ | 552,087 | |
|
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS SHARE |
SCHEDULE
OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS SHARE
|
|
June
30, 2023 |
|
|
December
31, 2022 |
|
Stock options |
|
|
3,376,320 |
|
|
|
2,760,991 |
|
Stock warrants |
|
|
7,722,078 |
|
|
|
7,440,639 |
|
Total |
|
|
11,098,398 |
|
|
|
10,201,630 |
|
|
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v3.23.2
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) - USD ($)
|
|
6 Months Ended |
May 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
|
Net cash used by continuing operations |
|
$ 1,303,902
|
$ 1,906,043
|
Net cash used by continuing operations |
|
$ 725,395
|
$ 1,092,235
|
Parent [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Ownership percentage |
30.00%
|
|
|
Applied Nanotech, Inc. [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Sale of interest in subsidiary |
70.00%
|
30.00%
|
|
X |
- DefinitionAmount after tax of income (loss) from continuing operations attributable to the parent.
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v3.23.2
SCHEDULE OF INCOME (LOSS) FROM DISCONTINUED OPERATIONS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Discontinued Operations and Disposal Groups [Abstract] |
|
|
|
|
Net Revenues |
|
$ 91,329
|
|
$ 258,444
|
Cost of Sales |
|
76,947
|
|
211,029
|
Gross Profit |
|
14,382
|
|
47,415
|
Salaries, wages and related benefits |
|
17,684
|
|
23,573
|
General and administrative expenses |
|
9,514
|
|
21,961
|
Professional fees |
|
|
|
|
Interest and other expense |
|
229
|
|
581
|
Net income (loss) on discontinued operations |
|
$ (13,045)
|
|
$ 1,300
|
X |
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DISCONTINUED OPERATIONS (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
May 31, 2022 |
Jun. 30, 2023 |
Jun. 16, 2023 |
Related Party Transaction [Line Items] |
|
|
|
Debt instrument face amount |
|
|
$ 50,000
|
Applied Nanotech, Inc. [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Sale of interest in subsidiary |
70.00%
|
30.00%
|
|
Debt instrument face amount |
$ 450,000
|
|
|
Debt instrument bear interest |
7.00%
|
|
|
Debt instrument, periodic payment, principal |
$ 20,000
|
|
|
Balloon payment |
80,000
|
|
|
Gain on sale of discontinued operations |
1,148,225
|
|
|
Applied Nanotech, Inc. [Member] | May 2024 [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Debt instrument, periodic payment, principal |
25,000
|
|
|
Applied Nanotech, Inc. [Member] | May 2026 [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Debt instrument, periodic payment, principal |
$ 30,000
|
|
|
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v3.23.2
SCHEDULE OF INVENTORY (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 665,155
|
$ 695,774
|
Work-in-progress |
241,110
|
256,095
|
Finished goods |
324,495
|
353,082
|
Inventory, gross |
1,230,760
|
1,304,951
|
Less: reserve for obsolescence |
(181,198)
|
(184,878)
|
Inventory, net |
$ 1,049,562
|
$ 1,120,073
|
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v3.23.2
INVESTMENT IN SUBSIDIARY (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
May 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Investment amount |
|
$ 291,085
|
|
$ 291,085
|
|
Income (loss) from investment in subsidiary |
|
$ 8,782
|
$ (3,161)
|
$ 40,938
|
$ (3,161)
|
Applied Nanotech, Inc. [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Sale of interest in subsidiary |
70.00%
|
|
|
30.00%
|
|
X |
- DefinitionIncome (loss) from investment in subsidiary.
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v3.23.2
NOTES PAYABLE AND FINANCE LEASES (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
Oct. 26, 2022 |
Aug. 22, 2022 |
Jul. 27, 2022 |
May 02, 2022 |
Jan. 31, 2022 |
Jan. 26, 2022 |
Jan. 07, 2022 |
Sep. 24, 2020 |
Aug. 11, 2020 |
Jun. 18, 2019 |
Feb. 10, 2015 |
Dec. 31, 2020 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 16, 2023 |
Jun. 14, 2023 |
Dec. 18, 2022 |
Warrants to purchase up |
|
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
|
|
|
Proceeds from issuance of debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ 5,333
|
$ 0
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
|
Finance lease, liability |
|
|
|
|
|
|
|
|
|
|
|
|
35,422
|
|
|
|
|
Finance lease, liability, current |
|
|
|
|
|
|
|
|
|
|
|
|
26,248
|
39,005
|
|
|
|
Finance lease, liability, noncurrent |
|
|
|
|
|
|
|
|
|
|
|
|
12,396
|
24,194
|
|
|
|
Production Equipment [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance lease, liability |
|
|
|
|
|
|
|
|
|
|
|
$ 85,000
|
|
|
|
|
|
Lessee, finance lease, term of contract |
|
|
|
|
|
|
|
|
|
|
|
48 months
|
|
|
|
|
|
Finance lease, principal payments |
|
|
|
|
|
|
|
|
|
|
|
$ 2,135
|
|
|
|
|
|
Finance lease, liability, current |
|
|
|
|
|
|
|
|
|
|
|
|
23,026
|
|
|
|
|
Finance lease, liability, noncurrent |
|
|
|
|
|
|
|
|
|
|
|
|
12,396
|
|
|
|
|
Raymond Leasing Corporation [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance lease, liability |
|
|
|
|
|
|
|
$ 14,250
|
|
|
|
|
|
|
|
|
|
Lessee, finance lease, term of contract |
|
|
|
|
|
|
|
36 months
|
|
|
|
|
|
|
|
|
|
Finance lease, principal payments |
|
|
|
|
|
|
|
$ 425
|
|
|
|
|
|
|
|
|
|
Finance lease, liability, current |
|
|
|
|
|
|
|
|
|
|
|
|
1,266
|
|
|
|
|
Michigan Facility [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance lease, liability |
|
|
|
|
|
|
|
|
$ 60,684
|
|
|
|
|
|
|
|
|
Lessee, finance lease, term of contract |
|
|
|
|
|
|
|
|
36 months
|
|
|
|
|
|
|
|
|
Finance lease, principal payments |
|
|
|
|
|
|
|
|
$ 1,972
|
|
|
|
|
|
|
|
|
Finance lease, liability, current |
|
|
|
|
|
|
|
|
|
|
|
|
1,955
|
|
|
|
|
Convertible Promissory Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
$ 419,667
|
375,000
|
|
|
$ 50,000
|
Debt instrument conversion price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1.75
|
Debt instrument, interest rate, stated percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
Equipment Note [Member] | Nano Magic LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, maturity date |
|
|
|
|
|
|
|
|
|
|
Jun. 10, 2020
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
6.29%
|
|
|
|
|
|
6.29%
|
4.35%
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
|
|
$ 373,000
|
|
|
|
|
|
|
Debt instrument, periodic payment |
|
|
|
$ 4,053
|
|
|
|
|
|
$ 4,053
|
|
|
|
|
|
|
|
Debt default long term debt amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,629
|
|
|
|
Convertible Debt [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
$ 25,000
|
$ 25,000
|
|
|
$ 50,000
|
$ 50,000
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, maturity date |
Oct. 31, 2023
|
Mar. 31, 2026
|
|
|
Mar. 31, 2026
|
Mar. 31, 2026
|
Mar. 31, 2025
|
|
|
|
|
|
|
|
|
|
|
Annual payable interest percentage |
8.00%
|
8.00%
|
|
|
8.00%
|
8.00%
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion price |
$ 1.75
|
$ 1.75
|
|
|
$ 1.75
|
$ 1.75
|
$ 1.75
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase up |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
Convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
Convertible Debt [Member] | Two Investors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
|
|
|
$ 50,000
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Debt One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, maturity date |
|
|
Mar. 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual payable interest percentage |
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion price |
|
|
$ 1.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Debt Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, maturity date |
|
|
Mar. 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual payable interest percentage |
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion price |
|
|
$ 1.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionNumber of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares.
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v3.23.2
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Ronald J. Berman [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Other compensation |
|
|
$ 30,000
|
[1] |
|
$ 84,150
|
|
Tom J. Berman [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Other compensation |
[2] |
60,000
|
60,300
|
|
120,000
|
115,600
|
|
Scotte E. Rickert [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Other compensation |
|
|
$ 15,000
|
[3] |
|
$ 30,000
|
[3] |
|
|
X |
- DefinitionThe compensation expense recognized during the period pertaining to the deferred compensation arrangement.
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
|
|
|
Apr. 30, 2023 |
Jan. 31, 2023 |
Jun. 30, 2023 |
May 31, 2023 |
Dec. 31, 2022 |
May 31, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Exercise price |
|
|
$ 0.71
|
|
$ 0.77
|
|
Lease description |
|
|
The lease for the Michigan facility gives us the right, during the first three years of the lease, to buy
up to a 49% interest in the landlord for a price equal to 49% of the contributions received from other members.
|
|
|
|
Accrued rent |
|
|
$ 57,111
|
|
$ 57,119
|
|
Applied Nanotech [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Minority interest ownership percentage |
|
|
|
|
|
70.00%
|
Miles Gatland [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Economic interest percentage |
|
|
12.50%
|
|
|
|
Tom Berman [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of option granted |
|
|
69,228
|
|
|
|
Number of shares vested |
|
|
7,692
|
|
|
|
Exercise price |
|
|
$ 0.65
|
|
|
|
Tom Berman [Member] | Maximum [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of option granted |
|
|
30,000
|
|
|
|
Chief Financial Officer [Member] | Maximum [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of option granted |
|
|
|
100,000
|
|
|
Chief Financial Officer And General Counsel [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of shares vested |
|
5,000
|
|
|
|
|
Chief Financial Officer And General Counsel [Member] | Maximum [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of option granted |
|
|
60,000
|
|
|
|
Ronald Berman [Member] | Maximum [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of option granted |
|
|
|
50,000
|
|
|
Himan [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of shares vested |
5,000
|
|
|
|
|
|
Himan [Member] | Maximum [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of option granted |
|
|
|
45,000
|
|
|
Tom Berman and Ron Berman [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Economic interest percentage |
|
|
5.00%
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Accounts payable- related parties |
|
|
$ 100,617
|
|
87,119
|
|
Scott & Jeanne Rickert [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Aggregate advance |
|
|
42,887
|
|
42,887
|
|
Jeanne Rickert [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Accrued payroll |
|
|
$ 16,000
|
|
$ 16,000
|
|
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v3.23.2
SCHEDULE OF STOCK OPTION PLAN ACTIVITY (Details) - USD ($)
|
1 Months Ended |
6 Months Ended |
Feb. 28, 2022 |
Jun. 30, 2023 |
Equity [Abstract] |
|
|
Number of Options, Outstanding, Beginning balance |
|
2,760,991
|
Weighted Average Exercise Price, Outstanding, Beginning balance |
|
$ 0.77
|
Weighted Average Remaining Contractual Terms (Years), Outstanding |
|
4 years 1 month 2 days
|
Aggregate Intrinsic Value, Beginning balance |
|
$ 777,723
|
Number of Options, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Aggregate Intrinsic Value, Exercised |
|
|
Number of Options, Issued |
130,700
|
636,909
|
Weighted Average Exercise Price, Issued |
$ 0.80
|
$ 0.65
|
Weighted Average Remaining Contractual Terms (Years), Outstanding |
|
3 years 10 months 24 days
|
Aggregate Intrinsic Value, Issued |
|
$ 222,918
|
Number of Options, Issued |
|
(21,580)
|
Weighted Average Exercise Price, Expired & forfeited |
|
$ 0.88
|
Aggregate Intrinsic Value, expired and forfeited |
|
$ (5,382)
|
Number of Options, Outstanding, Ending balance |
|
3,376,320
|
Weighted Average Exercise Price, Outstanding, Ending balance |
|
$ 0.71
|
Weighted Average Remaining Contractual Terms (Years), Outstanding |
|
3 years 7 months 24 days
|
Aggregate Intrinsic Value, Ending balance |
|
$ 995,259
|
Number of Options, Exercisable, Ending balance |
|
1,686,793
|
Weighted Average Exercise Price, Exercisable, Ending balance |
|
$ 0.67
|
Weighted Average Remaining Contractual Term (Years), Exercisable |
|
2 years 11 months 1 day
|
Aggregate Intrinsic Value, Exercisable |
|
$ 552,087
|
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v3.23.2
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS SHARE (Details) - shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
11,098,398
|
10,201,630
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
3,376,320
|
2,760,991
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
7,722,078
|
7,440,639
|
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
May 30, 2023 |
May 30, 2023 |
Apr. 12, 2023 |
Jun. 21, 2021 |
Apr. 08, 2021 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 16, 2023 |
May 02, 2023 |
Mar. 02, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, voting rights |
|
|
|
|
|
|
|
|
|
The
rights of each share of common are the same with respect to dividends, distributions and rights upon liquidation. Holders of common stock
each have one vote per share in the election of directors and other matters submitted to a vote of the stockholders
|
|
|
|
|
Number of shares issued for service |
|
|
|
|
|
52,800
|
|
|
|
|
|
|
|
|
Share issued price per share |
|
|
|
|
|
$ 1.25
|
|
|
|
|
|
$ 0.02
|
$ 0.75
|
|
Warrant exercise price per share |
|
|
|
|
|
|
|
|
|
|
|
$ 1.75
|
|
|
Warrants to purchase up |
|
|
|
|
|
|
|
10,000
|
|
10,000
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
|
|
|
|
$ 50,000
|
|
$ 50,000
|
$ 200,000
|
|
|
|
Weighted average remaining contractual term |
|
|
|
|
|
|
|
|
|
3 years 7 months 24 days
|
|
|
|
|
Number of stock options granted |
|
|
|
|
|
|
130,700
|
|
|
636,909
|
|
|
|
|
Excercise price |
|
|
|
|
|
|
$ 0.80
|
|
|
$ 0.65
|
|
|
|
|
Weighted average grant date fair value, per share |
|
|
|
|
|
|
$ 0.60
|
|
|
|
|
|
|
|
Tom J. Berman [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation arrangement with individual compensation |
|
|
$ 30,000
|
|
|
|
|
|
|
|
|
|
|
|
Officers [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation arrangement with individual compensation |
$ 384,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares available for issuance |
|
|
|
|
2,500
|
|
|
|
|
|
|
|
|
85,000
|
Number of stock options granted |
|
175,071
|
47,610
|
|
2,500
|
|
|
|
|
|
|
|
|
|
Number of shares available for future issuance |
|
|
|
200,000
|
|
|
|
|
|
|
|
|
|
|
Number of share options, granted and forfeited |
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
Common Stock and Derivative Equity Securities [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
|
|
|
|
|
|
|
253,994
|
283,334
|
328,800
|
658,335
|
|
|
|
Sale of Stock, Consideration Received on Transaction |
|
|
|
|
|
|
|
$ 346,064
|
|
$ 439,571
|
$ 1,152,086
|
|
|
|
[custom:WarrantsToPurchaseUpShares] |
|
|
|
|
|
|
|
196,813
|
283,310
|
271,439
|
658,275
|
|
|
|
Proceeds from Issuance of Warrants |
|
|
|
|
|
|
|
$ 4,136
|
$ 14,165
|
$ 5,428
|
|
|
|
|
Warrant exercise price per share |
|
|
|
|
|
|
|
$ 1.75
|
$ 2.25
|
$ 1.75
|
$ 2.25
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price per share |
|
|
|
|
|
|
|
$ 1.72
|
|
$ 1.72
|
|
|
|
|
Class of warrant or right, outstanding |
|
|
|
|
|
|
|
7,722,078
|
|
7,722,078
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
4,052,003
|
|
|
|
|
Weighted average remaining contractual term |
|
|
|
|
|
|
|
|
|
23 months 27 days
|
|
|
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for service |
|
76,922
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock [Member] | Vested In May [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested shares |
|
4,273
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock [Member] | Vest at End of May [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested shares |
|
4,273
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock [Member] | Vesting in December 2023 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested shares |
|
4,277
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock [Member] | Vest at End of Each Month in December 2024 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested shares |
|
3,205
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock [Member] | Vesting at End of December 2024 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested shares |
|
3,206
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.2
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
1 Months Ended |
6 Months Ended |
|
|
|
Jul. 24, 2023 |
Aug. 31, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 16, 2023 |
May 02, 2023 |
Feb. 28, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
$ 50,000
|
|
|
Shares issued price per share |
|
|
|
|
$ 0.02
|
$ 0.75
|
$ 1.25
|
Purchase of warrant shares |
|
|
|
|
10,000
|
|
|
Warrant exercise price per share |
|
|
|
|
$ 1.75
|
|
|
Proceeds from issuance of common stock |
|
|
$ 445,000
|
$ 1,184,999
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Debt instrument face amount |
$ 50,000
|
|
|
|
|
|
|
Number of shares issued |
133,333
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
$ 100,000
|
|
|
|
|
|
|
Number of restricted stock shares |
|
38,460
|
|
|
|
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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