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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 March 31, 2024
☐
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 May 21, 2024, the registrant had 13,565,342 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.
STATEMENTS
OF INCOME
(unaudited)
| |
2024 | | |
2023 | |
| |
For the Three Months Ended March
31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
NET REVENUES | |
$ | 580,112 | | |
$ | 697,029 | |
| |
| | | |
| | |
COST OF SALES | |
| 511,369 | | |
| 622,279 | |
| |
| | | |
| | |
GROSS PROFIT | |
| 68,743 | | |
| 74,750 | |
| |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | |
Selling and marketing expenses | |
| 82,726 | | |
| 59,424 | |
Salaries, wages and related benefits | |
| 202,549 | | |
| 278,576 | |
Stock compensation expense | |
| 8,500 | | |
| 30,144 | |
Research and development | |
| 20,295 | | |
| 5,904 | |
Professional fees | |
| 218,119 | | |
| 189,459 | |
General and administrative expenses | |
| 271,428 | | |
| 189,006 | |
| |
| | | |
| | |
Total Operating Expense | |
| 803,617 | | |
| 752,513 | |
| |
| | | |
| | |
LOSS FROM OPERATIONS | |
| (734,874 | ) | |
| (677,763 | ) |
| |
| | | |
| | |
OTHER (EXPENSE) INCOME | |
| | | |
| | |
Income from investment in subsidiary | |
| 10,123 | | |
| 32,156 | |
Loss from sale of note receivable | |
| (15,000 | ) | |
| - | |
Interest expense | |
| (12,437 | ) | |
| (14,368 | ) |
Interest income | |
| 5,981 | | |
| 6,938 | |
Total Other (Expense) Income | |
| (11,333 | ) | |
| 24,726 | |
| |
| | | |
| | |
NET LOSS | |
$ | (746,207 | ) | |
$ | (653,037 | ) |
| |
| | | |
| | |
NET LOSS PER COMMON SHARE | |
| | | |
| | |
Basic | |
$ | (0.06 | ) | |
$ | (0.06 | ) |
Diluted | |
$ | (0.06 | ) | |
$ | (0.06 | ) |
| |
| | | |
| | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |
| | | |
| | |
Basic | |
| 13,439,713 | | |
| 10,738,962 | |
Diluted | |
| 13,439,713 | | |
| 10,738,962 | |
See
accompanying notes to financial statements.
NANO
MAGIC INC.
BALANCE
SHEETS
(unaudited)
| |
2024 | | |
2023 | |
| |
March 31 | | |
December 31 | |
| |
2024 | | |
2023 | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash | |
$ | 189,133 | | |
$ | 527,462 | |
Accounts receivable, net of allowance for credit losses of $189,734 and $150,300 at March 31, 2024 and December 31, 2023, respectively | |
| 142,949 | | |
| 209,057 | |
Inventory, net | |
| 779,991 | | |
| 849,764 | |
Prepaid expenses | |
| 49,583 | | |
| 63,538 | |
Current portion of related party note receivable | |
| 33,000 | | |
| 50,000 | |
Total Current Assets | |
| 1,194,656 | | |
| 1,699,821 | |
Operating lease right-of-use assets, net | |
| 795,634 | | |
| 845,563 | |
Property, plant and equipment, net | |
| 409,572 | | |
| 424,103 | |
Related party note receivable, non-current | |
| 193,782 | | |
| 291,782 | |
Non-marketable equity investment in subsidiary | |
| 263,959 | | |
| 253,835 | |
Total Assets | |
$ | 2,857,603 | | |
$ | 3,515,104 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 553,705 | | |
$ | 593,338 | |
Accounts payable - related parties | |
| 90,550 | | |
| 55,520 | |
Accounts payable | |
| 90,550 | | |
| 55,520 | |
Accrued expenses and other current liabilities | |
| 318,945 | | |
| 245,398 | |
Current portion of notes payable | |
| 347,494 | | |
| 121,610 | |
Current portion of notes payable from related party | |
| 25,000 | | |
| - | |
Current portion of notes payable | |
| 25,000 | | |
| - | |
Current portion of finance leases | |
| 18,368 | | |
| 24,194 | |
Advances from related parties | |
| 42,887 | | |
| 42,887 | |
Current portion of operating lease liabilities | |
| 167,095 | | |
| 161,905 | |
Total Current Liabilities | |
| 1,564,044 | | |
| 1,244,852 | |
Notes Payable, net of current portion | |
| 150,000 | | |
| 375,000 | |
Notes Payable - related parties, net of current portion | |
| - | | |
| 25,000 | |
Notes Payable - net of current portion | |
| - | | |
| 25,000 | |
Operating lease liabilities, net of current portion | |
| 516,528 | | |
| 560,514 | |
Total Liabilities | |
| 2,230,572 | | |
| 2,205,366 | |
| |
| | | |
| | |
Commitments and Contingencies (See Note 8) | |
| - | | |
| - | |
| |
| | | |
| | |
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; 13,498,676 and 13,425,342 issued and outstanding at March 31, 2024 and December 31, 2023, respectively | |
| 1,349 | | |
| 1,342 | |
Additional paid-in capital | |
| 16,374,361 | | |
| 16,310,868 | |
Accumulated deficit | |
| (15,748,679 | ) | |
| (15,002,472 | ) |
Total Stockholders’ Equity | |
| 627,031 | | |
| 1,309,738 | |
Total Liabilities and Stockholders’ Equity | |
$ | 2,857,603 | | |
$ | 3,515,104 | |
See
accompanying notes to financial statements.
NANO
MAGIC INC.
STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR
THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
Class A Common Stock | | |
Additional
Paid-in | | |
Accumulated | | |
Total
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 | |
| 74,806 | | |
| 7 | | |
| 93,500 | | |
| - | | |
| 93,507 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| - | | |
| 30,144 | | |
| - | | |
| 30,144 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for services | |
| 52,800 | | |
| 5 | | |
| 65,955 | | |
| - | | |
| 65,960 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants and options on private placement | |
| - | | |
| - | | |
| 1,492 | | |
| - | | |
| 1,492 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (653,037 | ) | |
| (653,037 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2023 | |
| 10,850,037 | | |
$ | 1,084 | | |
$ | 13,954,234 | | |
$ | (12,799,790 | ) | |
$ | 1,155,528 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2023 | |
| 13,425,342 | | |
$ | 1,342 | | |
$ | 16,310,868 | | |
$ | (15,002,472 | ) | |
$ | 1,309,738 | |
Balance | |
| 13,425,342 | | |
$ | 1,342 | | |
$ | 16,310,868 | | |
$ | (15,002,472 | ) | |
| 1,309,738 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for cash, net of issuance costs | |
| 73,334 | | |
| 7 | | |
| 54,993 | | |
| - | | |
| 55,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Restricted stock issued for services | |
| - | | |
| - | | |
| 5,691 | | |
| - | | |
| 5,691 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| - | | |
| 2,809 | | |
| - | | |
| 2,809 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (746,207 | ) | |
| (746,207 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2024 | |
| 13,498,676 | | |
$ | 1,349 | | |
$ | 16,374,361 | | |
$ | (15,748,679 | ) | |
$ | 627,031 | |
Balance | |
| 13,498,676 | | |
| 1,349 | | |
| 16,374,361 | | |
| (15,748,679 | ) | |
| 627,031 | |
See
accompanying notes to financial statements.
NANO
MAGIC INC.
STATEMENTS
OF CASH FLOWS
(unaudited)
| |
2024 | | |
2023 | |
| |
For the Three Months Ended March
31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (746,207 | ) | |
$ | (653,037 | ) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |
| | | |
| | |
Change in inventory obsolescence reserve | |
| 57,055 | | |
| 4,717 | |
Depreciation and amortization expense | |
| 26,877 | | |
| 28,301 | |
Bad debt expense | |
| 49,854 | | |
| 5,645 | |
Restricted stock issued for services | |
| 5,691 | | |
| - | |
Stock-based compensation | |
| 2,809 | | |
| 96,144 | |
Income from investment in subsidiary | |
| (10,123 | ) | |
| (32,156 | ) |
Change in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 16,254 | | |
| (6,475 | ) |
Inventory | |
| 12,718 | | |
| 59,576 | |
Prepaid expenses and contract assets | |
| 13,955 | | |
| 44,987 | |
Accounts payable | |
| (24,636 | ) | |
| 15,870 | |
Accounts payable - related party | |
| 35,030 | | |
| 47,998 | |
Operating lease liabilities | |
| 11,133 | | |
| 12,961 | |
Accrued expenses | |
| 73,547 | | |
| 72,445 | |
Total adjustments | |
| 270,164 | | |
| 350,013 | |
| |
| | | |
| | |
NET CASH USED BY OPERATING ACTIVITIES | |
| (476,043 | ) | |
| (303,024 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Proceeds from note receivable | |
| 100,000 | | |
| 20,000 | |
Purchases of property and equipment | |
| (12,344 | ) | |
| (2,829 | ) |
| |
| | | |
| | |
NET CASH PROVIDED BY INVESTING ACTIVITIES | |
| 87,656 | | |
| 17,171 | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from sale of common stock and warrants | |
| 55,000 | | |
| 95,000 | |
Repayment of bank loans | |
| - | | |
| (1,628 | ) |
Repayment of finance leases | |
| (4,942 | ) | |
| (10,956 | ) |
| |
| | | |
| | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | |
| 50,058 | | |
| 82,416 | |
| |
| | | |
| | |
NET DECREASE IN CASH | |
| (338,329 | ) | |
| (203,437 | ) |
| |
| | | |
| | |
CASH, beginning of period | |
| 527,462 | | |
| 259,223 | |
| |
| | | |
| | |
CASH, end of period | |
$ | 189,133 | | |
$ | 55,786 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |
| | | |
| | |
Cash paid during the period for interest | |
$ | 12,437 | | |
$ | 1,469 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING AND INVESTING ACTIVITIES | |
| | | |
| | |
Reduction of note receivable from subsidiary for non-cash services | |
$ | 984 | | |
$ | 21,348 | |
Reduction of rent payable through issuance of stock | |
$ | - | | |
$ | 32,948 | |
See
accompanying notes to financial statements.
NANO
MAGIC INC.
NOTES
TO FINANCIAL STATEMENTS
MARCH
31, 2024
(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.
We
develop, manufacture and sell consumer and institutional products using nanotechnology to deliver unique performance attributes at the
surfaces of a wide variety of substrates. These products are marketed internationally primarily to customers in the optical industry.
Basis
of Presentation
The
accompanying unaudited 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 financial statements
of the Company as of March 31, 2024 and for the three months ended March 31, 2024 and 2023. The results of operations for the three months
ended March 31, 2024 are not necessarily indicative of the operating results for the full year ending December 31, 2024 or any other
period. The balance sheet at December 31, 2023 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 financial statements should be read in conjunction with the audited financial statements and related disclosures of the
Company as of December 31, 2023 and for the year then ended, which were filed with the Securities and Exchange Commission on Form 10-K
on April 3, 2024.
Going
Concern
These
unaudited 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 financial statements, the
Company had losses from operations and net cash used by operations of $734,874 and $476,043 for the three months ended March 31,
2024, respectively, and negative working capital of $369,388. 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 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.
NOTE
2 – INVENTORY
At
March 31, 2024 and December 31, 2023, inventory consisted of the following:
SCHEDULE
OF INVENTORY
| |
March 31, 2024 | | |
December 31, 2023 | |
Raw materials | |
$ | 669,416 | | |
$ | 648,537 | |
Work-in-progress | |
| 228,243 | | |
| 235,811 | |
Finished goods | |
| 270,892 | | |
| 296,921 | |
Inventory, gross | |
| 1,168,551 | | |
| 1,181,269 | |
Less: reserve for obsolescence | |
| (388,560 | ) | |
| (331,505 | ) |
Inventory, net | |
$ | 779,991 | | |
$ | 849,764 | |
NOTE
3 – INVESTMENT IN SUBSIDIARY
The
Company holds a note receivable from its subsidiary ANI. On March 15, 2024 we sold $115,000 of the ANI note for cash proceeds of
$100,000,
reducing the balance owed to the Company. The loss of $15,000 was recorded in Other Expense. As a result, at March 31, 2024, the
note receivable had a balance of $226,782
as compared to $341,782
at December 31, 2023. $33,000
was included in current assets at March 31, 2024 with $50,000 included in current assets at December 31, 2023.
The Company accounts 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. Periodic income will be treated as an increase in the investment account. At March 31, 2024
and December 31, 2023, the non-marketable investment in subsidiary was $263,959 and $253,835, included in non-current assets. For the
three-month periods ended March 31, 2024 and March 31, 2023, the Company recorded income from the investment in subsidiary of $10,123
and $32,156, respectively.
NOTE
4 – 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 $50,000
notes are due March
31, 2025 and 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. The $25,000
note is to Mr. Ron Berman, a Related Party. 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 October 18, 2023, the Company and the holder extended the maturity date of the note to October 31, 2024.
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 bears interest at 8% per annum, payable at maturity
on June 18, 2024. 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 issuance for a total value of $5,333. The balance at March 31, 2024 and December 31, 2023 of the debt discount was
$2,506 and $3,390, respectively.
On
July 24, 2023, the Company issued at face value a convertible note in the original principal amount of $50,000. The note is due on July 24, 2025, bears interest at 8% per annum and is convertible at $1.25 per share.
On
November 2, 2023, the Company issued at face value a convertible note in the original principal amount of $50,000. The note is due on November 2, 2025, bears interest at 8% per annum and is convertible at $1.25 per share.
At
March 31, 2024 and at December 31, 2023, we had outstanding convertible notes aggregating $525,000 in principal amount. The convertible
promissory notes have not been included in diluted earnings per share as they would be anti-dilutive.
Finance
Leases
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 December 31, 2023 the
balance on the lease was $24,194, and as of March 31, 2024, the balance on the lease was $18,368, all of which was included in current
liabilities.
NOTE
5 – OPERATING LEASE
Effective
May 31, 2020, we entered into a lease with a related party for a 29,220 square foot building in Madison Heights, Michigan.
The occupancy and rent commencement date was October 1, 2020. The lease has an initial term of seven years with a renewal option
at the end of the initial term for an additional 3-year term, and a second renewal option thereafter for an additional 5-year term. The
renewal term is not included in the calculation of the operating lease liability. As the sole tenant, we are responsible for all taxes,
ordinary maintenance, snow removal and other ordinary operating expenses. Rent is $6.50 per square foot, increasing by $0.25 per year.
During the first three years we had the right to buy up to a 49% interest in Magic Research LLC for a price equal to 49% of the contributions
received from other members. This right has now expired as we did not exercise the option. See Note 7, Stockholders’ Equity,
for a description of warrants issued to the owners of Magic Research LLC in connection with this lease. The fair value of these warrants
totaling $311,718 were recorded as initial direct costs of obtaining the lease and are included in right-of-use assets on the accompanying
balance sheet. See Note 6, Related Party Transactions, for information about roles in management and economic participation by our CEO
and several other directors in the landlord.
In
February 2023, we reached an agreement with the landlord of our Michigan facility to accept $66,000 worth 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. During that
period, we paid cash of $8,056 per month, effectively a cash rent reduction of $10,983 per month. In May 2023, we reached a
further agreement with the landlord under which we 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.
For
operating leases, we calculated ROU assets and lease liabilities based on the present value of the remaining lease payments as of
the date of adoption using the IBR as of that date. The ROU Asset was $795,634 at March 31, 2024 and $845,563 at December 31, 2023. The
operating lease liability was $683,623 at March 31, 2024 and $722,419 at December 31, 2023.
NOTE
6 – RELATED PARTY TRANSACTIONS
For
the three-month period ended March 31, 2024 and the three-months ended March 31, 2023, we accrued $6,000
in fees for each of the directors, totaling $36,000
for the period ended March 31, 2024 and $42,000
for the same period in 2023. For the period ended March 31, 2024 we paid $24,000
in consulting fees to director Ronald J. Berman. For the three-month period ended March 31, 2023, we accrued consulting and legal
fees to him of $30,000.
At March 31, 2024, the Company owed $8,000 in related parties accounts payable to this director. During the three-month period ended
March 31, 2024, we paid director and our President and CEO, Tom Berman, salary in the amount of $56,250.
For the three-month period ended March 31, 2023, we paid him $30,000
in salary, and we accrued additional salary of $30,000
for the period which was subsequently paid by the issuance of 30,000
options with an exercise price of $0.65. At March 31 2024 the Company had $8,759 in payroll expenses payable to Mr. Berman included in related party accounts
payable, which was paid in April of 2024. Additionally, $5,000 was payable to the Company’s CFO at March 31, 2024, also included
in related parties accounts payable and paid in April of 2024.
At
March 31, 2024 and at December 31, 2023, aggregate advances from Scott & Jeanne Rickert were $42,887, which is included in advances from related parties on the balance sheet. On both those dates, accrued
payroll for the Rickerts was an aggregate of $16,000, which is included in related parties accounts payable on the balance sheet.
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 warrants from us in 2018, 2019, 2020, 2021 and 2022.
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. See Note 6, Stockholder’s Equity regarding the
issuance of stock in partial satisfaction of unpaid rent. Rent in the amount of $52,791 and $30,141 was accrued and unpaid at March 31,
2024 and December 31, 2023, respectively, which is included in related parties accounts payable on the balance sheet.
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. The landlord is a Related Party.
Sales
of Common Stock
During the quarter ended March 31, 2023, the Company sold 74,806 shares
of common stock for proceeds of $93,507 and 74,626 warrants for proceeds of $1,492. 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 quarter ended March 31, 2024, the Company sold 73,334 shares of common stock for proceeds of $55,000.
Stock
Options
No
options were granted or exercised during the period ended March 31, 2024. 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, 2023 | |
| 2,270,483 | | |
$ | 0.67 | | |
| 2.72 | | |
$ | 76,725 | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Forfeited or expired | |
| (55,297 | ) | |
$ | 0.65 | | |
| - | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Balance Outstanding, March 31, 2024 | |
| 2,215,186 | | |
$ | 0.67 | | |
| 2.54 | | |
$ | 19,332 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable March 31, 2024 | |
| 2,199,122 | | |
$ | 0.67 | | |
| 2.54 | | |
$ | 19,332 | |
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS SHARE
| |
March 31, 2024 | | |
December 31, 2023 | |
Stock options | |
| 2,215,186 | | |
| 2,270,483 | |
Stock warrants | |
| 7,525,265 | | |
| 7,525,265 | |
Total | |
| 9,740,451 | | |
| 9,795,748 | |
Warrants
As
of March 31, 2024, there were outstanding and exercisable warrants to purchase 7,525,265 shares of common stock. The outstanding warrants
have a weighted average exercise price of $1.72 per share and a weighted average remaining contractual term of 37.7 months. As of March
31, 2024 and December 31, 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. In August 2022, we granted 15,000 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. 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 May 30, 2023, the Company granted 175,071 options under the
2021 Equity Plan. The options were granted to employees and consultants at an exercise price of $0.65 per share.
No
options were granted in the three-month period ending on March 31, 2024 or the three-month period ending on March 31, 2023.
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 March 31, 2024, 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 March 31, 2024, the Company has not accrued any amount for litigation contingencies.
NOTE
9 – SUBSEQUENT EVENTS
On
April 17, 2024, the Company sold 33,333 shares of common stock for proceeds of $25,000. On April 24, 2024, the Company sold 33,333 shares
of common stock to another investor for proceeds of $25,000.
On
April 25, 2024, the Company sold another portion of the note receivable from ANI, reducing the balance owed to the Company by another
$56,444.30 in exchange for aggregate proceeds of $50,000.
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 financial statements.
OVERVIEW
Nano
Magic develops, commercializes and markets nanotechnology powered consumer and industrial cleaners and coatings to clean, protect, and
enhance products for peak performance. Consumer products include lens and screen cleaners and coatings, anti-fog solutions, and household
and automobile cleaners and protective coatings sold direct-to-consumer and in big box retail. Nano Magic also sells branded and private
label cleaners and coatings into the optical, safety, and industrial channels. Our focus is to expand our direct-to-consumer sales through
e-commerce and to grow sales to big box retailers. We continue to sell our consumer products directly to opticians and ophthalmologists
and small optical retailers.
RESULTS
OF OPERATIONS
The
following comparative analysis on results of operations was based primarily on the comparative financial statements, footnotes and related
information for the periods identified below and should be read in conjunction with the unaudited financial statements and the notes
to those statements that are included elsewhere in this report. The results discussed below are for the three months ended March 31,
2024 and 2023.
Comparison
of Results of Operations for the three months ended March 31, 2024 and 2023
Revenues:
For the three months ended March 31, 2024 and 2023, revenues from operations
were $580,112 and $697,029, respectively. For the three months ended March 31, 2024, revenue decreased by $116,917 or 17% as compared
to the three months ended March 31, 2023. The decrease for the three-month period was due primarily to delays in programs and product
roll-outs with customers.
Cost
of sales
Cost
of sales includes inventory costs, materials and supplies costs, internal labor and related benefits, subcontractor costs, depreciation,
and overhead and shipping and handling costs incurred. For the three months ended March 31, 2024 and 2023, cost of sales was $511,369
and $622,279, respectively. For the three months ended March 31, 2024, cost of sales decreased by $110,910 or 18% as compared to the
three months ended March 31, 2023. The decrease for the period was due primarily to lower sales volume.
Gross
profit and gross margin
For
the three months ended March 31, 2024, gross profit was $68,473 as compared to $74,750 for the prior year, a change of $6,007 or 8%.
For the three months ended March 31, 2024, gross margin was 11.8% as compared to 10.7% in the prior year. The improvement in gross margin
is largely due to changes in customer and product mix.
Operating
expenses
For
the three months ended March 31, 2024, operating expenses increased by $51,104 or 7% compared to the three months ended March 31, 2023.
For the three months ended March 31, 2024 and 2023, operating expenses consisted of the following:
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Selling and marketing expenses | |
$ | 82,726 | | |
$ | 59,424 | |
Salaries, wages and related benefits | |
| 202,549 | | |
| 278,576 | |
Stock compensation expense | |
| 8,500 | | |
| 30,144 | |
Research and development | |
| 20,295 | | |
| 5,904 | |
Professional fees | |
| 218,119 | | |
| 189,459 | |
General and administrative expenses | |
| 271,428 | | |
| 189,006 | |
Total | |
$ | 803,617 | | |
$ | 752,513 | |
|
●
|
For
the three months ended March 31, 2024, selling and marketing expenses increased by $23,302 or 39% as compared to the three months ended
March 31, 2023, due to additional trade show expenses in 2024. |
|
|
|
|
●
|
For
the three months ended March 31, 2024, salaries, wages and related benefits decreased by $76,027 or 27%, as compared to the three
months ended March 31, 2023. These decreases were due to a general reduction in workforce as part of the company’s continuing
effort to manage costs and to reach profitability. |
|
●
|
For the three months ended March 31, 2024, stock compensation expense decreased
by $21,644 or 72%, as compared to the three months ended March 31, 2023. The decrease was due, primarily, to vesting of certain outstanding
options that was completed in 2023. |
|
●
|
For the three months ended March 31, 2024, research and development costs
increased by $14,391 or 244%, as compared to the three months ended March 31, 2023. The increase was due primarily to increased consultant
expense. |
|
|
|
|
●
|
For the three months ended March 31, 2024, professional fees increased
by $28,660 or 15%, as compared to the three months ended March 31, 2023. This change reflects primarily consulting cost increases associated
with outsourcing after workforce reductions. |
|
|
|
|
●
|
For the three months ended March 31, 2024, general and administrative expenses
increased by $82,422 or 44% as compared to the three months ended March 31, 2023. Costs increases were primarily due to increases in bad
debt reserve due to aging of accounts receivable, increased travel expense for conferences and increased software expense. |
Loss
from operations
As
a result of the factors described above, for the three months ended March 31, 2024, loss from operations amounted to $734,874 as compared
to a loss of $677,763 for the three months ended March 31, 2023, a change of $57,111 or 8%.
Income
from investment in subsidiary
As
a result of the sale of a 70% interest in ANI on May 31, 2022, we now report our 30% share of ANI’s income or loss as an investment
in a subsidiary. For the three months ended March 31, 2024, that was income of $10,123 as compared to income of $32,156 in the three
months ended March 31, 2023.
Interest
expense
For
the three months ended March 31, 2024, interest expense was $12,437 as compared to $14,368 in the prior year. The decrease was due to
maturing of financing leases in 2023.
Interest
income
For
the three months ended March 31, 2024, interest income was $5,981 as compared to $6,938 for the three months ended March 31, 2023. The
decrease was due to a sale of a portion of the note from ANI.
Loss on sale of note receivable
For the three months ended March 31, 2024, a loss on the sale of the note receivable from ANI was $15,000.
Net
loss
As
a result of the foregoing, we reported a net loss of $746,207 for the three-month period ended March 31, 2024 and a loss of $653,037
for the three-month period in the prior year, a change of $93,170 or 14%.
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 $(369,388) and $189,133 of unrestricted cash as of March 31, 2024 and working capital of $454,969, including $527,462 of cash as of
December 31, 2023.
The
following table sets forth a summary of changes in our working capital from December 31, 2023 to March 31, 2024:
| |
| | |
| | |
December 31, 2023 to March 31, 2024 | |
| |
March 31, 2024 | | |
December 31, 2023 | | |
Change in Working Capital | | |
Percentage Change | |
Working capital: | |
| | | |
| | | |
| | | |
| | |
Total current assets | |
$ | 1,194,656 | | |
$ | 1,699,821 | | |
$ | (505,165 | ) | |
| (29.72 | )% |
Total current liabilities | |
| 1,564,044 | | |
| 1,244,852 | | |
| 319,192 | | |
| 25.64 | % |
Working capital: | |
$ | (369,388 | ) | |
$ | 454,969 | | |
$ | (824,357 | ) | |
| (181.19 | )% |
The
decrease in current assets is primarily attributable to a decrease in cash, as well as decreases in inventory, accounts receivable
and a smaller current portion on the note receivable from ANI. Additionally, the increase in reserves for inventory and accounts receivable also contributed to the decrease in
current assets.
Net
cash used by operating activities was $(476,043) for the three months ended March 31, 2024 as compared to net cash used by operating
activities of $(303,024) for the three months ended March 31, 2023, a net change of $(173,019) or 57%. Net cash used by operating activities
for the three months ended March 31, 2024 primarily resulted from net loss from operations of $(746,207) adjusted for add-backs of $132,163
and changes in operating assets and liabilities of $138,001.
Net
cash provided by investing activities was $87,656 for the three months ended March 31, 2024, as compared to $17,171 for the same period
in 2023, primarily due to proceeds from the note receivable in March of 2024.
Net
cash provided by financing activities was $50,058 for the three months ended March 31, 2024 reflecting $55,000 in proceeds from sales
of common stock, as compared to net cash provided by financing activities of $82,416 for the same period in 2023, reflecting $95,000
in proceeds from sales of common stock and warrants.
Future
Liquidity and Capital Needs.
The
factors above raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date
that these unaudited 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.
Our
principal future uses of cash are for working capital requirements, including working capital to pay down accounts payable, and support
increased product sales, and sales and marketing expenses. 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 4 to our unaudited 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 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 March 31, 2024
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 17, 2024, the Company sold 33,333 shares of common stock for proceeds of $25,000. On April 24, 2024, the Company sold 33,333 shares
of common stock to another investor for proceeds of $25,000.
The
sales and issuances of stock and other securities were exempt from registration under Section 4(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:
May 21, 2024 |
/s/
Tom J. Berman |
|
Tom
J. Berman, |
|
President
and Chief Executive Officer |
|
|
Date:
May 21, 2024 |
/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 March 31, 2024 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 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:
May 21, 2024 |
/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 March 31, 2024 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 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:
May 21, 2024 |
/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 March
31, 2024, 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:
May 21, 2024 |
/s/
Tom J. Berman |
|
Tom
J. Berman |
|
President
and Chief Executive Officer |
|
|
Date:
May 21, 2024 |
/s/
Leandro Vera |
|
Leandro
Vera |
|
Chief
Financial Officer |
v3.24.1.1.u2
Cover - shares
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|
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May 21, 2024 |
Cover [Abstract] |
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|
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Entity File Number |
1-11602
|
|
Entity Registrant Name |
NANO
MAGIC INC.
|
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Entity Central Index Key |
0000891417
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v3.24.1.1.u2
Statements of Income (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
NET REVENUES |
$ 580,112
|
$ 697,029
|
COST OF SALES |
511,369
|
622,279
|
GROSS PROFIT |
68,743
|
74,750
|
OPERATING EXPENSES: |
|
|
Selling and marketing expenses |
82,726
|
59,424
|
Salaries, wages and related benefits |
202,549
|
278,576
|
Stock compensation expense |
8,500
|
30,144
|
Research and development |
20,295
|
5,904
|
Professional fees |
218,119
|
189,459
|
General and administrative expenses |
271,428
|
189,006
|
Total Operating Expense |
803,617
|
752,513
|
LOSS FROM OPERATIONS |
(734,874)
|
(677,763)
|
OTHER (EXPENSE) INCOME |
|
|
Income from investment in subsidiary |
10,123
|
32,156
|
Loss from sale of note receivable |
(15,000)
|
|
Interest expense |
(12,437)
|
(14,368)
|
Interest income |
5,981
|
6,938
|
Total Other (Expense) Income |
(11,333)
|
24,726
|
NET LOSS |
$ (746,207)
|
$ (653,037)
|
NET LOSS PER COMMON SHARE |
|
|
Basic |
$ (0.06)
|
$ (0.06)
|
Diluted |
$ (0.06)
|
$ (0.06)
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
Basic |
13,439,713
|
10,738,962
|
Diluted |
13,439,713
|
10,738,962
|
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v3.24.1.1.u2
Balance Sheets (Unaudited) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
CURRENT ASSETS: |
|
|
Cash |
$ 189,133
|
$ 527,462
|
Accounts receivable, net of allowance for credit losses of $189,734 and $150,300 at March 31, 2024 and December 31, 2023, respectively |
142,949
|
209,057
|
Inventory, net |
779,991
|
849,764
|
Prepaid expenses |
49,583
|
63,538
|
Current portion of related party note receivable |
33,000
|
50,000
|
Total Current Assets |
1,194,656
|
1,699,821
|
Operating lease right-of-use assets, net |
795,634
|
845,563
|
Property, plant and equipment, net |
409,572
|
424,103
|
Related party note receivable, non-current |
193,782
|
291,782
|
Non-marketable equity investment in subsidiary |
263,959
|
253,835
|
Total Assets |
2,857,603
|
3,515,104
|
CURRENT LIABILITIES: |
|
|
Accrued expenses and other current liabilities |
318,945
|
245,398
|
Current portion of finance leases |
18,368
|
24,194
|
Advances from related parties |
42,887
|
42,887
|
Current portion of operating lease liabilities |
167,095
|
161,905
|
Total Current Liabilities |
1,564,044
|
1,244,852
|
Operating lease liabilities, net of current portion |
516,528
|
560,514
|
Total Liabilities |
2,230,572
|
2,205,366
|
Commitments and Contingencies (See Note 8) |
|
|
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; 13,498,676 and 13,425,342 issued and outstanding at March 31, 2024 and December 31, 2023, respectively |
1,349
|
1,342
|
Additional paid-in capital |
16,374,361
|
16,310,868
|
Accumulated deficit |
(15,748,679)
|
(15,002,472)
|
Total Stockholders’ Equity |
627,031
|
1,309,738
|
Total Liabilities and Stockholders’ Equity |
2,857,603
|
3,515,104
|
Nonrelated Party [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
553,705
|
593,338
|
Current portion of notes payable |
347,494
|
121,610
|
Notes Payable - net of current portion |
150,000
|
375,000
|
Related Party [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
90,550
|
55,520
|
Current portion of notes payable |
25,000
|
|
Notes Payable - net of current portion |
|
$ 25,000
|
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v3.24.1.1.u2
Balance Sheets (Unaudited) (Parenthetical) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Net of allowance for credit losses |
$ 189,734
|
$ 150,300
|
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 |
13,498,676
|
13,425,342
|
Common stock, shares outstanding |
13,498,676
|
13,425,342
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.24.1.1.u2
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, 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 |
$ 7
|
93,500
|
|
93,507
|
Common stock issued for cash, net of issuance costs, shares |
74,806
|
|
|
|
Stock-based compensation |
|
30,144
|
|
30,144
|
Stock issued for services |
$ 5
|
65,955
|
|
65,960
|
Stock issued for services, shares |
52,800
|
|
|
|
Warrants and options on private placement |
|
1,492
|
|
1,492
|
Net loss |
|
|
(653,037)
|
(653,037)
|
Balance at Mar. 31, 2023 |
$ 1,084
|
13,954,234
|
(12,799,790)
|
1,155,528
|
Balance, shares at Mar. 31, 2023 |
10,850,037
|
|
|
|
Balance at Dec. 31, 2023 |
$ 1,342
|
16,310,868
|
(15,002,472)
|
1,309,738
|
Balance, shares at Dec. 31, 2023 |
13,425,342
|
|
|
|
Common stock issued for cash, net of issuance costs |
$ 7
|
54,993
|
|
55,000
|
Common stock issued for cash, net of issuance costs, shares |
73,334
|
|
|
|
Stock-based compensation |
|
2,809
|
|
2,809
|
Net loss |
|
|
$ (746,207)
|
$ (746,207)
|
Restricted stock issued for services |
|
5,691
|
|
5,691
|
Balance at Mar. 31, 2024 |
$ 1,349
|
$ 16,374,361
|
$ (15,748,679)
|
$ 627,031
|
Balance, shares at Mar. 31, 2024 |
13,498,676
|
|
|
|
X |
- DefinitionAdjustment to additional paid in capital warrants and options on private placement.
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v3.24.1.1.u2
Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (746,207)
|
$ (653,037)
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
Change in inventory obsolescence reserve |
57,055
|
4,717
|
Depreciation and amortization expense |
26,877
|
28,301
|
Bad debt expense |
49,854
|
5,645
|
Restricted stock issued for services |
5,691
|
|
Stock-based compensation |
2,809
|
96,144
|
Income from investment in subsidiary |
(10,123)
|
(32,156)
|
Change in operating assets and liabilities: |
|
|
Accounts receivable |
16,254
|
(6,475)
|
Inventory |
12,718
|
59,576
|
Prepaid expenses and contract assets |
13,955
|
44,987
|
Accounts payable |
(24,636)
|
15,870
|
Accounts payable - related party |
35,030
|
47,998
|
Operating lease liabilities |
11,133
|
12,961
|
Accrued expenses |
73,547
|
72,445
|
Total adjustments |
270,164
|
350,013
|
NET CASH USED BY OPERATING ACTIVITIES |
(476,043)
|
(303,024)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Proceeds from note receivable |
100,000
|
20,000
|
Purchases of property and equipment |
(12,344)
|
(2,829)
|
NET CASH PROVIDED BY INVESTING ACTIVITIES |
87,656
|
17,171
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from sale of common stock and warrants |
55,000
|
95,000
|
Repayment of bank loans |
|
(1,628)
|
Repayment of finance leases |
(4,942)
|
(10,956)
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
50,058
|
82,416
|
NET DECREASE IN CASH |
(338,329)
|
(203,437)
|
CASH, beginning of period |
527,462
|
259,223
|
CASH, end of period |
189,133
|
55,786
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
Cash paid during the period for interest |
12,437
|
1,469
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING AND INVESTING ACTIVITIES |
|
|
Reduction of note receivable from subsidiary for non-cash services |
984
|
21,348
|
Reduction of rent payable through issuance of stock |
|
$ 32,948
|
X |
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v3.24.1.1.u2
ORGANIZATION AND BASIS OF PRESENTATION
|
3 Months Ended |
Mar. 31, 2024 |
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.
We
develop, manufacture and sell consumer and institutional products using nanotechnology to deliver unique performance attributes at the
surfaces of a wide variety of substrates. These products are marketed internationally primarily to customers in the optical industry.
Basis
of Presentation
The
accompanying unaudited 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 financial statements
of the Company as of March 31, 2024 and for the three months ended March 31, 2024 and 2023. The results of operations for the three months
ended March 31, 2024 are not necessarily indicative of the operating results for the full year ending December 31, 2024 or any other
period. The balance sheet at December 31, 2023 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 financial statements should be read in conjunction with the audited financial statements and related disclosures of the
Company as of December 31, 2023 and for the year then ended, which were filed with the Securities and Exchange Commission on Form 10-K
on April 3, 2024.
Going
Concern
These
unaudited 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 financial statements, the
Company had losses from operations and net cash used by operations of $734,874 and $476,043 for the three months ended March 31,
2024, respectively, and negative working capital of $369,388. 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 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.
|
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v3.24.1.1.u2
INVENTORY
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
INVENTORY |
NOTE
2 – INVENTORY
At
March 31, 2024 and December 31, 2023, inventory consisted of the following:
SCHEDULE
OF INVENTORY
| |
March 31, 2024 | | |
December 31, 2023 | |
Raw materials | |
$ | 669,416 | | |
$ | 648,537 | |
Work-in-progress | |
| 228,243 | | |
| 235,811 | |
Finished goods | |
| 270,892 | | |
| 296,921 | |
Inventory, gross | |
| 1,168,551 | | |
| 1,181,269 | |
Less: reserve for obsolescence | |
| (388,560 | ) | |
| (331,505 | ) |
Inventory, net | |
$ | 779,991 | | |
$ | 849,764 | |
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v3.24.1.1.u2
INVESTMENT IN SUBSIDIARY
|
3 Months Ended |
Mar. 31, 2024 |
Investments, All Other Investments [Abstract] |
|
INVESTMENT IN SUBSIDIARY |
NOTE
3 – INVESTMENT IN SUBSIDIARY
The
Company holds a note receivable from its subsidiary ANI. On March 15, 2024 we sold $115,000 of the ANI note for cash proceeds of
$100,000,
reducing the balance owed to the Company. The loss of $15,000 was recorded in Other Expense. As a result, at March 31, 2024, the
note receivable had a balance of $226,782
as compared to $341,782
at December 31, 2023. $33,000
was included in current assets at March 31, 2024 with $50,000 included in current assets at December 31, 2023.
The Company accounts 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. Periodic income will be treated as an increase in the investment account. At March 31, 2024
and December 31, 2023, the non-marketable investment in subsidiary was $263,959 and $253,835, included in non-current assets. For the
three-month periods ended March 31, 2024 and March 31, 2023, the Company recorded income from the investment in subsidiary of $10,123
and $32,156, respectively.
|
X |
- DefinitionThe entire disclosure for investment.
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v3.24.1.1.u2
NOTES PAYABLE AND FINANCE LEASES
|
3 Months Ended |
Mar. 31, 2024 |
Notes Payable And Finance Leases |
|
NOTES PAYABLE AND FINANCE LEASES |
NOTE
4 – 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 $50,000
notes are due March
31, 2025 and 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. The $25,000
note is to Mr. Ron Berman, a Related Party. 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 October 18, 2023, the Company and the holder extended the maturity date of the note to October 31, 2024.
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 bears interest at 8% per annum, payable at maturity
on June 18, 2024. 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 issuance for a total value of $5,333. The balance at March 31, 2024 and December 31, 2023 of the debt discount was
$2,506 and $3,390, respectively.
On
July 24, 2023, the Company issued at face value a convertible note in the original principal amount of $50,000. The note is due on July 24, 2025, bears interest at 8% per annum and is convertible at $1.25 per share.
On
November 2, 2023, the Company issued at face value a convertible note in the original principal amount of $50,000. The note is due on November 2, 2025, bears interest at 8% per annum and is convertible at $1.25 per share.
At
March 31, 2024 and at December 31, 2023, we had outstanding convertible notes aggregating $525,000 in principal amount. The convertible
promissory notes have not been included in diluted earnings per share as they would be anti-dilutive.
Finance
Leases
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 December 31, 2023 the
balance on the lease was $24,194, and as of March 31, 2024, the balance on the lease was $18,368, all of which was included in current
liabilities.
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v3.24.1.1.u2
OPERATING LEASE
|
3 Months Ended |
Mar. 31, 2024 |
Operating Lease |
|
OPERATING LEASE |
NOTE
5 – OPERATING LEASE
Effective
May 31, 2020, we entered into a lease with a related party for a 29,220 square foot building in Madison Heights, Michigan.
The occupancy and rent commencement date was October 1, 2020. The lease has an initial term of seven years with a renewal option
at the end of the initial term for an additional 3-year term, and a second renewal option thereafter for an additional 5-year term. The
renewal term is not included in the calculation of the operating lease liability. As the sole tenant, we are responsible for all taxes,
ordinary maintenance, snow removal and other ordinary operating expenses. Rent is $6.50 per square foot, increasing by $0.25 per year.
During the first three years we had the right to buy up to a 49% interest in Magic Research LLC for a price equal to 49% of the contributions
received from other members. This right has now expired as we did not exercise the option. See Note 7, Stockholders’ Equity,
for a description of warrants issued to the owners of Magic Research LLC in connection with this lease. The fair value of these warrants
totaling $311,718 were recorded as initial direct costs of obtaining the lease and are included in right-of-use assets on the accompanying
balance sheet. See Note 6, Related Party Transactions, for information about roles in management and economic participation by our CEO
and several other directors in the landlord.
In
February 2023, we reached an agreement with the landlord of our Michigan facility to accept $66,000 worth 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. During that
period, we paid cash of $8,056 per month, effectively a cash rent reduction of $10,983 per month. In May 2023, we reached a
further agreement with the landlord under which we 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.
For
operating leases, we calculated ROU assets and lease liabilities based on the present value of the remaining lease payments as of
the date of adoption using the IBR as of that date. The ROU Asset was $795,634 at March 31, 2024 and $845,563 at December 31, 2023. The
operating lease liability was $683,623 at March 31, 2024 and $722,419 at December 31, 2023.
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
6 – RELATED PARTY TRANSACTIONS
For
the three-month period ended March 31, 2024 and the three-months ended March 31, 2023, we accrued $6,000
in fees for each of the directors, totaling $36,000
for the period ended March 31, 2024 and $42,000
for the same period in 2023. For the period ended March 31, 2024 we paid $24,000
in consulting fees to director Ronald J. Berman. For the three-month period ended March 31, 2023, we accrued consulting and legal
fees to him of $30,000.
At March 31, 2024, the Company owed $8,000 in related parties accounts payable to this director. During the three-month period ended
March 31, 2024, we paid director and our President and CEO, Tom Berman, salary in the amount of $56,250.
For the three-month period ended March 31, 2023, we paid him $30,000
in salary, and we accrued additional salary of $30,000
for the period which was subsequently paid by the issuance of 30,000
options with an exercise price of $0.65. At March 31 2024 the Company had $8,759 in payroll expenses payable to Mr. Berman included in related party accounts
payable, which was paid in April of 2024. Additionally, $5,000 was payable to the Company’s CFO at March 31, 2024, also included
in related parties accounts payable and paid in April of 2024.
At
March 31, 2024 and at December 31, 2023, aggregate advances from Scott & Jeanne Rickert were $42,887, which is included in advances from related parties on the balance sheet. On both those dates, accrued
payroll for the Rickerts was an aggregate of $16,000, which is included in related parties accounts payable on the balance sheet.
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 warrants from us in 2018, 2019, 2020, 2021 and 2022.
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. See Note 6, Stockholder’s Equity regarding the
issuance of stock in partial satisfaction of unpaid rent. Rent in the amount of $52,791 and $30,141 was accrued and unpaid at March 31,
2024 and December 31, 2023, respectively, which is included in related parties accounts payable on the balance sheet.
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY
|
3 Months Ended |
Mar. 31, 2024 |
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. The landlord is a Related Party.
Sales
of Common Stock
During the quarter ended March 31, 2023, the Company sold 74,806 shares
of common stock for proceeds of $93,507 and 74,626 warrants for proceeds of $1,492. 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 quarter ended March 31, 2024, the Company sold 73,334 shares of common stock for proceeds of $55,000.
Stock
Options
No
options were granted or exercised during the period ended March 31, 2024. 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, 2023 | |
| 2,270,483 | | |
$ | 0.67 | | |
| 2.72 | | |
$ | 76,725 | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Forfeited or expired | |
| (55,297 | ) | |
$ | 0.65 | | |
| - | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Balance Outstanding, March 31, 2024 | |
| 2,215,186 | | |
$ | 0.67 | | |
| 2.54 | | |
$ | 19,332 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable March 31, 2024 | |
| 2,199,122 | | |
$ | 0.67 | | |
| 2.54 | | |
$ | 19,332 | |
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS SHARE
| |
March 31, 2024 | | |
December 31, 2023 | |
Stock options | |
| 2,215,186 | | |
| 2,270,483 | |
Stock warrants | |
| 7,525,265 | | |
| 7,525,265 | |
Total | |
| 9,740,451 | | |
| 9,795,748 | |
Warrants
As
of March 31, 2024, there were outstanding and exercisable warrants to purchase 7,525,265 shares of common stock. The outstanding warrants
have a weighted average exercise price of $1.72 per share and a weighted average remaining contractual term of 37.7 months. As of March
31, 2024 and December 31, 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. In August 2022, we granted 15,000 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. 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 May 30, 2023, the Company granted 175,071 options under the
2021 Equity Plan. The options were granted to employees and consultants at an exercise price of $0.65 per share.
No
options were granted in the three-month period ending on March 31, 2024 or the three-month period ending on March 31, 2023.
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COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2024 |
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 March 31, 2024, 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 March 31, 2024, the Company has not accrued any amount for litigation contingencies.
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SUBSEQUENT EVENTS
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
9 – SUBSEQUENT EVENTS
On
April 17, 2024, the Company sold 33,333 shares of common stock for proceeds of $25,000. On April 24, 2024, the Company sold 33,333 shares
of common stock to another investor for proceeds of $25,000.
On
April 25, 2024, the Company sold another portion of the note receivable from ANI, reducing the balance owed to the Company by another
$56,444.30 in exchange for aggregate proceeds of $50,000.
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v3.24.1.1.u2
INVENTORY (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORY |
At
March 31, 2024 and December 31, 2023, inventory consisted of the following:
SCHEDULE
OF INVENTORY
| |
March 31, 2024 | | |
December 31, 2023 | |
Raw materials | |
$ | 669,416 | | |
$ | 648,537 | |
Work-in-progress | |
| 228,243 | | |
| 235,811 | |
Finished goods | |
| 270,892 | | |
| 296,921 | |
Inventory, gross | |
| 1,168,551 | | |
| 1,181,269 | |
Less: reserve for obsolescence | |
| (388,560 | ) | |
| (331,505 | ) |
Inventory, net | |
$ | 779,991 | | |
$ | 849,764 | |
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
SCHEDULE OF STOCK OPTION PLAN ACTIVITY |
No
options were granted or exercised during the period ended March 31, 2024. 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, 2023 | |
| 2,270,483 | | |
$ | 0.67 | | |
| 2.72 | | |
$ | 76,725 | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Forfeited or expired | |
| (55,297 | ) | |
$ | 0.65 | | |
| - | | |
| - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Balance Outstanding, March 31, 2024 | |
| 2,215,186 | | |
$ | 0.67 | | |
| 2.54 | | |
$ | 19,332 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable March 31, 2024 | |
| 2,199,122 | | |
$ | 0.67 | | |
| 2.54 | | |
$ | 19,332 | |
|
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS SHARE |
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS SHARE
| |
March 31, 2024 | | |
December 31, 2023 | |
Stock options | |
| 2,215,186 | | |
| 2,270,483 | |
Stock warrants | |
| 7,525,265 | | |
| 7,525,265 | |
Total | |
| 9,740,451 | | |
| 9,795,748 | |
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SCHEDULE OF INVENTORY (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 669,416
|
$ 648,537
|
Work-in-progress |
228,243
|
235,811
|
Finished goods |
270,892
|
296,921
|
Inventory, gross |
1,168,551
|
1,181,269
|
Less: reserve for obsolescence |
(388,560)
|
(331,505)
|
Inventory, net |
$ 779,991
|
$ 849,764
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v3.24.1.1.u2
INVESTMENT IN SUBSIDIARY (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
Mar. 15, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
Notes receivable |
$ 115,000
|
|
|
|
Proceeds from notes receivable |
100,000
|
$ 100,000
|
$ 20,000
|
|
Other expenses |
$ 15,000
|
|
|
|
Current portion of note receivable |
|
226,782
|
|
$ 341,782
|
Note receivable current |
|
33,000
|
|
50,000
|
Equity Method Investments |
|
263,959
|
|
$ 253,835
|
Income from investment in subsidiary |
|
$ 10,123
|
$ 32,156
|
|
Applied Nanotech, Inc. [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Sale of interest in subsidiary |
|
30.00%
|
|
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v3.24.1.1.u2
NOTES PAYABLE AND FINANCE LEASES (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
|
|
Nov. 02, 2023 |
Jul. 24, 2023 |
Jun. 14, 2023 |
Oct. 26, 2022 |
Aug. 22, 2022 |
Feb. 14, 2022 |
Jan. 07, 2022 |
Dec. 18, 2022 |
Dec. 31, 2020 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Jul. 27, 2022 |
Jan. 31, 2022 |
Jan. 26, 2022 |
Proceeds from issuance of common stock |
|
|
|
|
|
|
|
|
|
$ 55,000
|
$ 95,000
|
|
|
|
|
Production Equipment [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance lease, liability |
|
|
|
|
|
|
|
|
$ 85,000
|
|
|
|
|
|
|
Lessee, finance lease, term of contract |
|
|
|
|
|
|
|
|
48 months
|
|
|
|
|
|
|
Finance lease, principal payments |
|
|
|
|
|
|
|
|
$ 2,135
|
|
|
|
|
|
|
Finance lease balance payments |
|
|
|
|
|
|
|
|
|
18,368
|
|
$ 24,194
|
|
|
|
Convertible Promissory Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
|
|
Jun. 18, 2024
|
|
|
|
|
|
|
|
Debt instrument conversion price |
$ 1.25
|
$ 1.25
|
|
|
|
|
|
$ 1.75
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
$ 50,000
|
$ 50,000
|
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
Debt instrument, interest rate |
8.00%
|
8.00%
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
Proceeds from secured debt |
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt discount |
|
|
$ 5,333
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt discount |
|
|
|
|
|
|
|
|
|
2,506
|
|
3,390
|
|
|
|
Convertible notes payable |
|
|
|
|
|
|
|
|
|
$ 525,000
|
|
$ 525,000
|
|
|
|
Investors Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
Mr. Ron Berman [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
|
Convertible Debt [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
$ 25,000
|
$ 50,000
|
$ 100,000
|
|
|
|
|
|
50,000
|
|
|
Debt maturity date |
|
|
|
Oct. 31, 2023
|
Mar. 31, 2026
|
|
Mar. 31, 2025
|
|
|
|
|
|
|
|
|
Annual payable interest percentage |
|
|
|
8.00%
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion price |
|
|
|
$ 1.75
|
$ 1.75
|
|
|
|
|
|
|
|
|
|
|
Proceeds from convertible debt |
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Debt Three [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual payable interest percentage |
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
Debt instrument conversion price |
|
|
|
|
|
$ 1.75
|
|
|
|
|
|
|
|
|
|
Convertible Debt Three [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
Mar. 31, 2025
|
|
|
|
|
|
|
|
|
|
Convertible Debt Three [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
|
|
|
|
|
Mar. 31, 2026
|
|
|
|
|
|
|
|
|
|
Convertible Debt One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
|
Annual payable interest percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
Debt instrument conversion price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1.75
|
Convertible Debt Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual payable interest percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
Debt instrument conversion price |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1.75
|
|
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v3.24.1.1.u2
OPERATING LEASE (Details Narrative)
|
|
1 Months Ended |
|
|
May 31, 2020
USD ($)
ft²
|
Feb. 28, 2023
USD ($)
$ / shares
shares
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Lease with related party | ft² |
29,220
|
|
|
|
Lessee operating lease description |
The lease has an initial term of seven years with a renewal option
at the end of the initial term for an additional 3-year term, and a second renewal option thereafter for an additional 5-year term. The
renewal term is not included in the calculation of the operating lease liability. As the sole tenant, we are responsible for all taxes,
ordinary maintenance, snow removal and other ordinary operating expenses. Rent is $6.50 per square foot, increasing by $0.25 per year.
During the first three years we had the right to buy up to a 49% interest in Magic Research LLC for a price equal to 49% of the contributions
received from other members.
|
|
|
|
Fair value of warrants |
$ 311,718
|
|
|
|
Cash |
|
|
$ 189,133
|
$ 527,462
|
Right-of-use assets |
|
|
795,634
|
845,563
|
Operating lease liabilities |
|
|
$ 683,623
|
$ 722,419
|
Land Lord Agreement [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Stock issued for services, shares | shares |
|
66,000
|
|
|
Shares issued, price per share | $ / shares |
|
$ 1.25
|
|
|
Cash |
|
$ 8,056
|
|
|
Payments for rent |
|
$ 10,983
|
|
|
Share price | $ / shares |
|
$ 0.75
|
|
|
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
Fees for directors |
$ 218,119
|
$ 189,459
|
|
Issuance of options |
|
|
|
Exercise price |
$ 0.67
|
|
|
Accrued rent |
$ 52,791
|
|
$ 30,141
|
Miles Gatland [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Economic interest percentage |
12.50%
|
|
|
Mr Berman [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Payroll expenses |
$ 8,759
|
|
|
Chief Financial Officer [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Accounts payable |
5,000
|
|
|
Related Party [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Fees for directors |
6,000
|
6,000
|
|
Director [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Fees for directors |
36,000
|
42,000
|
|
Ronald J Berman [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Consulting fees |
24,000
|
|
|
Legal fees |
|
30,000
|
|
Accounts payable |
8,000
|
|
|
Tom Berman [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Salaray |
56,250
|
$ 30,000
|
|
Issuance of options |
|
30,000
|
|
Exercise price |
|
$ 0.65
|
|
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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v3.24.1.1.u2
SCHEDULE OF STOCK OPTION PLAN ACTIVITY (Details) - USD ($)
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
Aug. 31, 2022 |
Feb. 28, 2022 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Equity [Abstract] |
|
|
|
|
Number of Options, Outstanding, Beginning balance |
|
|
2,270,483
|
|
Weighted Average Exercise Price, Outstanding, Beginning balance |
|
|
$ 0.67
|
|
Weighted Average Remaining Contractual Terms (Years), Outstanding |
|
|
2 years 6 months 14 days
|
2 years 8 months 19 days
|
Aggregate Intrinsic Value, Ending balance |
|
|
$ 76,725
|
|
Number of Options, Exercised |
|
|
|
|
Weighted Average Exercise Price, Exercised |
|
|
|
|
Number of Options, Forfeited or expired |
|
|
(55,297)
|
|
Weighted Average Exercise Price, Forfeited or expired |
|
|
$ 0.65
|
|
Number of Options, Granted |
15,000
|
130,700
|
|
|
Weighted Average Exercise Price, Granted |
$ 0.80
|
$ 0.80
|
|
|
Number of Options, Outstanding, Ending balance |
|
|
2,215,186
|
2,270,483
|
Weighted Average Exercise Price, Outstanding, Beginning balance |
|
|
$ 0.67
|
$ 0.67
|
Aggregate Intrinsic Value, Ending balance |
|
|
$ 19,332
|
$ 76,725
|
Number of Options, Exercisable, Ending balance |
|
|
2,199,122
|
|
Weighted Average Exercise Price, Exercisable Ending balance |
|
|
$ 0.67
|
|
Weighted Average Remaining Contractual Terms (Years), Outstanding |
|
|
2 years 6 months 14 days
|
|
Aggregate Intrinsic Value, Exercisable |
|
|
$ 19,332
|
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v3.24.1.1.u2
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS SHARE (Details) - shares
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
9,740,451
|
9,795,748
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
2,215,186
|
2,270,483
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
7,525,265
|
7,525,265
|
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
May 30, 2023 |
Apr. 12, 2023 |
Jun. 21, 2021 |
Apr. 08, 2021 |
Feb. 28, 2023 |
Aug. 31, 2022 |
Feb. 28, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Mar. 02, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Sale of stock number of shares issued in transaction |
|
|
|
|
|
|
|
73,334
|
74,806
|
|
|
Sale of stock, consideration received on transaction |
|
|
|
|
|
|
|
$ 55,000
|
$ 93,507
|
|
|
Warrants to purchase up |
|
|
|
|
|
|
|
|
74,626
|
|
|
Proceeds from issuance of warrants |
|
|
|
|
|
|
|
|
$ 1,492
|
|
|
Warrant exercise price per share |
|
|
|
|
|
|
|
|
$ 2.25
|
|
|
Weighted average remaining contractual term |
|
|
|
|
|
|
|
2 years 6 months 14 days
|
|
2 years 8 months 19 days
|
|
Number of stock options granted |
|
|
|
|
|
15,000
|
130,700
|
|
|
|
|
Weighted average exercise price issued |
|
|
|
|
|
$ 0.80
|
$ 0.80
|
|
|
|
|
Weighted average grant date fair value, per share |
|
|
|
|
|
$ 0.60
|
$ 0.60
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
Weighted average exercise price issued |
$ 0.65
|
$ 0.65
|
|
|
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price per share |
|
|
|
|
|
|
|
$ 1.72
|
|
|
|
Class of warrant or right, outstanding |
|
|
|
|
|
|
|
7,525,265
|
|
|
|
Weighted average remaining contractual term |
|
|
|
|
|
|
|
37 months 21 days
|
|
|
|
Land Lord Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Stock issued for services, shares |
|
|
|
|
52,800
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
$ 1.25
|
|
|
|
|
|
|
Partial payment, description |
|
|
|
|
partial payment of rent for the six-month period from October 2022 through March 2023. Those shares were issued
in March 2023. The landlord is a Related Party
|
|
|
|
|
|
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v3.24.1.1.u2
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
Apr. 25, 2024 |
Apr. 24, 2024 |
Apr. 17, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
Sale of common stock |
|
|
|
73,334
|
74,806
|
Proceeds from sale of common stock |
|
|
|
$ 55,000
|
$ 95,000
|
Common stock issued for services |
|
|
|
|
$ 65,960
|
Subsequent Event [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Sale of common stock |
|
33,333
|
33,333
|
|
|
Proceeds from sale of common stock |
$ 50,000
|
$ 25,000
|
$ 25,000
|
|
|
Common stock issued for services |
$ 5,644,430
|
|
|
|
|
X |
- DefinitionThe cash inflow from the additional capital contribution to the entity.
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Grafico Azioni Nano Magic (QB) (USOTC:NMGX)
Storico
Da Lug 2024 a Lug 2024
Grafico Azioni Nano Magic (QB) (USOTC:NMGX)
Storico
Da Lug 2023 a Lug 2024